SOA Compliance Concerns

What to do if your Statement of Advice looks wrong or incomplete

Common SOA Problems

The most common issues identified in SOAs include missing fee disclosures, inadequate explanation of product recommendations, boilerplate language that does not reflect personal circumstances, missing risk profile information, and incomplete replacement product analysis.

First Step — Ask Your Adviser

If something in your SOA does not look right, start by asking your adviser for clarification. They are required to explain their advice in a way you can understand. A reputable adviser will be happy to address your concerns.

Escalation Options

If your adviser cannot resolve your concerns, you can escalate to their AFSL licensee (the company that holds their licence). Licensees have compliance teams who review advice files. You can also contact the Australian Financial Complaints Authority (AFCA) for free dispute resolution.

Role of ASIC

ASIC is the regulator that enforces financial services laws. If you believe an adviser has seriously breached their obligations, you can report it to ASIC. AdviserCheck helps prevent these issues by catching compliance gaps before advice is finalised.

Common Compliance Issues in SOAs

ASIC's surveillance of financial advice documents has identified several recurring compliance issues. The most common is inadequate fee disclosure — fees are described as percentages or vague terms rather than specific dollar amounts. Under RG 182, fees must be disclosed in dollar terms so you can understand exactly what you will pay. A table format is recommended for clarity.

Another common issue is generic content that does not demonstrate personalised advice. If your SOA reads like a template, it may not meet the best interests duty. The document should reference your specific goals, financial situation, and personal circumstances. Other frequent issues include: missing or inadequate discussion of alternatives, insufficient risk disclosure, and failure to disclose conflicts of interest.

SOA Requirements Under RG 175

ASIC's Regulatory Guide 175 (RG 175) sets out the detailed requirements for a compliant Statement of Advice. The guide covers: what information must be included in the SOA, how the document should be structured, what level of detail is required for different types of advice, and how the document should address the best interests duty. RG 175 also provides examples of good and poor practice.

Key requirements under RG 175 include: the SOA must be clear, concise, and effective; it must be based on accurate and complete information; it must address the client's objectives, financial situation, and needs; it must include a reasonable investigation of alternatives; and it must disclose all fees, commissions, and conflicts of interest. Your adviser should be familiar with RG 175 and your SOA should clearly address each requirement.

Taking Action on Compliance Concerns

If you identify compliance concerns in your SOA, do not sign it. Instead, write to your adviser listing the specific issues you have identified and request an amended SOA that addresses each concern. Under the law, you are entitled to receive advice that is compliant before you give your informed consent. Your adviser should respond within a reasonable timeframe.

If your adviser does not adequately address your concerns, you can escalate the matter to their licensee's complaints officer. If still unresolved, lodge a complaint with AFCA. You can also use AdviserCheck to obtain an independent analysis of your SOA's compliance, which provides a documented basis for your concerns.

Frequently Asked Questions

What is the most important thing to check in an SOA?
Start with the fee disclosure — all fees should be shown in dollar amounts. Then check whether the document is personalised to you (references your specific goals and situation). Finally, check that alternatives are discussed and that risks are clearly disclosed.

Can I request changes to an SOA after signing?
After signing, it is harder to request changes because you have given your consent. However, if you discover compliance issues after signing, you can still lodge a complaint about the advice itself. Keep a copy of the signed SOA and any correspondence.

How long should I keep my SOA?
Keep your SOA for at least 7 years, which matches the period your adviser must keep their copy. The statute of limitations for professional negligence claims is generally 6 years from the date the advice was provided (or 3 years from when you discovered the issue, in some cases).

Does a digital (robo-advice) SOA have the same compliance requirements?
Yes. Digital advice SOAs must meet the same legal standards as human-provided advice. The Corporations Act does not distinguish between digital and human advice. However, digital advice SOAs may be shorter and more standardised, which can make it harder to demonstrate personalisation.

The 2024-25 ASIC Scorecard for Financial Advice

Treat this as a running ledger of what regulators caught — and what clients missed until it was too late. Across 2024-25: $104.1 million in court-ordered penalties, 19 criminal convictions, 38 new civil proceedings, and 58 individuals or companies banned or restricted from financial services. Investigation volume grew roughly 50% year-on-year.

The entries worth reading closely:

• Shield Master Fund (2024-25). Receivers appointed; fund wound up after concerns about inappropriate advice and inadequate disclosure.
• MWL Financial Services (2025). Four advisers banned for terms of 4–8 years for recommending the fund contrary to clients' best interests.
• Glenda Rogan (2025). 10-year ban for moving $14.8 million of client funds into a cryptocurrency-based investment scam.
• Barry King (2025). Permanent ban spanning dishonest conduct, misuse of client funds and provision of false documents.
• Fees-for-no-service actions (2024-25). Several licensees and advisers pursued, including Crown Wealth Group director Andrew Moore, banned for non-reporting of FFNOS conduct.
• Unregistered advice (2025). Infringement notices of $31,300 each issued to licensees including Skye Money and Smart Financial Capital.

Alongside the casework, ASIC has publicly worried about business models that use high-pressure selling and better-return promises to go after Australians' superannuation savings.

Basis: ASIC Annual Report 2025; ASIC Financial Advice Update, August 2025.

Regulatory Context

Advising rules have shifted repeatedly over the past ten years. The FOFA reforms set the foundation in 2013 with the best interests duty and a ban on conflicted remuneration. More recently, DBFO (2024-25) retired the Fee Disclosure Statement, streamlined how ongoing fees are consented to, and put super-based fee deductions on clearer legal ground. Meanwhile, the Quality of Advice Review (2022) continues to push simplification — shorter SOAs and a new class of adviser — with Tranche 2 legislation in draft as at March 2025.

What Can I Do If My Adviser Doesn't Follow the SOA?

If things are not done according to the SOA provided, start with a written request to your adviser listing the specific gaps. If not resolved, escalate to their AFSL licensee's complaints team. For free dispute resolution, lodge with AFCA within 2 years of the licensee's final response (6 years for superannuation complaints). For systemic misconduct, you can report to ASIC. An AdviserCheck report helps you articulate the exact RG 175 requirement that was not met.