The Australian Securities and Investments Commission (ASIC) has published an example Statement of Advice (SOA) illustrating its interpretation of clear, concise and effective advice and disclosure in a specific financial advice scenario.

The example SOA was developed on the basis of a hypothetical financial planning scenario developed in consultation with financial planning experts. It deals with personal advice about personal insurance, investing in managed funds and basic deposit products.

The example SOA has been released with a guide that explains how and why ASIC developed the example SOA. The guide:

• sets out the purpose of the example SOA (Section 1)
• outlines the framework in which the SOA was developed (Section 2)
• explains why certain information has been included, or not included (Section 3)

The example SOA is set out in Appendix B of the guide and the financial advice scenario is set out at Appendix A.

Download a copy of the guide from ASIC's website (PDF - 192KB).