ASIC Policy on training financial product advisers updated

ASIC has released an updated version of  Regulatory Guide 146: Licensing: Training of financial product advisers (RG 146). RG
146 sets out the minimum training standards for financial product
advisers and explains how advisers can meet these training standards.

After a review, ASIC has decided to:

  • amend RG 146 to facilitate more tailored and
    flexible training requirements for some products that are relatively
    straightforward and do not involve an investment component (Tier 2
  • maintain the current requirements that
    advisers be trained across the range of products within existing
    specialist knowledge categories;
  • maintain the existing policy on the recognition of prior study and training;
  • amend RG 146 to clarify ASIC’s capacity to deal with non-compliant courses; 
  • improve the currency of the information on
    the ASIC Training Register by requiring course providers to
    periodically re-register courses; and
  • clarify some aspects of ASIC’s policy and re-write it in the new regulatory guide format.
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