Loading…
Consider these statements. (i) A record of further advice must be kept for 5 years after the advice is given. (ii) A Statement of Advice must set out the basis on which the advice is given.
Statement (ii) is true: s947B(2)(b) of the Corporations Act 2001 (compilation 19 Sep 2026) requires the SOA to include information about the basis on which the advice is or was given. Statement (i) is false: reg 7.7.09(3) of the Corporations Regulations 2001 (compilation 1 Sep 2026) requires the record of further advice to be kept for 7 years after the day the advice is provided.
Seven years is the record-keeping period; five years appears elsewhere (recent advising history on the register).
Practise more Advice, retail clients and disclosure (FSG, SOA, ROA, PDS) questions
Exam-style questions with worked answers, then full timed mocks. Free to start.
Build a daily practice habit — a few exam-style questions a day, with worked answers. Free to start.
Start practising →Original practice material mapped to the learning outcomes in ASIC's exam guidance. Independent, not affiliated with or endorsed by ASIC. Verify figures and rules against current guidance before relying on them.