From www.ifa.com.au: A recent ruling by the Financial Services and Credit Panel has underscored the ambiguous guidelines for when financial advisers can use a record of advice (ROA) instead of a new statement of advice (SOA).

Advisers must exercise judgment to determine if there have been significant changes in a client’s circumstances before issuing an ROA, as the regulations do not specify a clear timeframe.

Three criteria that must be satisfied to rely on an ROA, stressing the importance of assessing changes in a client’s situation since the last SOA was provided.