Is your SoA complete? Sixteen questions.

Form

Is the title “Statement of Advice” on the cover, or at or near the front of the document?

Corporations Act s947A(1)

Content

Does the SoA include a statement setting out the advice?

s947B(2)(a), s947C(2)(a)

Content

Does it give information about the basis on which the advice is given?

s947B(2)(b), s947C(2)(b)

Content

Does it set out the name and contact details of whoever is giving the advice?

s947B(2)(c), s947C(2)(c)

Content

If you are an authorised representative: does it name your licensee, give their contact details, and say you are their authorised representative?

s947C(2)(d)

Remuneration and conflicts

Does it disclose remuneration (including commission) and other benefits that might reasonably be expected to influence the advice, for you and the others the section lists?

s947B(2)(d), s947C(2)(e)

Remuneration and conflicts

Does it disclose other interests, and any associations or relationships with product issuers, that might reasonably be expected to influence the advice?

s947B(2)(e), s947C(2)(f)

Remuneration and conflicts

Are the remuneration and interest amounts stated in dollars, unless the regulations or ASIC relief allow otherwise?

s947B(2)(h), s947C(2)(i); RG 175.118

Warnings

If information about the client’s objectives, situation or needs was reasonably apparently incomplete or inaccurate, does the SoA set out or record the warning?

s961H; s947B(2)(f), s947C(2)(g)

Best interests

Where you recommend a product, does the file show the products you investigated and how you assessed what you found?

s961B(2)(e)

Best interests

Would it be reasonable to conclude the advice is appropriate to the client?

s961G

Product replacement

If the advice replaces a product: does the SoA cover the charges on getting out, the charges on getting in, and the benefits the client may lose?

s947D(2)(a)

Product replacement

If the advice replaces a product: does it cover any other significant consequences of the switch that you know, or ought reasonably to know, are likely?

s947D(2)(b)

Presentation

Is the SoA worded and presented in a clear, concise and effective manner?

s947B(6), s947C(6)

Presentation

Is the SoA a separate document, not combined with a Financial Services Guide or a Product Disclosure Statement?

s947E

Giving it to the client

Will the client get the SoA when, or as soon as practicable after, the advice, and before any further related service?

s946C(1)