Accountants giving advice

Accountants giving advice

Accountants who recommend the establishment or winding up of a SMSF must comply with the Australian Financial Services Licensing framework.

There are two provisions to address:

Guidance on Education Pathways for all advisers

Due to the new adviser education guidelines being brought in by FASEA, advisers are encouraged to gain RG 146 compliance and be on the Financial Adviser Register (FAR) prior to or by 31 December 2018.  This will allow advisers to be eligible for the most favourable transition conditions. If not, you may then be subject to more onerous education standards. You can view more on the FASEA website.

Note: It is up to your licensee to ensure that they have updated their records on the FAR to ensure that you and other representatives are properly recorded.

RG 146 Super and SMSF package

This package provides all you need to become RG 146 compliant to provide personal advice in superannuation and SMSF.

It contains:

  • Generic Knowledge
  • RG146 Superannuation
  • RG146 SMSF
  • Skills assessment

Find out more

To give further financial product advice (under an AFS licence) or “class of product” advice (under a limited AFS licence) you must be RG146 compliant in the product(s) in which you are providing advice.

To meet this requirement we have RG 146 courses in:

  • Securities
  • General insurance
  • Life insurance
  • Basic deposit products
  • Managed investment

Do I need a diploma to give advice

No.
ASIC in RG146.59 states, “We are not prescribing that advisers should necessarily undertake a formal diploma course. The reference to this qualification in this regulatory guide is for comparative purposes only, as a guide for licensees, training providers and authorised assessors on the level of the required content of the course.”

Tier 1 RG 146 licensing compliance is at diploma level. SMSF for Accountants is at diploma level.

How to maintain your RG 146 compliance

Once you have gained RG146 compliance, you are required to maintain your compliance by undertaking annual professional development courses relevant to your activities. This can be done with our adviser CPD solution, cpdevolve.

Our cpdevolve short-courses are accredited for CPD points/hours by the Financial Planning Association (FPA) and the SMSF Association.  Our CPD short-courses are also accredited for Tax Practitioner Board (TPB) CPE points/hours, where relevant. We have developed specific streams reflecting common adviser authorisations.

The Super & SMSF CPD stream provides ongoing RG146 training for those advisers and accountants who are authorised to provide advice in Superannuation and SMSFs.