Question 1

When is an SoA required in Australia?

Accepted Answer

A Statement of Advice is required under section 946A of the Corporations Act 2001 when a financial services licensee or authorised representative provides personal advice to a retail client. If the advice is general advice, or the client is a wholesale client, no SoA is required.

Question 2

What is the difference between an SoA and an RoA?

Accepted Answer

An SoA is the full advice document required when personal advice is given for the first time or when ROA conditions are not met.

An ROA is a shorter document available in ongoing advice relationships where a previous SoA exists, the client's circumstances have not significantly changed, and the further advice is not significantly different.

An ROA must still include remuneration and conflict disclosures under Reg 7.8.10A.

Question 3

Can I always use an RoA instead of an SoA?

Accepted Answer

No.

An ROA is only available where all three conditions in section 946B are met: a previous SoA must exist, the client's relevant circumstances must not have significantly changed, and the further advice must not be significantly different. If any condition is not met, a new SoA is required.

Question 4

What happens if I give personal advice without an SoA?

Accepted Answer

Failing to provide an SoA when required is a breach of the Corporations Act and can result in regulatory action by ASIC, licensee remediation requirements, and personal liability to the client.

If the time-critical exception is being relied on, the SoA must still follow as soon as practicable and s946C verbal disclosures must have been made at the time of the advice.

Question 5

Are SoA requirements changing under the Quality of Advice Review?

Accepted Answer

The DBFO Tranche 2 proposals include replacing the SoA with a "Client Advice Record" (CAR).

As of mid-2026, Tranche 2 has not been enacted and current SoA requirements continue to apply in full.

Question 6

How do I know if this is right for me?

Accepted Answer

The easiest way to find out is to try it.

When you create an account, you'll receive one free RegiReview credit and one free RegiVet credit, allowing you to experience both retrospective reviews and pre-vetting at no cost.

There are no lock-in contracts or subscriptions required to get started. Simply upload your documents, review the results and decide whether RegiReview takes the load off.

Regi is designed for advisers and review teams who want a faster way to identify potential issues, improve consistency and support their existing review processes. It isn't intended to replace professional judgement, but to help you spend less time on manual checks and more time focusing on what matters.

If you find value in the outputs, you can purchase additional credits as needed. If not, you've had the opportunity to test the platform without any ongoing commitment.

That's exactly why we provide the free credits - so you can see whether Regi is right for you before spending a cent.

Question 7

What is the difference between a RegiVet and RegiReview?

Accepted Answer

RegiVet and RegiReview are designed for different stages of the financial advice process.

RegiVet is an AI-assisted pre-vetting workflow used to review a draft Statement of Advice before it is provided to a retail client, helping advisers identify potential issues prior to delivery.

RegiReview is a retrospective review workflow used after advice has been provided, providing quality assurance and remedial recommendations.

Question 8

Is Regi hosted in Australia?

Accepted Answer

RegiReview is hosted by Amazon Web Services (AWS) and Microsoft Azure, in Australia (East).

AI processing is performed using Azure OpenAI services provided by Microsoft.

Some processing may involve international subprocessors, including Microsoft Azure OpenAI. Microsoft's AI inference processing occurs primarily in Australia East. Microsoft may route requests to other Azure regions for capacity reasons. Such processing is transient and not persisted outside Australia.

See RegiReview's full Terms & Privacy for further details.

Question 9

What is a RegiReview?

Accepted Answer

A RegiReview is an AI review of a Statement of Advice (SoA). This review uses artificial intelligence to assess the advice document against targeted review areas. RegiReview analyses the SoA and supporting documents to identify relevant areas for review, then generates commentary and recommendations based on the AI findings.

RegiReview is a tool used to assist users in determining whether the advice demonstrates consideration of key regulatory obligations.

Question 10

Does Regi replace a compliance manager?

Accepted Answer

Absolutely not. Regi is designed to support advisers, compliance teams and AFSLs, not replace professional judgment.

The platform provides an automated review of the uploaded documents; however, all final decisions and outcomes should always be reserved for a professional.

Question 11

How does Regi determine which areas should form part of the RegiReview or RegiVet?

Accepted Answer

Regi undertakes a preliminary AI assessment of the Statement of Advice to identify which advice areas are relevant to the file. For example, Regi may identify that the advice involves superannuation, insurance, SMSF or replacement product advice. These identified areas are then applied to the relevant review or pre-vetting workflow, helping tailor the assessment to the type of advice provided and the stage of the advice process.

Question 12

What documents can be uploaded?

Accepted Answer

Users must upload one Statement of Advice together with up to 30 supporting documents such as Fact Finds, risk profile questionnaires, research documents, product information, file notes, client correspondence and other relevant records that support the advice provided.

Regi does not currently review Records of Advice, audio, zipped files or single files over 10MB in size.

Question 13

Are Regi's decisions a final determination of compliance?

Accepted Answer

No. Regi is an AI review tool and does not replace professionally drawn conclusions.

Instead, it provides AI-assisted commentary, observations and suggested remediation tasks to support the user in forming their own conclusion.

Question 14

Are documents uploaded to Regi used to train AI models?

Accepted Answer

No. Documents and data uploaded to RegiReview are not used to train public AI models.

RegiReviews utilises enterprise AI services designed for business and regulated environments, where customer prompts, uploaded documents and outputs remain isolated to the customer environment and are not used to train Microsoft or OpenAI foundation models.

Protecting the data of our commercial and public sector customers in the AI era - Microsoft On the Issues

Question 15

What are Regi Credits?

Accepted Answer

Regi Credits are used to access reviews within RegiReview.

Upon registering, users can claim one complimentary RegiReview credit and one complimentary RegiVet credit to trial the workflows. Additional credits can then be purchased on a pay-as-you-go basis, allowing advisers to access RegiReview without ongoing lock-in commitments.

Question 16

What happens if my review fails to process?

Accepted Answer

If Regi is unable to complete a review due to a technical problem, we’ll work with you to resolve the issue.

As Regi relies on the quality and completeness of the documents provided, some files may not be capable of being assessed accurately. The user is prompted to cross check the documents before proceeding, to ensure that the correct file types and volumes are uploaded.

Where the user uploads an incorrect file type or illegible image files, the review may be marked as unable to complete or certain responses may indicate that Regi was unable to determine an outcome.

Regi provides guidance and observations, not final decisions. Human review and professional judgement remain essential, and you should always review the output before relying on it.

If you experience a technical issue, our team is here to help. We can investigate the issue, explain what happened and assist you in getting the most from the platform. In some circumstances, we may provide replacement credits or other assistance at our discretion.

Our goal is simple: to help you obtain a useful, reliable review experience and to support you when things don't go to plan.

Question 17

What are the compliance requirements for a Statement of Advice in Australia?

Accepted Answer

Under sections 947B and 947C of the Corporations Act 2001, an SOA must include the advice, the basis for it, adviser contact details, full remuneration and benefits disclosure (including referral fees under Reg 7.7.11), conflicts of interest, and any required warnings.

Advisers must also demonstrate compliance with the best interest duty (s961B) and the appropriateness obligation (s961G).

All content must be clear, concise and effective in accordance with RG 175.

Question 18

What is the legal basis for SoA requirements?

Accepted Answer

SoOA requirements are governed by sections 947B, 947C, 947D, 961B, 961G and 961H of the Corporations Act 2001, along with ASIC's Regulatory Guide 175 (updated November 2024).

These provisions work together - satisfying the content requirements of s947B is necessary but does not, by itself, discharge the best interest duty under s961B or the appropriateness obligation under s961G.

Question 19

How detailed does an SoA need to be?

Accepted Answer

There is no mandated length. Appropriate scope varies with the complexity of the advice.

What matters is that every required element is addressed for the scope of advice given, and that the document genuinely demonstrates best interest and appropriateness for this specific client - not the length of the document.

Question 20

What happens if an SoA doesn't meet compliance requirements?

Accepted Answer

Non-compliant SOAs can result in licensee remediation obligations, ASIC surveillance action, compensation to affected clients, or conditions on an AFS licence.

Best interest duty places liability firmly with the adviser and the licensee - a well-presented document does not protect against substantive compliance failures.

Question 21

Are SoA requirements changing?

Accepted Answer

The government's Delivering Better Financial Outcomes (DBFO) Tranche 2 proposals include replacing the SoA with a "Client Advice Record" (CAR) - a principles-based, format-neutral document.

As of mid-2026, this legislation has not been passed. The current SoA framework under the Corporations Act remains in force. The industry has noted that the proposed CAR content requirements differ only marginally from existing SoA obligations.

Frequently asked questions

When is an SoA required in Australia?

What is the difference between an SoA and an RoA?

Can I always use an RoA instead of an SoA?

What happens if I give personal advice without an SoA?

Are SoA requirements changing under the Quality of Advice Review?

How do I know if this is right for me?

What is the difference between a RegiVet and RegiReview?

Is Regi hosted in Australia?

What is a RegiReview?

Does Regi replace a compliance manager?

How does Regi determine which areas should form part of the RegiReview or RegiVet?

What documents can be uploaded?

Are Regi's decisions a final determination of compliance?

Are documents uploaded to Regi used to train AI models?

What are Regi Credits?

What happens if my review fails to process?

What are the compliance requirements for a Statement of Advice in Australia?

What is the legal basis for SoA requirements?

How detailed does an SoA need to be?

What happens if an SoA doesn't meet compliance requirements?

Are SoA requirements changing?

Still Have Questions?
We can help.

Expert help

Account holders can contact our dedicated support team via the link on the RegiReview dashboard.

Don't have an account?

Frequently asked questions

When is an SoA required in Australia?

What is the difference between an SoA and an RoA?

Can I always use an RoA instead of an SoA?

What happens if I give personal advice without an SoA?

Are SoA requirements changing under the Quality of Advice Review?

How do I know if this is right for me?

What is the difference between a RegiVet and RegiReview?

Is Regi hosted in Australia?

What is a RegiReview?

Does Regi replace a compliance manager?

How does Regi determine which areas should form part of the RegiReview or RegiVet?

What documents can be uploaded?

Are Regi's decisions a final determination of compliance?

Are documents uploaded to Regi used to train AI models?

What are Regi Credits?

What happens if my review fails to process?

What are the compliance requirements for a Statement of Advice in Australia?

What is the legal basis for SoA requirements?

How detailed does an SoA need to be?

What happens if an SoA doesn't meet compliance requirements?

Are SoA requirements changing?

Still Have Questions? We can help.

Expert help

Account holders can contact our dedicated support team via the link on the RegiReview dashboard. Don't have an account?

Still Have Questions?
We can help.

Account holders can contact our dedicated support team via the link on the RegiReview dashboard.

Don't have an account?