ASIC RG146
Tier 1 & Tier 2 Advisers – Becoming ASIC RG146 Compliant
Anyone giving financial product advice under an Australian Financial Services Licence (AFSL) must satisfy ASIC's training standards as detailed in Regulatory Guide 146 Licensing: Training of Financial Product Advisers (RG146).
The training standards comprise both knowledge and skills.
Tier 1 or Tier 2 level is set based on the product that the person will be advising in.
Units of competency have been developed to address these ASIC requirements so they can be delivered within relevant qualifications.
Tier 2 licensing requirements for RG146 in relation to competence and training for advisers does not need to be a headache. The College has a number of options that can be easily tailored to fulfil your RG146 compliance obligations, and in some cases will be paid for under government funded programs.
The College has Tier 2 accreditation programs that address different the following product ranges:
• Basic Deposit Products
• Non-cash payment Facilitates and
• General Insurance
You can enrol staff in a Tier 2 course in Basic Deposit Products , Non cash payment facilities (and if needed - General Insurance).
You can also enrol your frontline staff in one of the following qualifications that includes Tier 2. All of these College qualifications address the ASIC RG146 compliance requirements. Your selection might be influenced by availability of funded training options in your state. Options include: Certificate III in Financial Services; Certificate IV in Financial Services; Certificate IV in Finance and Mortgage Broking.
You can enrol staff in a Tier 2 General Insurance course or enrol your frontline staff in one of the following qualifications that includes Tier 2. Your selection might be influenced by availability of funded training options in your state. Options include: Certificate III in Financial Services and Certificate IV in General Insurance.
To meet Tier 2 requirements for Basic Deposit Products , Non cash payment facilities and General Insurance by enrolling staff in our Tier 2 course.
Many College qualifications include the ASIC RG146 Tier 2 compliance requirements. Your selection might be influenced by availability of funded training options in your state. Options include: Certificate III in Financial Services; Certificate IV in Financial Services and Certificate IV in Finance and Mortgage Broking.
If you just want Tier 2 Accreditation for your staff or you are looking for it for yourself as an entry into a career in financial services – simply advise us what products you need covered eg
Yes we offer packages to employers who want to have their staff re-assessed under Tier 2.
Online allows you to start one staff member at any time.
COVID impacts our ability to offer classroom options at this time.
Students would have immediate access to log in to WebclassM and access an online learning content. Using this content they would be able to answer the online quiz questions, and complete short written questions that they lodge via WebclassM.
Verification of workplace skills and competency is required. For those not working directly in a relevant job role this is completed by phone Role Plays with College staff to assess skill levels.
ACCM has a long history of working with employers to develop a customised training program that meets training needs and maximises access to subsidised training opportunities.
Talk to us about your needs and priorities, and your ideal training program.
ACCM is a national provider and has long term contracts across states and territories that support employers with subsidised training options. Let us work our way through the rules and regulations and deliver to you the best outcome.
The College has a wide range of long term and loyal clients who appreciate the industry expertise, flexibility and quality of the work that we do to deliver traineeships and training to their staff.
We excel at understanding the specific needs of each client and so are able to get equally outstanding reviews from employers in different sectors.
Don’t take our word for it - see the many Client Success Stories for more information.
Work with professionals who know your industry and the RG requirements. Obtain certification from an independent nationally recognised Registered Training Organisation and meet record keeping requirements.
Our finance team are pro-active in staying up to date with regulatory changes and industry compliance needs. We even go as far as referencing the ASIC Regulatory Guide requirements in each of the finance licencing courses we offer – so that you can also understand the exact requirements.
ACCM was one of the first RTOs to be authorised on the ASIC Training Register to deliver finance licencing courses and Tier 2 after the introduction of the Financial Services Reform Act 2001 (FSR Act). We have therefore amassed years of experience and expertise in addressing ASIC Regulatory Guide requirements.
ACCM has been around for a long time – being one of the first private RTOs approved in Australia. Our long term clients also show a history of client satisfaction second to none.
We also have long term contracts across many states allowing us to access subsidised training to reduce the financial burden on clients.
ACCM has been the largest provider of traineeships in Certificate III in Financial Services in NSW over the past 10 years – by a country mile. Our expertise in finance means that your new staff are able to be offered quality accredited training which can improve productivity as well as meet Tier 2 and compliance obligations.
We also have long term contracts across many states allowing us to access subsidised training to reduce the financial burden on clients.
In relation to general advice, the program content of Tier 2 courses should be assessed at a level that enables providers of general advice to demonstrate an understanding of the specialist knowledge requirements in RG146 Appendix A that are relevant to their tasks and to the
specific industry and product. [RG146.61]
Remember Tier 2 refers to these products:
So people advising in these products at a general advice level must cover the training for the specific products eg
Anyone giving financial product advice under an Australian Financial Services Licence (AFSL) must satisfy ASIC's training standards as detailed in Regulatory Guide 146 Licensing: Training of Financial Product Advisers (RG146).
The training standards comprise both knowledge and skills.
RG146 is the ASIC standard for the minimum training required by individuals selling financial products. The Australian College is accredited to deliver these minimum training requirements.
An individual seeking a financial services role that involves selling financial products to customers must have RG146 training.
Australian Financial Services Licensees (banks, mutual banks, building societies, credit unions and other AFS licensees) are required to arrange for their staff to be trained in accordance with RG146 compliance obligations.
Before any person can sell financial products in Australia to the general public, they must meet the RG146 requirements. This includes up-to-date ongoing training, which may be provided through a “refresher” course or a through a continuous professional development (CPD) program.
All AFS Licensees require RG146 training - so anyone who sells or offers advice (as defined in the legislation) on financial services products. [RG146.17]
Training is required even if that advise is general advice. [RG146.17 (e)]
The College has a number of options that can be easily tailored to fulfil your Tier 2 accreditation obligations, and in some cases will be paid for under government funded programs. A Tier 2 accreditation is also an excellent way to prepare for a career in financial services. This training can be offered as a short course, or as part of a financial services qualification.
ASIC RG 146 Paragraph 121 says that “Licensees have an obligation to maintain their competence to provide the financial services authorised under their AFS licence: see s912A(1)(e). They must also ensure that their representatives are adequately trained and competent to provide those financial services: see s912A(1)(f).”
This means that the staff must have initial training as specified in Regulatory Guide 146.
Financial products (excluding credit products) are divided into 2 categories for the purpose of specifying adviser training requirements:
Note credit products such as loans are not part of the adviser regulations. They are covered under national credit laws.
Tier 2 products are:
ASIC set the required content for the products in Regulatory Guide 146.
Tier 2 training refers to the content that must be covered for Tier 2 products.
Tier 1 training refers to the content that must be covered for all other financial products.
All advisers are required to have specialist knowledge about the specific products they advise on and the markets in which they operate. RG146 specifies the minimum knowledge requirements. [RG146.50]
In addition RG146 specifies the skills required for advisers providing personal advice on either Tier 1 or Tier 2 products. [RG146.51]
These knowledge requirements and personal advice skills are reflected in the units of competency FNSASIC301 and FNSASIC302 (as updated) that ACCM College delivers.
For personal advice, the content of Tier 2 courses, or an individual adviser, should be assessed at a level that enables advisers to:
(a) demonstrate an understanding of the specialist knowledge requirements in RG146 Appendix A that are relevant to their tasks and specific industry and product;
(b) apply a range of well developed skills to a variety of customer services and technical situations;
(c) apply known solutions to a variety of predictable problems;
(d) perform processes that require a range of well developed skills when some discretion and judgement are required; and
(e) interpret available information about the client and product, using discretion and judgement. [RG146.60]
In addition, Appendix B Table B outlines the skills (noting they will vary according to the activities undertaken):
1 Establish relationship with client. This may include:
2 Identify client objectives, needs, and financial situation. This may include collection of the following types of information from the client:
3 Analyse client objectives, needs, financial situation and risk profile. This may include:
4 Develop appropriate strategies and solutions. This may include:
5 Present appropriate strategies and solutions to the client. This may include:
6 Negotiate financial plan/policy/transaction with the client. This may include:
7 Coordinate implementation of agreed plan/ policy/transaction. This may include:
8 Complete and maintain necessary documentation. This may include:
The above skills are reflected in units of competency: FNSASIC301 and FNSASIC302 which are delivered by ACCM College.
ASIC RG 146 Paragraph 121 says that “licensees need to establish policies and procedures on continuing training that will address how they and their advisers will:(a) maintain knowledge and skills that are appropriate for their activities and responsibilities, and are consistent with the training standards;(b) update their knowledge and skills, especially in areas where there is continual change (e.g. legislation, regulatory policies and standards, economic and financial developments, new products and new market practices); and(c) develop new knowledge and skills to assist with their current role or roles contemplated in the near future.
RG146 refers to an ASIC Training Register. In the past all rg146 courses had to be approved by ASIC and listed on their Training Register. All College Tier 2 accreditation courses were registered. ASIC no longer update this register but allow the College to be accredited to run rg146 training on the basis of its RTO registration and financial services specialist courses.
The College will issue a Statement of Attainment for Tier 2 completions.
The specific Tier 2 Statement of Attainment will list the product/s that the person was accredited in.
These Statements of Attainment can be used by AFS Licensees as evidence of compliance with RG146.
ASIC Regulatory Guide 146 (RG146) last updated Sept 2012 applies.
Please note that The College is not able to offer legal advice on what your compliance needs are. This information is provided to assist and should not solely be relied upon when determining how to meet your Australian Financial Services Licence obligations.
