RG146 Compliance

Anyone giving financial product advice under an Australian Financial Services Licence (AFSL) must satisfy applicable training standards.

Regulatory Guide 146 Licensing: Training of financial product advisers (RG146) continues to apply for certain groups, namely licensees and advisers who:

  • Provide general advice only
  • Provide personal advice to retail clients in Tier 1 and Tier 2 General Insurance and/or in Tier 2 Deposit Products & Non-Cash Payment Products only
  • Are already listed on the Financial Advisers Register and wish to add an additional RG146 specialist knowledge to their existing credentials.

How do i become RG146 compliant?

  • Meet RG146 compliance training standards by satisfactorily completing relevant courses
  • Experienced advisers can demonstrate their competence through individual assessment by an ASIC authorised assessor

For the general advice world, it is business as usual. RG146 general advice is still a valid and core part of ASIC’s regulatory framework. Anyone who provides general advice in the course of their role – that is, anyone who works for an AFS licensee and provides advice on financial products or services that does not take into account the individual’s situation except for the purposes, say, of generating a quote – must be RG146 compliant.

RG146 courses are also an effective learning solution for financial services firms looking to ensure a desired level of base knowledge across selected teams or the wider organisation.

Read more in our FEP Insights Nobody puts RG146 in the corner

Enrol in 2 or more RG146 initial compliance courses and receive a 10% discount. Use the code RG146bundle at checkout

Financial advisers who give personal advice to retail clients

On 1 January 2019, the Financial Adviser Standards and Ethics Authority (FASEA) assumed oversight of financial advisers who give personal advice to retail clients.

Existing advisers already on the Financial Advisers Register as at 31 December 2018 are subject to transition arrangements and can continue providing advice via meeting ASIC requirements under RG146 until 1 January 2021.

We may be able to recognise Skills previously attained through successful completion of personal advice in another RG146 specialist knowledge area. Contact us to determine your eligibility.

ASIC takes “existing provider” to mean a person who can demonstrate that they:

  • had a status of ‘current’ on the financial advisers register at any time between 1 January 2016 and 1 January 2019, and
  • were not banned, disqualified or subject to an enforceable undertaking (where they undertook to not provide financial product advice or financial services in any capacity) on 1 January 2019.

Read more on our dedicated page Professional Standards for Financial Advisers

For full details of ASIC’s approach to implementation of the new professional standards, refer to the dedicated Professional standards for financial advisers – reforms page of the ASIC website.

Download our RG146 course brochure

Our RG146 Courses

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. You do not need to undertake a full diploma to become RG146 compliant.

RG 146 Generic Knowledge

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

RG 146 Compliance

RG 146 Skills (Personal Advice)

Skills assessments are conducted by interview in person or over the phone with an ASIC authorised assessor

Our RG146 Continuing Professional Development

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.

Our cpdevolve provides financial participants and organisations with the complete online solution to satisfy RG146 ongoing requirements.

What students say about our courses

At course completion we request feedback to see how we are going. The 2018 RG146 courses received fabulous reviews.

90%

Valued the high quality course content

91%

Found the course was highly relevant to their current role

97%

Are satisfied with the support services provided by FEP

100%

Would recommend FEP to a colleague

Study in your own time and the quality of the course was excellent – Paul Ryan, Paul Ryan and Associates

Easy to access and the course is suitable for meeting AFSL requirementsBeryl Notias, Baptist Financial Services Australia Ltd

Very easy to enrol and do the courses without delay! 24 hr access its brilliant! Keep up the awesome work! David Momirovic, VDM & Thorn Pty Ltd

I enjoyed the course, and would highly recommend your company.

The team was very helpful with helping me select the correct course to suit my needs, enrolment and extending deadlines to complete“. – Ryan Simmons, Domestic & General Insurance (Australia)

Did you know?

Recent changes to MDA licensing

ASIC regulates an interest in an MDA as a financial product. Therefore, providers of managed discretionary account services may have similar licensing, conduct and disclosure requirements to other entities that deal in various financial products.

Read more

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.