The Financial Planning Association (FPA) has welcomed a decision by the corporate regulator to extend the deadline for provision of a statement of advice (SOA) to 30 days.

The extension will be available until June 30, and CEO Jo-Anne Bloch says the decision by the Australian Securities and Investments Commission (ASIC) will allow financial planners to focus on advice.

“We are pleased that ASIC has acknowledged the special circumstances the transitory arrangements have imposed on the financial planning profession. Australians need good advice now more than ever, and such moves to help planners meet current demand are most welcome.”

She says clients will be advised of the SOA extension so they are clear about the temporary provision. “ASIC’s initiative does not mean there will be a drop in standards or compliance. All rules and regulations still apply.”