My client requires “urgent advice” – what do I do?

Time Critical Advice, RG175, FASEA Exam Prep

What about situations where my client needs urgent advice?

The Corporations Act permits the delayed provision of FSGs and SOAs to the client in time-critical cases.

For example, you may be able to rely on the time-critical exception and provide advice to the client without first giving the client a SOA where:

your client expressly instructs that a further financial service be provided immediately or by a specified time; and

it is not reasonably practicable to provide the client with an SOA before that further financial service is provided.

In these circumstances, please see RG 175 (paragraphs 164-165) for further detail on complying with these requirements. ASIC considering whether it should provide relief in relation to the timing of SOAs in time critical cases and we will provide updates as soon as possible.

More information about providing time‑critical advice and the associated specific requirements for FSGs is set out in RG 175 (paragraphs RG 175.100-103).