{"id":62609,"date":"2022-09-13T15:32:52","date_gmt":"2022-09-13T05:32:52","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=62609"},"modified":"2024-10-30T08:43:12","modified_gmt":"2024-10-29T22:43:12","slug":"advisers-support-scrapping-soas","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2022\/09\/13\/advisers-support-scrapping-soas\/","title":{"rendered":"Advisers Support Scrapping SoAs"},"content":{"rendered":"<div id=\"polls-287\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>Do you support the proposal for advisers to provide written records of advice to clients on request - replacing currently-mandated SoAs and RoAs?<\/strong><\/div><div id=\"polls-287-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>Yes <small>(77%)<\/small><div class=\"pollbar\" style=\"width: 77%\" title=\"Yes (77% | 251 Votes)\"><\/div><\/li>\n\t\t<li>No <small>(12%)<\/small><div class=\"pollbar\" style=\"width: 12%\" title=\"No (12% | 39 Votes)\"><\/div><\/li>\n\t\t<li>Not sure <small>(12%)<\/small><div class=\"pollbar\" style=\"width: 12%\" title=\"Not sure (12% | 38 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_287_nonce\" name=\"wp-polls-nonce\" value=\"825209d30d\" \/>\n<\/div>\n\n<p>A significant majority of advisers appear to support the proposal to remove the requirement for advisers to deliver written Statements and Records of Advice to their clients.<\/p>\n<p>As we&#8217;ve reported, independent reviewer, <strong>Michelle Levy&#8217;s<\/strong> <a href=\"https:\/\/riskinfo.com.au\/news\/files\/2022\/08\/220829-QoA-Review-Consultation-Paper-c2022-307409-proposalsp.pdf\" target=\"_blank\" rel=\"noopener\">Quality of Advice Review Consultation Paper<\/a> proposes the scrapping of SoAs as one of a number of solutions intended to address the complexity of the financial advice process, with the ultimate aim of making quality advice more accessible and more affordable to more Australians.<\/p>\n<p>As we go to press, a resounding 75% of those voting in this poll agree with the independent reviewer&#8217;s proposal, with the remaining 25% evenly split between a &#8216;no&#8217; vote and still deciding.<\/p>\n<p>Where do you land on this question? Seemingly, the majority see the removal of written SoAs as a win for common sense, while maintaining professional levels of advice and conduct. But not everyone holds this view.<\/p>\n<p>Those opposing the removal of written SoAs argue this move will lower the barrier to quality advice, to the ultimate detriment of the consumer, while those in favour believe sufficient controls and other compliance measures &#8211; which did not exist prior to the implementation of the Future of Financial Advice and Life Insurance Framework reforms &#8211; will be more than adequate to protect the consumer and to maintain a quality of advice outcome.<\/p>\n<p>Our poll remains open for another week and we encourage you to add to the debate&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A significant majority of advisers appear to support the proposal to remove the requirement for advisers to deliver written Statements and Records of Advice to their clients. As we&#8217;ve reported, independent reviewer, Michelle Levy&#8217;s Quality of Advice Review Consultation Paper proposes the scrapping of SoAs as one of a number of solutions intended to address [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":62637,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,49],"tags":[],"class_list":{"0":"post-62609","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-compliance-regulation","8":"category-polls"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/62609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=62609"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/62609\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/62637"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=62609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=62609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=62609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}