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. ASIC generally define Tier 1 training as "Diploma" level; and Tier 2 as "certificate III" level training in the specific content fields as listed in RG146. 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 Financial Practice Support.
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 General Insurance 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 Financial Practice Support
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.
Both options are available.
Online allows you to start one staff member at any time.
Classroom requires a group size of 8.
Students would have immediate access to log in to Webclass and access an online resource booklets. Using these resource booklets they would be able to answer the online quiz questions, and complete short written questions that they lodge via Webclass.
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.
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 financial services products.
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 the Regulatory guide.
ASIC set the content for Tier 2 in the Regulatory Guide. The Tier 2 accreditation course addresses these requirements under subject headings of: Understanding the Market Place, Regulatory Bodies, Economic Environment, Privacy, Codes of Practice, Types of Advice and Role of Advisers. In addition the relevant product specific knowledge is covered for non-cash payment facilities, basic deposit products and general insurance.
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 and Tier 1 completions. These can be used by AFS Licensees as evidence of compliance with rg146.
ASIC Regulatory Guide 146 (RG146) last updated July 2012 applies.
These Terms and Conditions apply to short course enrolment in Tier 2 programs
1. Product Description
a. Tier 2 is a training product that addresses specific units of competency that have been determined as meeting the ASIC Regulatory Guide RG146 Training of Financial Product Adviser obligations; and that fall within different qualifications.
b. Tier 2 requires online access to complete knowledge quizzes; written assessment completion; and practical skills activities e.g. role plays, that may require workplace verification of competency.
c. Students use personal logins to log in online to the College Webclass platform.
d. When undertaking Tier 2 quizzes students access a viewable PDF file and answer between 10 and 40 multiple choice/short answer questions for each subject.
e. When undertaking the written assessment completion the student will download and complete a word document and upload that document onto Webclass.
f. Students may require a workplace supervisor who has observed them in the workplace undertaking advice activities or simulations, to provide a signed checklist confirming the observance of skills and knowledge.
g. The College monitors a students’ progress, and will proactively contact the student to offer assistance and help.
2. Product Content and ASIC RG146 Requirements
a. ASIC Regulatory Guide 146 outlines the training obligations for various “types” of financial product and advice combinations.
It is the licensee’s legal obligation to determine the Tier 2 training that is appropriate for the adviser’s role.
b. The College has developed, using reasonable endeavor, Tier 2 Programs to address the specific requirements of the stated units of competency and, in addition, the ASIC Regulatory Guide 146 requirements.
c. A range of Tier 2 product versions are offered:
For Retail Financial Services Staff: Units FNSASIC301 FNSASIC302
Tier 2 – Basic Deposit Products and Non-cash Payment Facilities
Tier 2 – General Insurance
For Insurance staff:
General Advice in General Insurance: FNSASIC304
General Insurance: Personal and General Advice: FNSASIC304 FNSASIC305
d. It is the obligation of the client to determine that the program/s selected and content meet the specific training and compliance needs of its staff.
The Client must advise the College which program and which products under that program the student is to be assessed towards.
e. This program relates to units of competency and is considered “accredited” training. A Statement of Attainment is awarded upon successful completion.
3. Pricing
a. Fees are payable on enrolment and apply for access to the program, regardless of subjects actually undertaken. Invoicing terms are net 14 days.
b. GST is not applicable on accredited training programs.
c. The enrolment term is 3 months for each student from the enrolment date of that student.
d. Once a student has been enrolled a student cannot be substituted and enrolments are not transferable.
e. Pricing for
i. Pricing for one enrolment without any other relationship with the College is $440 (no gst)
ii. Pricing for single enrolments with other relationships with the College is as published on the website Tier 2 page - currently $395 (no gst)
iii. Clients committing to enroll greater that 50 enrolments in any one calendar year may be offered a discounted price. If the client fails to meet the agreed enrolment numbers the standard price will be retrospectively applied and an invoice issued.
4. Student Enrolment and Progress and Certification
a. Clients are responsible for managing student enrolments. The College will send to the Client an email with an “Enrolment Link” that they can forward to staff they approve to enrol in each enrolment year.
b. The College will provide an online Student Reporting System. The Student Reporting System will show: who has enrolled and completed subjects, amongst other information.
Clients can nominate staff that they wish to receive online access to the Student Reporting System.
The Client is responsible for the overall progress of students. The College Student advisers are responsible for monitoring and assisting students to complete their studies in the required timeframe.
c. Students will at the end of their program be able to issued a PDF Statement of Attainment that shows the units of competency achieved and the products assessed.
5. Subject or Program Customisation
a. These terms and conditions apply to the standard Tier 2 programs which are not customisable. Clients may request a quote for a customised Tier 2 program.
b. A face to face option is also available and a quote can be requested.
c. Clients are invited to provide feedback on each subject.
6. Copyright and Intellectual Property
a. All materials are copyright of Australian College of Commerce and Management Pty Ltd. All rights are reserved.
b. The Client acknowledges that any unauthorised use, reproduction or disclosure of the Confidential Information by the Client may cause loss, damage or expense to the College.
7. Not Advice Disclaimer
The information or materials provided under this program are provided for educational or training purposes only. They do not constitute financial or other advice and cannot be relied on for providing advice.
8. Tier 2 Program Technical Specifications
Tier 2 programs run on the College internet platform Webclass. It is recommended that Clients safe list this website URL to ensure staff access and functionality
Webclass use requires:
Updated Jan 2018
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.
