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Why do I need RG146 / PS146 training?
ASIC policy specifies that those providing advice to retail clients need to be PS146 / RG146 compliant. The intention of the Policy Statement 146 Training of financial product advisers (PS146 / RG146) is to ensure all providers of financial product advice are suitably qualified.
You cannot provide advice to retail clients in any area or on any product where you do not meet the training standards.
What constitutes advice?
Advice is a recommendation, a statement of opinion or a report that is intended to influence a person in making a decision (buy, sell or hold) in relation to a particular financial product, or would reasonably be regarded as being intended to have such an influence.
Relevant advice can be general or personal and this will impose different obligations in terms of the:
- kinds of disclosures required
- level of training for the providers of advice
A person (including an accountant, lawyer and tax agent) will generally have to be licensed if they carry on a business of giving financial product advice as a principal.
If I give 'general advice' what prerequisite training is required?
General advice is selling a product where no recommendation is made to the customer as to the suitability of that product. This means that a product adviser cannot 'select' from a group of potential products which might be more suitable for a particular client in relation to their personal needs, circumstances or objectives. The general or product adviser is selling specific products and acting for the product provider.
If you provide 'general advice' Generic Knowledge (GK) is a mandatory pre-requisite course, which sets the foundation by teaching the integrity, ethics and legislative requirements.
| You should complete this prerequisite | which includes these topics: |
| Generic Knowledge (GK) |
|
In addition, you will need to undertake at least one specialist PS146 training course that relates to the type of financial advice you intend to provide.
If I give 'personal advice' what prerequisite training is required?
Personal advice is recommending a financial service or product to a customer where you have considered one or more of the customers objectives, financial situation and needs. The personal adviser is acting on behalf of the client and is making a recommendation in relation to suitable products.
If you provide 'personal advice', Financial Planning (DFS 1) is a mandatory prerequisite course. It includes Generic Knowledge (GK) and Financial Planning Skills (FPS) which sets the foundation by teaching the financial planning process, that is reinforced in each of the subsequent PS146 Training Courses.
| You should complete this prerequisite | which includes these topics: |
| Financial Planning (DFS 1) |
|
In addition, you will need to undertake at least one of the three specialist PS146 training course that relates to the type of financial advice you intend to provide.
If you undertake all three of the specialist PS146 training courses, you will be awarded the Diploma of Financial Services (Financial Planning). As a general rule, this nationally recognised diploma is required for most careers in the financial services industry as it qualifies you to provide personal financial service advice in a broad range of wealth protection and wealth creation areas.
What specialist PS146 training do I require?
In addition to the prerequisite course described above, you will need to successfully complete ASIC registered training course(s) that relate to the type of financial advice you intend to provide.
| You should complete this prerequisite | which includes these topics: |
| Insurance (DFS 2) |
|
| Superannuation (DFS 3) |
|
| Investment (DFS 4) |
|
You can undertake one or more of the three specialist PS146 / RG146 training courses illustrated in the table above, which will grant you PS146 / RG146 competency to provide advice in the related areas.
Can I just complete individual PS146 / RG146 courses?
Some Dealer Groups will permit their advisers to be qualified to provide limited advice in one specialist area.
For example, to be qualified to provide General Advice in relation to:
- Insurance (general advice) Workshop - 3 Days ($1,635); Distance ($885)
- Superannuation (general advice) Workshop - 3 Days ($1,635); Distance ($885)
- Investment (general advice) Workshop - 3 Days ($1,635); Distance ($885)
For example, to be qualified to provide Personal Advice in relation to:
- Insurance (personal advice) Workshop - 3 Days ($2,180); Distance ($1,180)
- Superannuation (personal advice) Workshop - 3 Days ($2,180); Distance ($1,180)
- Investment (personal advice) Workshop - 3 Days ($2,180); Distance ($1,180)
What is Tier 2 training?
The lower Tier 2 level training, broadly equivalent to the "Certificate III level" under the Australian Qualifications Framework (AQF), is required to provide advice for financial products that are relatively straightforward, well understood by the public and do not include an investment component.
Tier 2 financial products include:
- General insurance products (other than sickness & accident);
- Consumer credit insurance;
- Basic deposit products; and
- Non-cash payment products.
To provide advice in relation to all other financial products, a higher Tier 1 level of training is required, at a level broadly equivalent to the "Diploma" level under the AQF. Tier 1 financial products include personal insurance, superannuation, Self Managed Super Funds. managed investments, securities, derivatives and foreign exchange.
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