17-422MR ASIC releases new example Statement of Advice for life insurance
ASIC has released its new example SoA for life insurance as part of updates to Regulatory Guide 90 Example Statement of Advice: Scaled advice for a new client (RG 90) and the Government’s incoming life insurance advice reform package.
The design:
- aims to assist advisers to produce an SOA that is compliant, concise, easy to understand, and written in plain English;
- is based on behavioural research into how consumers read and understand the information in SOAs and public consultation; and
- aims to balance the interests of consumers with minimising regulatory burden on advisers.
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