Statement of Advice

If you give personal financial advice to retail clients, you must provide a Statement of Advice (SOA).

The SOA, among other financial advice disclosure obligations, aims to ensure that your clients receive good quality advice and are able to make informed decisions.

Regulatory Guide 175 Licensing: Financial product advisers (RG 175) contains information about:

  • the difference between personal financial advice and general financial advice
  • where an SOA is required
  • when to provide an SOA, including what to do in time-critical cases and for further advice
  • required content of an SOA, particularly disclosure of remuneration, commission and other benefits
  • how an SOA must disclose possible conflicts of interest
  • SOA record-keeping and other obligations.

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Last updated: 19/05/2020 02:54