ASIC grants temporary financial advice relief on early access to superannuation

To assist the provision of affordable advice on early access to super, ASIC has:

• allowed advice providers not to give a statement of advice (SOA) to clients when providing advice about early access to superannuation
• permitted registered tax agents to give advice to existing clients about early access to superannuation without needing to hold an Australian Financial Services (AFS) licence
• issued a temporary no-action position for superannuation trustees to expand the scope of personal advice that may be provided by, or on behalf of, the superannuation trustee as “intra-fund advice”.

ASIC has published FAQs on ASIC’s temporary relief measures and no action position for superannuation trustees.

Please note this relief measures in relation to advice regarding early access to superannuation is temporary during the COVID-19 pandemic.