Tier 1 RG146 Compliance2024-01-08T13:46:25+11:00

Tier 1 RG146 Compliance

Tier 1 RG146 Compliance

What is Tier 1 RG146 Compliance?

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

Our RG146 training courses:

  • are entirely online – start anytime, anywhere
  • study time all depends on your current knowledge and experience however we estimate 20 hours
  • are self-paced with online learning resources & on-going support
  • assessment consists of multiple choice exam/s
  • the exam has an 80% pass mark and you will have 3 attempts
  • study time all depends on your current knowledge and experience however we estimate 20 hours
  • you have up to 16 weeks to complete the learning and assessment requirements – however experienced professionals can complete in less 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.

Tier 1 RG146 Training Courses

Frequently Asked Questions

Frequently asked questions

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.

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?

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.

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.

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.

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).

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 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 expected study time for a RG146 course?2023-02-27T14:16:30+11:00

Learners have up to 16 weeks to complete a Tier 1 Compliance Course. The study time all depends on your current knowledge and experience, however we estimate 20 hours to complete a Tier 1 RG146 course or 8 hours to complete a Tier 2 RG146 course.

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 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
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

Need help finding the right course?

Talk with us to develop your training program.

Speak to our expert team
0%
Valued the high quality course content
0%
Found the courses highly relevant to their current role
0%
were satisfied with the support they received
0%
would recommend the course to a colleague

Related Insights

View More

Finfluencers – Friend or Foe?

‘Finfluencers’ are financial-influencers, champions of social media who are readily dispensing investment recommendations and trading strategies...

Regulatory News

View More
  • 15 February 2024

    APRA publishes Chair John Lonsdale’s Opening Statement to the Senate Economics Legislation Committee

    The Australian Prudential Regulation Authority (APRA) has published Chair John...
  • 5 February 2024

    APRA and ASIC release letter on the Financial Accountability Regime (FAR) ADI commencement and implementation

    The Australian Prudential Regulation Authority (APRA) and Australian Securities and...
  • 2 February 2024

    ASIC accepts court enforceable undertaking from buy now, pay later provider Elepay

    ASIC has accepted a court enforceable undertaking from buy now,...
  • 1 February 2024
  • 31 January 2024
  • 31 January 2024

    APRA outlines 2024 supervision and policy priorities

    The Australian Prudential Regulation Authority (APRA) has published its supervision...
  • 17 November 2023

    ASIC consults on ABA’s proposed changes to the banking code

    ASIC has opened its consultation on the Australian Banking Association’s...
  • 15 November 2023

    ASIC targets misconduct in superannuation sector

    ASIC will look to take strong, targeted enforcement action in...
  • 13 November 2023

    ASIC calls for greater organisational vigilance to combat cyber threats

    ASIC calls on organisations to prioritise their cyber security after...
  • 10 November 2023

    HESTA trustee pays infringement notices for misleading marketing

    ASIC has taken action against H.E.S.T. Australia Limited (HESTA), the...
  • 9 November 2023
  • 27 October 2023

    October Corporate Publications

    Coinciding with AGM season, in recent weeks financial services regulators...
  • 13 October 2023

    Regulatory favourites October 2023

    With spring now in full swing, here is our latest...
  • 13 October 2023

    APRA publishes 2022-23 Annual Report

    The Australian Prudential Regulation Authority (APRA) has published its Annual...
  • 12 October 2023

    APRA publishes Member Suzanne Smith’s speech to ICA Annual Conference

    The Australian Prudential Regulation Authority (APRA) has published a speech...
  • 12 October 2023

    APRA publishes Chair John Lonsdale’s speech to Citi Australia and New Zealand Investment Conference

    The Australian Prudential Regulation Authority (APRA) has published a speech...
  • 10 October 2023

    APRA consults on increased transparency of super fund expenditure

    The Australian Prudential Regulation Authority (APRA) is consulting on proposals...
  • 3 October 2023

    APRA and ASIC commence joint administration of the new Financial Accountability Regime

    The Australian Prudential Regulation Authority (APRA) and the Australian Securities...
  • 21 September 2023

    Licensing and professional registration activities – 2023 update

    ASIC has released its annual licensing report today. Report 772...
  • 15 September 2023

    ASIC remakes three ‘sunsetting’ class orders for managed funds

    ASIC has remade three class orders that were due to...