Tier 1 RG146 Compliance
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 self-paced with online learning resources & on-going support. You have up to 12 weeks to complete the learning and assessment requirements for Tier 1 RG146. Experienced professionals can complete in less time.
We also offer Tier 2 Compliance Training.
Tier 1 RG146 Training Courses
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.
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RG146 Generic Knowledge
Learn the economic environment, operation of financial markets and types of financial products.
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RG146 Managed Investments
Discover Equity trusts, fixed interest trusts, serviced strata schemes, primary production schemes, property trusts and more.
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RG146 Securities
Explore shares, bank bills, commercial paper, bonds, structured products and crowdfunding.
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RG146 Derivatives
Uncover equity, fixed interest, FX related futures, options, forwards, swaps and market conventions.
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RG146 Foreign Exchange
Delve into cross-rates, forwards, options, swaps, NDFs and market conventions.
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Tier 1 General Insurance
Designed for representatives who sell personal and business types of general insurance, including personal-sickness and accident.
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RG146 Superannuation
Understand Australia's superannuation system, regulation & policy, member contributions, insurance, and transition to retirement products.
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RG146 Life Insurance
Covers term life, trauma or critical illness, TPD and income protection policies.
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Tier 1 RG146 Insurance Broking Program
Navigate the make-up of the insurance market, features of general insurance products and how the insurance broking process works.
Frequently asked questions
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).
We offer an online, modular approach, allowing you to study and complete one RG146 specialist knowledge area at a time.
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.
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.
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 12 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.
- An additional 4 weeks per course is available upon request. (We do not charge a fee for extension requests.)
- The assessment is online, open-book and does not need to be supervised.
- If you are unsuccessful, you can request up to 3 attempts.
- A practice assessment is available to you.
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.
Our Tier 1 specialist knowledge areas include:
- RG146 Securities
- RG146 Derivatives
- RG146 Managed Investments
- RG146 Foreign Exchange
- RG146 Superannuation
- RG146 General Insurance
- RG146 Life Insurance
- RG146 Insurance Broking.
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:
ASIC has divided 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 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.
You can enrol your team, either
- Online. Find the right course and make an online purchase or
- Talk with us to develop your team training program.
We do not charge additional study related fees.
- Exam resit $0
- Course extension request (4 weeks) $0
- Certificate replacement fee $0
