RG146 Compliance

What is RG146?

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

The training standards comprise both knowledge and skills. The requirements vary depending on the adviser’s activities. The knowledge requirements vary depending on the areas in which the adviser is giving advice e.g. securities, managed investments, superannuation etc. The skills requirements vary depending on whether the adviser is giving personal advice (requires skills) or general advice (does not require skills).

New advisers meet the relevant training standards by satisfactorily completing relevant courses.

Experienced advisers can demonstrate their competence through individual assessment by an ASIC authorised assessor.

Why study RG146 with us?

Our RG146 training:

  • offers a modular approach, allowing you to study and complete one specialist knowledge area at a time
  • allows you to complete an additional knowledge area(s), such as SMSF or margin lending, and add them to existing RG146 authorisations or your DFP
  • provides comprehensive, up to date learning materials with a practice exam to support your studies
  • is delivered online by self study via our learning portal, FEP Online.

How do I become RG146 compliant?

RG146 compliance is potentially a 3 part process, depending on whether:

  • you are giving advice on Tier 1 or Tier 2 products and
  • you are giving general or personal advice to retail clients.

Generic Knowledge

Only required for Tier 1 Advisers.
ASIC does not require advisers on Tier 2 products to meet the generic knowledge requirements.


Only required if the Adviser is giving personal advice. An adviser giving general advice does not need to undertake skills.

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 and 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.

Who needs to complete the Skills requirements?

Advisers providing personal financial advice to retail clients need appropriate skills to be able to apply their knowledge in practical situations. These skills vary according to the activities undertaken. ASIC has identified a range of skill requirements for advisers providing personal advice.



ASIC in RG146.59 states “We are not prescribing that advisers should necessarily undertake a formal diploma course. The reference to this qualification in this regulatory guide is for comparative purposes only, as a guide for licensees, training providers and authorised assessors on the level of the required content of the course.”

Tier 1 RG 146 licensing compliance is at diploma level.

Do advisers require CPD?

ASIC requires that licensees implement policies and procedures to ensure that they and their advisers undertake continuing training to maintain and update the knowledge and skills that are appropriate for their activities. All advisers should complete a minimum of 20 CPD hours each year.

We offer an innovative CPD solution – cpdevolve specifically designed to assist advisers in meeting this obligation.