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SoA questions, answered
The questions advisers ask about Statements of Advice, each answered in a paragraph and then shown in the law, with the section, regulation or ASIC paragraph it comes from.
Do fees and commissions have to be shown in dollars in an SoA?
Yes, in most cases. What the dollar disclosure rules in ss 947B, 947C and 947D require, and when ASIC allows a percentage with worked examples.
s 947B(2)(h); s 947C(2)(i) · reg 7.7.10A; reg 7.7.11B · RG 175.108 to RG 175.122What must a Statement of Advice include?
What the Corporations Act and ASIC require in every Statement of Advice: the advice, its basis, your details, fees in dollars and conflicts.
s 947B(2) · s 947C(2) · s 961HWhat must an SoA disclose when replacing or switching a product?
When advice recommends replacing one product with another, s 947D adds four things to the SoA: exit and entry charges, lost benefits, and consequences.
s 947D(2) · s 961B(2)(e) · reg 7.7.13A