RG146 Compliance2024-02-05T11:14:17+11:00

RG146 Compliance

RG146 Compliance

What is RG146?

RG146 is ASIC‘s Regulatory Guide 146 for Licensing: Training of financial product advisers. Anyone giving financial product general advice under an Australian Financial Services Licence (AFSL) must satisfy ASIC’s RG 146 training standards.

Our RG146 Compliance Training Courses meet ASIC’s requirements for financial product advisers or representatives needing to meet the relevant training standards. (see RG 146.1–RG 146.3.)

Our courses are also an effective learning solution for financial services workplaces looking to ensure a desired level of base knowledge across selected teams or the wider organisation.

To meet relevant training standards at the Tier 1 level, you must complete both Generic Knowledge and the specialist knowledge area you intend to provide general advice in.

Tier 2 RG146 Compliance training courses

Comply with ASIC’s Tier 2 related guidance in RG 146, which requires your representatives to study “specialist knowledge about the specific products you advise on and the markets in which you operate”.

Frequently Asked Questions

About our Our RG146 courses.2022-10-11T15:50:40+11:00

We offer an online, modular approach, allowing you to study and complete one RG146 specialist knowledge area at a time.

To meet relevant training standards at the Tier 1 level, you must complete both Generic Knowledge and the specialist knowledge area you intend to provide general advice in.

Do the RG146 courses meet ASIC’s requirements?2022-05-23T17:26:19+10:00

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).

How do I enrol my team?2024-01-22T12:18:46+11:00

You can enrol your team either:

  • Easily enrol online (you can add multiple participants to your cart)
    or
  • Contact us to arrange a quote.
Study related fees2022-07-01T11:51:19+10:00

We do not charge additional study related fees.

  • Exam resit $0
  • Course extension request (4 weeks) $0
  • Certificate replacement fee $0
What are ASIC’s RG146 training standards?2022-10-11T15:51:38+11:00

ASIC’s training standards are sets of knowledge and (in some cases) skill requirements that must be satisfied by advisers before they give advice.

Knowledge and skill requirements vary depending on:

  • whether the adviser gives general or personal advice; and
  • what products the adviser gives advice on.
  • Some products are classified as being Tier 1, while others are Tier 2

The knowledge requirements are set out in Appendix A of RG146 and the skill requirements are set out Appendix B.

What are the RG146 specialist knowledge areas?2022-05-24T11:35:20+10:00

Our Tier 1 specialist knowledge areas include:

To meet relevant training standards at the Tier 1 level, you must complete both Generic Knowledge and the specialist knowledge area you intend to provide general advice in.

Our Tier 2 specialist knowledge areas include:

What is RG146?2023-06-13T15:06:50+10:00

RG 146 continues to apply to people who provide:

  • general advice,
  • personal advice on basic banking products, general insurance and/or consumer credit insurance, and
  • individuals who provide financial product advice in relation to a time-sharing scheme.

RG 146 refers to ‘Tier 1 products’ and ‘Tier 2 products’. As a result of the professional standards reforms, ASIC considers, in general, that:

  • Tier 1 products are relevant financial products, and
  • Tier 2 products are financial products that are not relevant financial products (i.e. basic banking products, general insurance products and/or consumer credit insurance, and time-sharing schemes).

Our practical, back to basics guide steps you through becoming RG146 compliant. Learn more in our recent insight How Do I Become RG146 Compliant?

What is the difference between RG146 Tier 1 and Tier 2?2023-04-21T08:09:53+10:00

ASIC has divided RG146 products into Tier 1 and Tier 2. Tier 2 products are generally simpler and better understood than Tier 1 products and are therefore subject to lighter training standards.

In RG 146 ASIC says it has taken this approach because while Tier 2 products carry certain risks, they:

  • are relatively straightforward;
  • do not have any investment component;
  • are subject to standard terms and conditions except for disclosed variations; and
  • are of limited life, often 12 months.

In practical terms, advisers on Tier 1 products are required to have Generic Knowledge plus a specialist knowledge about the specific products they advise on and the markets in which they operate. This differs from ASIC’s syllabus for Tier 2 products, which covers only specialist knowledge requirements that are relevant to the adviser’s tasks and specific industry and product/s.

Tier 2 products are deposit products, non-cash payment facilities, and general insurance (other than personal sickness and accident insurance).

Most other financial products are Tier 1, such as Securities, Managed Investments, Derivatives, Foreign Exchange, Superannuation, and Life Insurance.

Note that not all licensed financial products are in the RG 146 framework. For details of what financial products are in scope and whether they are Tier 1 or Tier 2, refer to RG 146.

Remember, licensees still have a general obligation to ensure that their advisers have the necessary skills to be competent to provide advice (s912A(f) of the Corporations Act). Studying RG 146 learning is an effective avenue for fulfilling this requirement.

Our RG146 Compliance Training Courses meet ASIC’s requirements for financial product advisers or representatives needing to meet the relevant training standards. (see RG 146.1–RG 146.3.)

Find the right course
What is the expected study time for a RG146 course?2024-05-01T15:19:49+10:00

Learners have up to 16 weeks to complete a Tier 1 Compliance Course. The study time all depends on your current knowledge and experience.

What is the mode of assessment for RG 146 courses?2024-02-19T15:25:29+11:00
  • For each specialist knowledge area; there is one knowledge exam (multiple-choice questions) per topic. Each exam is based on the subject materials in the given topic.
  • Assessment is online, open-book and does not need to be supervised
  • If you are unsuccessful, you may repeat the assessment (3 attempts)
What is the RG146 Course Duration?2023-02-20T13:28:47+11:00

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.
What RG146 knowledge areas should I gain compliance in?2022-10-11T16:52:14+11:00

That would depend on your role and what financial products you provide advice in. You must be accredited to provide advice in all knowledge areas you intend to advise on. Consult your licensee if you are unsure or would like to discuss with them your desire to advise on additional knowledge areas.

Authorisation is the responsibility of your Australian Financial Services Licensee.

Who does RG146 compliance apply to?2024-02-05T10:37:37+11:00

RG 146 continues to apply for certain groups, namely licensees and advisers who:

It is also recommended for trading/dealing desk heads, middle office, responsible managers, and other oversight roles.

We are a Registered Training Organisation and an ASIC Authorised Assessor, so you can be assured that our courses comply with ASIC’s requirements (RG 146.87).

Our practical, back to basics guide steps you through becoming RG146 compliant. Learn more in our recent insight How Do I Become RG146 Compliant? If there is any training that you or your team needs, feel free to reach out and we will be happy to assist.

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What others say about us

Industry leaders in CPD

The delivery method, the flexibility and the currency and relevance of content. FEP are and have always been a leader in CPD for the
finance industry – thankyou

Diane Wilkinson, WiZDOM

Parallels real workplace experience.

We have been using FEP for a number of years now. The course materials are highly professional and parallels real workplace experience. Staff greatly value participating in meaningful external training and are the greatest advocates.

Efficient, informative and accessible.

The content is well set out, clear and precise. My organisation does the course every year and we are continuing to learn new and interesting things with each new offering. The content is up to date with the industry and completely relevant to my role. I had all the support and learning resources available to get it done…

Extremely relevant and meaningful.

Our firm exclusively uses the services of Financial Education Professionals for all of our ongoing RG146, compliance and responsible manager training for our team. We find course materials extremely relevant and meaningful and this allows our team to have up to date, practical knowledge.

Peter McGuire, CEO, XM

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