ASIC has extended relief measures which allow the use of records of advice for COVID-19 financial hardship-related advice until April 2022.

The FPA has welcomed recommendations from the FSC to reduce the cost and complexity of advice, noting they are consistent with its own reform plans.

Government should define financial advice by its focus on an individual’s personal circumstances and not the nature of information provided.

Replacing statements of advice with simpler documents and removing safe harbour steps would reduce advice costs and time by one-third, the FSC has claimed.