Records of Advice in practice

The ASIC Information sheet clearly generated by a Lawyer who has never seen a client is just a large waste of time. It is so constricted as to be entirely useless.

This is a classic example how ASIC is significantly out of touch with the Financial Services Industry and have little idea about costs and the needs of clients.

I look forward to the Treasury review that dumps most of this nonense in the bin.

It took ASIC > 15 years to clarify when to use a ROA in lieu of an SOA, especially when moving from one licencee to another. ASIC for years has dodged and weaved & been opaque on issues, so the writer of this article who reckons that criticism of ASIC is unfair or not reasonable, needs to get in the trenches with Financial Planners & see what really goes on in the world of financial advice. Trying to pin it on licencees is & their processes is simply "not cricket" & the compliance people & lawyers of the world need to get in front of real people and try to run a compliant, profitable and growing financial business - instead of hiding behind their PC's