McCORMACK WELCOMES IMPROVED CONSUMER ACCESS TO FINANCIAL ADVICE DURING COVID-19
Temporary relief measures announced by the Australian Securities and Investments Commission (ASIC) to assist financial advisers, registered tax agents and superannuation funds to deliver affordable and timely advice to consumers impacted by the COVID-19 pandemic have been welcomed by Member for Riverina and Deputy Prime Minister Michael McCormack.
“The Government recognises many Australians are currently seeking urgent assistance from their financial advisers, registered tax agents and superannuation funds to make decisions about their finances due to the impact of COVID-19,” Mr McCormack said.
“Riverina and Central West residents who are feeling overwhelmed about their current financial situation should reach out to these professionals if they haven’t done so already.”
These relief measures will allow consumers to:
access immediate, low-cost advice about whether to take advantage of early access to superannuation
receive advice more quickly, through a shorter-form Record of Advice, where they have been impacted by the COVID-19 pandemic and
increase the availability of time-critical advice – by extending the timeframe for providing a long-form Statement of Advice from five to 30 days after advice is provided.
These temporary measures will be accompanied by additional surveillance activity by ASIC to ensure advisers, registered tax agents and superannuation trustees are acting in the best interests of their clients and members.
The Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator Jane Hume, said it was more important than ever for Australians to get sound advice on how to manage their financial affairs.
Further information on these measures is available on the ASIC website: www.asic.gov.au.