Tier 2 RG146 Deposit Products and Non-Cash Payment Products

Overview Deposit Products and Non-Cash Payment Products

Our Tier 2 Deposit Products and non-cash payment products course meets ASIC Regulatory Guide (RG146) education requirements for providing general advice in this knowledge area.

About our course

Our online course provides an overview of regulation and licensing of the financial services industry in Australia. It examines laws that apply to financial services, including Australian Consumer Law, Privacy, AML/CTF and dispute resolution.

Deposit products and non-cash payment products are examined in detail, including how the payment system works, and how it supports widely used non-cash payment facilities such as debit and credit card transactions and fast payments.

Whatever your place in Australia’s banking and payments system, we have your essential learning needs covered.

What are deposit products?

Deposit products cover all conventional deposits including transaction accounts, savings accounts, term deposits and specialist accounts for particular groups such as pensioners, full-time students, farmers and agricultural producers, the self-employed, small to medium businesses (SMEs), mortgage holders, first home buyers, trustees, deceased estates, social clubs and corporates.

What are non-cash payment products?

A non-cash payment (NCP) is any payment other than by physical delivery of Australian or foreign currency. Some examples of NCP facilities include cheque accounts, traveller’s cheques, stored value cards, electronic cash, direct debit services, payroll cards, fund transfer services, electronic bill payment services, debit cards and online payment arrangements.

ASIC’s Regulatory Guide RG 185: Non-cash Payment Facilities outlines regulations in relation to non-cash payment facilities.

Regulation of ADIs

Prudential regulation is a legal framework focused on institutions’ financial safety and stability and the broader financial system. APRA closely monitors the operation of banks through its prudential regulatory responsibilities.

APRA has responsibility for the control of prudential requirements for banks and other Authorised Deposit-taking Institutions (ADIs). ADIs are corporations that are authorised under the Banking Act 1959 (Cth).

Program Content

  • Financial Services Regulation and Licencing
  • Overview of Deposit Products and Non-Cash Payment Products
  • Application of cross-industry laws in financial services

Learning Outcomes

  • Outline how financial services is regulated and licensed in Australia
  • Discuss deposit products and non-cash payment products available in the market
  • Differentiate non-cash payment facilities which are regulated from those that are not regulated by ASIC
  • Understand how the RBA oversees operation of Australia’s payment systems
  • Explain cross-industry laws that apply to financial services and the areas of industry practice they affect
  • Evaluate the role of compliance in the operation of a financial services organisation

What you will learn

Who is this course for?

  • Banks
  • Frontline branch and call centre staff
  • Fintechs
  • Payments and funds transfer facility providers
  • Payment gateway providers

Units of Competency

Pre-requisite

Recognition of Prior Learning

Certification

On successful completion of the course, you will be awarded a Certificate of Attainment confirming that you are RG 146 compliant to provide general advice in Deposit Products and Non-Cash Payment Products.

Contact us for a corporate solution covering personal advice.

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Frequently Asked Questions

To get started, either
  • Purchase your course online. (If checking out for your team, you can add multiple courses to the cart.) OR
  • Contact Us to arrange an invoice
Please note: Online orders may take up to 1 business day to be processed and for you to receive your course login details.  

To get started, either:
  • Purchase course/s online. (You can add multiple courses to the cart.) OR
  • Contact us to arrange a invoice.
Please note: Online orders may take up to 1 business day to be processed and for your team to receive their course login details.
What is RG206?2023-04-21T07:53:53+10:00

Regulatory Guide 206 Credit licensing: Competence and training (RG 206)

Credit licensees must comply with the organisational competence obligation in s47(1)(f) of the National Consumer Credit protection Act 2009 (National Credit Act). Regulatory Guide 206 Credit licensing: Competence and training (RG 206) sets out the minimum expectations for demonstrating organisational competence.

What you need to do to comply will depend on the nature, scale and complexity of your business. However, Regulatory Guide 206 Credit licensing: Competence and training (RG 206) sets out our minimum expectations for demonstrating organisational competence.

You must also ensure that your representatives are adequately trained and competent to engage in the credit activities authorised by your licence: s47(1)(g).

ASIC generally expects you to determine what is appropriate initial and ongoing training for your representatives and to embed this in your recruitment and training systems.

Updated annually, our CPD is designed to enable Responsible Managers and Representatives of Australian Credit Licensees to meet their mandatory RG206 continuing training requirement. Our CPD that is structured, properly assessed and recorded.

Financial Education Professionals acknowledges the Traditional Owners of Country throughout Australia. We pay our respects to Elders past, present and emerging.