RG146 Tier 2 Compliance2023-08-01T11:18:41+10:00

RG146 Tier 2 Accreditation

Tier 2 RG146 Compliance

Meeting the education requirements of ASIC Regulatory Guide 146 (RG 146)

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”.

Our RG146 Tier 2 Accreditation Programs have been specifically designed for organisations seeking RG 146 compliance to provide general or personal advice in the Tier 2 financial product areas of

Frequently asked questions

What is General Insurance?2022-10-11T15:48:02+11:00

There are three types of general insurance:

  • property insurance
  • liability insurance, and
  • sickness and accident insurance.

Personal sickness and accident policies are offered by general insurance companies but are more complex than other types of policies offered by general insurance companies. This is underscored by Corporations law’s and ASIC’s RG 146 regulatory guidance that personal sickness and accident insurance should be treated as a Tier 1, requiring a high level of training (Diploma equivalent).

All other forms of general insurance are designated Tier 2, requiring lower level training.

What is the difference between general and personal advice?2023-02-15T15:17:04+11:00

Personal advice includes circumstances where:

  1. an adviser has considered one or more of a client’s objectives, financial situation and needs (other than for the purposes of complying with AML/CTF requirements); or
  2. a reasonable person might expect the adviser to have considered one or more of those matters.

General advice is financial product advice that is not personal advice. There are some occasions when obtaining information from a customer does not constitute giving advice, e.g. requesting customer details to calculate the premium for an insurance quote.

ASIC illustrates the difference between factual information, general advice and personal advice in Regulatory Guide 36 Licensing: Financial product advice and dealing (RG 36)

Who does RG146 compliance apply to?2023-06-13T15:09:49+10:00

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.

What is the difference between Tier 1 and Tier 2 General Insurance?2023-02-27T14:09:25+11:00

Most general insurance products are Tier 2. There is only Tier 1 General Insurance product – Personal Sickness and Accident Insurance.

To be fully compliant in Tier 1 General Insurance you also need to study, or to have previously studied, Generic Knowledge. Tier 2 General Insurance study includes coverage of some regulatory requirements prescribed by ASIC in RG146 but not Generic Knowledge in its entirety.

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 tiers of General Insurance do each of your RG146 Insurance courses cover?2022-08-26T12:51:26+10:00

We offer:

Our Tier 1 General Insurance and Insurance Broking courses both cover Tier 2 General Insurance PLUS an additional topic on the one and only Tier 1 General Insurance product, i.e. Personal Sickness and Accident Insurance.

Tier 1 RG146 Insurance Broking includes all the content covered in Tier 1 RG146 General Insurance PLUS extra content and competencies specific to being a broker.

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 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
When can I enrol?2023-07-25T15:32:15+10:00

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.
How do I enrol my team?2023-07-25T15:33:41+10:00

You can enrol your team either:

  • Enrol online or
  • Contact us to arrange an invoice.

Talk with us to develop your team training program.

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