ASIC Training Register

The ASIC Training Register lists training courses and individual assessment services that are taken to have been approved by ASIC as meeting ASIC's training standards set out in Regulatory Guide 146 Licensing: Training of financial product advisers (RG 146).

 

ASIC's training requirements

RG 146 sets out ASIC's training standards for people who provide financial product advice to retail clients. You should read RG 146 to become familiar with ASIC's requirements.

Download a copy of RG 146
 

Accreditation standards

Accreditation standards will continue to be prescribed by RG 146 (with the exception of being listed on the ASIC Training Register), the Financial Services Training Package FNS10 and the Australian VET Qualifications Framework (AQF) administered by the Australian Skills Quality Authority (ASQA).

Self-accrediting organisations such as universities will be required to meet the quality standards prescribed by the Tertiary Education Quality and Standards Agency (TEQSA).

Registered Training Organisations wanting to know about the use of FNS10 to meet the requirements of RG 146 should contact the State and Territory Industry Training Advisory Bodies & Skills Boards, details of which can be found at www.ibsa.org.au.
 

Status of ASIC Training Register

The ASIC Training Register is under review effective 24 September 2012. During the review, the register will not be updated, and advisers seeking to meet the training standards after this date will need to contact education providers directly.

Course providers will not be required to register their RG 146 courses.

Australian financial services (AFS) licensees are generally required under their licence conditions to ensure that individuals who provide financial product advice on their behalf have either:

• completed appropriate training courses that have been approved by ASIC in writing, or
• been individually assessed as competent by an assessor that has been approved by ASIC in writing – see conditions 7(a) and 7(b) in Pro Forma 209 Australian financial services licence conditions (PF 209).

There are limited exceptions and alternatives to these requirements.

In media release 13-149MR ASIC consults on enhancements to training standards (24 June 2013) we set out our no-action position in relation to the ASIC Training Register.

Until we have implemented a mechanism to replace the ASIC Training Register, we will not take any action against an AFS licensee for breach of the licence conditions referred to above, provided that the licensee is satisfied that each individual who provides financial product advice on behalf of the licensee has satisfied one of the following:

• completed training courses before 25 September 2012, which were listed on the ASIC Training Register, at an appropriate level that are relevant to their functions and tasks
• been individually assessed as competent before 25 September 2012 by an assessor listed on the ASIC Training Register
• completed training courses, at an appropriate level that are relevant to their functions and tasks, that an authorised assessor (as defined in RG 146) has approved as meeting the relevant training standards in RG 146, or
• been individually assessed as competent by an authorised assessor (as defined in RG 146).

This no-action position is given in accordance with our policy in Regulatory Guide 108 No-action letters (RG 108). That is, it is not a legal opinion; it is an expression of regulatory intent and is specific to the facts and circumstances. For further information, see RG 108 and, in particular, RG 108.33.

Consultation on new proposals

Consultation Paper CP 215 proposes that courses will no longer need to be listed on the ASIC Training Register. Instead, it is proposed that authorised assessors will assess training courses to determine if they meet the training standards in RG 146.
See Media release 13-219MR


View the register
 

Queries and feedback

If you have any queries or feedback about courses or assessment services on the Training Register, please contact the training provider directly, or contact ASIC on1300 300 630.


More about ASIC's training requirements

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