ASIC withdraws covid support measures for advisers – Life Insurance – Insurance News


ASIC withdraws covid support measures for advisers

April 11, 2022

Relief measures introduced during the pandemic to support advisers, including giving more them more time to prepare statements of advice, will stop on Friday.

The Australian Securities and Investments Commission (ASIC) says it will allow the Covid-19 Instrument, which started on April 15 last year, to automatically lapse. The corporate regulator first introduced the support measures in April 2020 and extended them twice last year, in April and October, for six months.

The Covid-19 instrument allows advisers extra time to give their clients a time-critical statement of advice.

The instrument also allows advisers to provide existing clients with a record of advice instead of a statement of advice.


“ASIC undertook targeted industry consultation to better understand the effects of our approach,” the regulator says.

“Based on feedback, we do not consider that the current status of Covid-19 responses in Australia provides a sufficient basis for a decision by ASIC to further extend the relief provided by the Covid-19 Instrument.”


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