Check when a Statement of Advice was given
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- Where personal advice was given and the Statement of Advice was not itself the advice, record the date the advice was provided, the date the Statement of Advice was given, and whether any further financial service connected with that advice was provided before the statement. If the statement was not given when the advice was provided, record whether a statement of the specified information was given at that time. If the client expressly instructed that a further connected service was required immediately or by a specified time, record that instruction and the date the Statement of Advice followed. Do not draft the Statement of Advice, and do not decide that the timing complied.
- What the lawyer must review
- The lawyer decides whether section 946C of the Corporations Act 2001 (Cth) was met. Subsection (1) says that, subject to the section, if the Statement of Advice is not the means by which the advice is provided, it must be given when, or as soon as practicable after, the advice is provided and, in any event, before the providing entity provides any further financial service that arises out of or is connected with that advice. Subsection (2) says that if the Statement of Advice is not given when the advice is provided, the providing entity must, when the advice is provided, give a statement containing the information that would be required in a Statement of Advice by paragraphs 947B(2)(d) and (e), or 947C(2)(e) and (f), as the case requires, and by section 947D if applicable. Those paragraphs and section 947D were not opened. Subsection (3) applies where the client expressly instructs that a further financial service arising out of or connected with the advice is required immediately or by a specified time, and it is not reasonably practicable to give the Statement of Advice before that further service. The Statement of Advice must then be given within 5 business days after that further service, or sooner if practicable, unless the further service is the provision of a financial product and section 1019B will apply to the acquisition, in which case it must be given before the start of the period applicable under subsection 1019B(3), or sooner if practicable. The lawyer decides which path applies. This is a timing check. It does not review an advice process or draft the statement.
- Written for / version
- US
Open a jurisdiction version of this task to see which instruments apply: US
Who does what
| Role | What they do |
|---|---|
| Assistance | Where personal advice was given and the Statement of Advice was not itself the advice, record the date the advice was provided, the date the Statement of Advice was given, and whether any further financial service connected with that advice was provided before the statement. If the statement was not given when the advice was provided, record whether a statement of the specified information was given at that time. If the client expressly instructed that a further connected service was required immediately or by a specified time, record that instruction and the date the Statement of Advice followed. Do not draft the Statement of Advice, and do not decide that the timing complied. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- If the Statement of Advice was the means by which the advice was provided, record that and stop. Subsection (1) is about the other case.
- A further financial service connected with the advice must not precede the Statement of Advice, unless the time-critical path in subsection (3) is being considered.
- Do not describe what paragraphs 947B(2)(d) and (e), 947C(2)(e) and (f), or section 947D require. They were not opened.
- On the time-critical path, use five business days after the further service, unless the further service is a financial product to which section 1019B will apply. The lawyer decides that proviso.
Sources
- Corporations Act 2001 (Cth) section 946C · 2026-10-22
These are suggested working checks. Confirm the required checking with the responsible lawyer before work starts; the checking approach does not establish permission to use AI.