Understanding Insurance

RG146 a compliance requirement for a significant proportion of the financial services industry, as well as being an excellent baseline qualification for anyone entering the sector.

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General Insurance

Designed to give you key fundamental knowledge of the general insurance market in Australia, you will learn how insurance works, the characteristics of the market, the different market participants and the legal environment it operates in.

Tier 1

Tier 1 General Insurance includes Personal Accident and Sickness Insurance.

Tier 1 RG146 General Insurance Package (General Advice)

On completion, this course provides RG146 compliance to provide general advice in the Tier 1 financial product area of General Insurance.

Course content includes:

Part 1: Generic Knowledge

Part 2: Tier 1 General Insurance


Tier 1 RG146 General Insurance Package (Personal Advice)

On completion, this course provides RG146 compliance to provide personal advice in the Tier 1 financial product area of General Insurance.

Course content includes:

Part 1: Generic Knowledge

Part 2: Tier 1 General Insurance

Part 3: Skills

Tier 2

Tier 2 RG 146 General Insurance (General Advice)

On completion, this course provides RG146 compliance to provide general advice in the Tier 2 financial product area of General Insurance.

Course content:

Tier 2 General Insurance


Tier 2 RG146 General Insurance Package (Personal Advice)

On completion, this course provides RG146 compliance to provide personal advice in the Tier 2 financial product area of General Insurance.

Course content:

Part 1: Tier 2 General Insurance

Part 2: Skills

Life Insurance

Designed to give you key fundamental knowledge of the life insurance market in Australia, this course includes how life insurance works, the different products commonly used, defines what the different types of policies are and explains the process, from application through to claims. Find out more.

What is RG146 compliance?

Anyone giving financial product 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).

What is the difference between Tier 1 and Tier 2 products.

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

Advisers on Tier 1 products are required to complete Generic Knowledge. However, ASIC does not require advisers on Tier 2 products to meet the generic knowledge requirements.

Tier 2 products don’t have an investment component where the return is subject to market fluctuations. Hence, training on the economic environment as part of generic knowledge training is less relevant to advisers on Tier 2 products.

You may be interested in our recent insights

Nobody puts RG146 in the corner

The word on the street is that the RG146 training standard won’t undergo wholesale changes anytime soon. Indications from ASIC are that they will look to revise general advice warning requirements and join calls for general advice to be renamed first.  While ASIC research demonstrates the confusion the term “general advice” causes among consumers, there is little evidence, in fact, of any widespread conduct issues attributable to the training standards in RG146.

Hello compliance, my new friend

Compliance is not a role for the quiet ones.

Quite often it’s perceived as a separate function that needs to be deferred to from time to time. On other occasions, it’s considered an unfortunate but necessary intrusion into day-to-day activity. In a climate of regulatory change, the Royal Commission, and customers generally scrutinising every company they deal with, the importance of compliance cannot be underestimated.

How do you solve a problem like ethical misconduct?

You’d be hard pressed to find anyone who would argue that the increased focus on ethics and professionalism in financial services is a bad thing. But, can ethics be taught? And if so, is teaching ethics enough to protect consumers?