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When presenting the advice, we must take care to ensure that the client understands the advice and must not mislead or deceive the client. We must also disclose any conflicts of interest that may affect the advice provided.
Where personal advice has been provided to a retail client, it must be confirmed in the form of a Statement of Advice.
The Statement of Advice may be the means by which the advice is provided or a separate record of the advice.
The overall purpose of a Statement of Advice is to:
The SoA must include:
The SoA should demonstrate that we have considered and investigated the subject matter of the advice. We need to take care to ensure that we are able to disclose the required details of remuneration.
Although SoAs are required to be clear concise and effective, there are very detailed and prescriptive requirements for the information that must be included in SoAs. To assist us to provide appropriate SoAs we have prepared a template SoA to use.
ASIC expects licensees to improve the quality of their SoAs by paying particular attention to:
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