To support FPA members to respond to requests for advice around early access to super, a Record of Advice (RoA) template has been made available for use and now available in AdviserLogic Digital Advice.
The template is built from ASIC’s RG 90 SoA template and tailored to be an RoA for the purposes of supporting clients (new and existing) in making decisions about accessing their super under the COVID-19 stimulus package.
FPA’s Ben Marshan CFP®, Head of Policy & Standards explains more about the new RoA template in this short video.
The template can be used for a single client or a couple and can be used to support immediate withdrawals or those during the second window (or both) or to recommend that no withdrawal is made.
The RoA template has been prepared for use by FPA members in accordance with ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2020/355
How to use this template in AdviserLogic
WARNING: Please ensure you change your template folder back after use to your main SoA Folder and Template.
Step 1: Access Digital Advice: From within your client, go to Digital Advice
(if Digital Advice is not a page in your client top menu, please turn on in Tools)
Step 2: Select the Template: To change the template, go into Settings (Cog in top right of Scenarios screen). On the General Settings page, go to Select Template and click “Change”
Template Folder = FPA RoA COVID19 Template = FPA Short Form COVID-19 Super Access RoA
Step 3: Go back to the Scenarios screen and create a new scenario.
In the Superannuation Strategies, select FPA COVID19 RoA and click “Proceed”
Note: You will still have some editing to do to this template.
(see About this template – FPA for use conditions and requirements)
WARNING: Please ensure you change your template folder back after use to your main SoA Folder and Template. Failure to do this may mean when you go to do your next SoA, you have the wrong template attached.
About this template – FPA
This Template has been prepared for use by members of the Financial Planning Association (FPA) and the SMSF Association (SMSFA) and members of Chartered Accountants Australia and New Zealand (CA ANZ), CPA Australia and the Institute of Public Accountants (IPA) in public practice in Australia (the professional accounting bodies) who are providing financial advice under an AFSL and seek to rely on the exemption from the obligation to provide a Statement of Advice in connection with the early release of superannuation provided in ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2020/355.
Further information on the temporary relief measures announced by ASIC to assist industry in providing consumers with affordable and timely advice during the COVID-19 pandemic is outlined in ASIC’s media release dated 14 April 2020: https://asic.gov.au/about-asic/news-centre/find-a-media-release/2020-releases/20-085mr-asic-grants-relief-to-industry-to-provide-affordable-and-timely-financial-advice-during-the-covid-19-pandemic/
This Template includes the information that you must include in your Record of Advice by law (under the Corporations Act as modified by ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2020/355). If you are a member of a professional body, you must also comply with all applicable professional standards that apply to you as a member for example, members of the professional accounting bodies must comply with all applicable standards issued by the Accounting Professional and Ethical Standards Board).
You can tailor the layout of the Template by inserting your own practice branding and making other formatting changes if you wish.
You must tailor the template to the client’/s’ specific needs and circumstances.
Please note that this Template has been designed to be given to a client who:
- is a citizen or permanent resident of Australia or New Zealand; and
- has had their employment impacted by COVID-19.
You will need to make adjustments to the Template if you are advising a client impacted by COVID-19 whose situation is different (for example, a client who is unemployed, a sole trader and/or a temporary resident).
Prior to sending the final Template to your client, please add the information required where highlighted in yellow in the Template and delete all <instructions provided in red>.
This Template has been prepared for use by members of CA ANZ, CPA Australia and the IPA in public practice in Australia and members of the FPA and the SMSFA. It is not intended for use by any person who is not a member of CA ANZ, CPA Australia, the IPA, the FPA or the SMSFA and/or does not have appropriate expertise in the Template's subject matter.
Before using this Template, you should read it in full, consider its effect and determine whether it is appropriate for your client's needs. This Template was created in April 2020. Laws, practices and regulations may have changed since that time. You should make your own inquiries as to the currency of relevant laws, practices and regulations.
You will need to independently determine whether you are providing advice to each client in circumstances that satisfy all requirements of the SOA exemption contained in ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2020/355 and that you are complying with all other relevant regulatory obligations.
No warranty is given as to the correctness of the information contained in this Template, or of its suitability for use by you. To the fullest extent permitted by law, CA ANZ, CPA Australia, the IPA, the FPA and the SMSFA are not liable for any statement or opinion, or for any error or omission contained in this Template and disclaim all warranties with regard to the content, including, without limitation, all implied warranties of merchantability and fitness for a particular purpose. CA ANZ, CPA Australia, IPA, the FPA and the SMSFA are not liable for any direct, indirect, special or consequential losses or damages of any kind, or loss of profit, loss or corruption of data, business interruption or indirect costs, arising out of or in connection with the use of this Template or the information contained in it, whether such loss or damage arises in contract, negligence, tort, under statute, or otherwise.
© 2020 CA ANZ ABN 50 084 642 571, CPA Australia ABN 64 008 392 452, the IPA ABN 81 004 130 643, the FPA ABN 62 054 174 453 and the SMSFA ABN 67 103 739 617 (collectively, the professional bodies) developed this Template in collaboration and are joint owners of the copyright in this Template, published in Australia in April 2020. All rights reserved. This document is protected by copyright. You are granted permission to use this Template to provide advice about early access to superannuation pursuant to ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2020/355. Subject to this, you are free to reproduce, amend, adapt, publish, and communicate it in any manner you may choose. If you choose to use it without amendment or adaptation, the ownership of copyright by the professional bodies must be attributed at all times. If you do amend or adapt it, please remove any attribution to the professional bodies. This Template is provided to the members of the professional bodies for their use and benefit. The content of this Template does not constitute legal, financial or commercial advice, or a recommendation of any services or products. You should consider obtaining independent advice before making any investment, financial or legal decision.