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The FOS Approach to Adequacy of Statements of Advice

FSPs are required to provide a Statement of Advice (SOA) to retail clients who receive personal financial advice. The SOA is a key document in assessing whether adequate disclosure has been provided to retail clients, to enable them to understand the advice provided to them and rely upon it.

FOS will analyse the SOA in all cases where this document has been provided to a retail client of an FSP with a view to determining if the FSP has complied with its obligations to the client under the Corporations Act.