Does RG146 still apply?
Anyone giving financial product advice under an Australian Financial Services Licence (AFSL) must satisfy applicable training standards.
On 1 January 2019, the Financial Adviser Standards and Ethics Authority (FASEA) assumed oversight of financial advisers who give personal advice to retail clients.
However, 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.
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.
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.
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
In general, advisers will meet the relevant training standards by satisfactorily completing training courses assessed as meeting the training standards by an authorised assessor and listed on the ASIC Training Register.
Licensees must implement policies and procedures to ensure that they and their advisers undertake continuing training.