Tier 2 RG146 Deposit Products and Non-Cash Payment Products

Overview of Deposit Products and Non-Cash Payment Products

Our online course discusses the purpose and features of transaction accounts, term deposits, and cash management accounts. It also uses worked examples to demonstrate common approaches to calculating interest.

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.

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 is a Commonwealth Government regulatory body established to set standards for the prudent management of banking, insurance, and superannuation.

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

What you will learn

  • What the common functions of money are
  • The concept of interest and how simple interest differs from compound interest
  • How non-cash payment facilities are defined in financial services law
  • Characteristics of non-cash payment facilities
  • How banking and non-cash payment facilities are regulated by APRA and ASIC
  • How the RBA oversees operation of Australia’s payment systems.
  • The regulatory roles played by ASIC, APRA and the Reserve Bank of Australia (RBA)

Who is this course for?

  • banks
  • frontline branch and call centre staff
  • fintechs
  • payments and funds transfer facility providers
  • financial advisers who advise on deposit products.

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.

Explore Deposit Products and Non-Cash Payments

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Frequently Asked Questions

Under their Australian financial services licensing obligations, some firms are required to meet additional standards if any representatives give advice to retail clients (RG146). To assist AFS Licensees, we follow the syllabus prescribed by the Australian Securities and Investments Commission (ASIC) for each Tier 1 and Tier 2 specialist knowledge area. We are a Registered Training Organisation and an ASIC Authorised Assessor, so you can be assured that each RG146 course covers all the elements ASIC has specified advisers should learn. (RG 146.87).
Our RG146 Programs are self-paced with online learning resources & on-going support.
  • You have up to 16 weeks to complete the learning and assessment requirements for your Tier 1 RG146 Course.
  • You have up to 8 weeks to complete the learning and assessment requirements for your Tier 2 RG146 Course.
  • Experienced professionals can complete in less time.
Learners have up to 16 weeks to complete a Tier 1 Compliance Course. The study time all depends on your current knowledge and experience.
Our courses, CPD and qualifications are 100% online, so you can start anytime, anywhere.
  • Either enrol online or
  • Contact Us to arrange an invoice for EFT or AMEX payments.
You can enrol your team either:
  • Easily enrol online (you can add multiple participants to your cart) or
  • Contact us to arrange a quote.
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.