Super trustees have been issued a temporary no-action position, allowing them to expand the scope of personal advice that may be provided to consumers in need of help to cope with the economic fallout from the coronavirus outbreak.

The move is one of three interim relief measures made by the Australian Securities and Investments Commission (ASIC), following the Federal Government’s decision to allow workers suffering during this business slump to have early access to their super.

In the other two measures, advice providers will not have to prepare a statement of advice for clients who have received guidance about early super access, and registered tax agents can advise existing clients about the super access option without having to hold an Australian financial services licence.

Assistant Minister for Superannuation, Financial Services and Financial Technology Jane Hume says it is “more important than ever for Australian consumers to get sound advice on how to manage their financial affairs”.

“These measures will help ensure all Australians impacted by the COVID-19 pandemic can quickly access the financial advice they need.”