ASIC Compliance
RG146 Training of Financial Product Advisers
The Australian Securities and Investments Commission (ASIC) has set minimum standards for the training of advisers. These standards are detailed in Regulatory Guide 146. The policy applies to all natural persons who provide financial product advice. Advisers are required to demonstrate competency in the areas in which they give advice.
To demonstrate competency:
- Newer advisers must complete and be assessed in an appropriate course from the ASIC Register of Compliant Courses; or
- Experienced advisers (5 years experience within the immediate past 8 years) may complete a competency assessment.
Sample Questions for the RG 146 Knowledge Competency Assessments
For sample Questions for the RG 146 Knowledge Competency Assessments, CLICK HERE
RG 146 Gap Training Program for CFA® Charterholders and Candidates
This RG 146 Gap Training program enables Chartered Financial Analyst® Charterholders and Candidates to meet Australian Securities and Investments Commission (ASIC) initial training requirements ‘for those providing financial product advice to retail clients.’
The program is based on the Australian material specified in ASIC’s ‘Regulatory Guide 146: Licensing: Training of financial product advisers’, which is not covered in Level 1 of the CFA® program. Successful completion of Level 1 of the CFA® program PLUS this RG 146 Gap Training program satisfies the following ASIC knowledge competency requirements:
- Generic Knowledge
- Securities Knowledge
- Derivatives Knowledge
- Managed Investments Knowledge
- Foreign Exchange Knowledge
In addition, participants can satisfy ASIC’s mandatory Skills requirements for those providing Personal Advice. (Note: Those providing General Advice are not required to demonstrate Skills.)
The program is listed on the ASIC Training Register which contains details of training courses that have been approved by ASIC authorised assessors as meeting ASIC’s training requirements in relation to RG 146.
RG 105 Organisational Competency
The Australian Securities and Investments Commission (ASIC) requires all licensees to maintain the competence to provide authorised financial services. ASIC’s requirements are outlined in Regulatory Guide 105.
Continuing Education for Responsible Managers
As a Responsible Manager, ASIC requires that you:
“Maintain and update knowledge and skills of responsible managers”
To assist Responsible Officers/Managers to meet this requirement, Financial Education Professionals has launched “Continuing Education for Responsible Managers”. It focuses on relevant regulatory issues.
Practical Compliance Officer Fundamentals
Financial Education Professionals presents a series of practical workshops specifically designed for financial services compliance professionals in Australia. Courses are for compliance professionals, within the context of Australian financial regulations. This course provides a practical introduction to the role and functions of a Compliance Officer in the Australian financial services industry.
This course is conducted as three (3) face-to-face workshops each of 3 hours, including practical exercises and checklists for on-the-job application.
