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.