RG146, financial services courses, financial planning qualifications
The International Institute of Technology ('IIT') is one of Australia's leading private education providers for the financial services industry.
IIT offers education in the
Financial Services industry such
as the
Diploma of Financial Services (
Financial Planning) for
PS146 /
RG146 Compliance.
PS146 /
RG146 Compliance
is key for any individual looking to obtain a career in financial services. IIT
offers only the very best financial services courses including
PS 146 /
RG 146 Compliance and Mortgage Broking. Please take a look at our course information and training feedback
– to understand why we are truly a leader within this field. If you''re looking
at establishing a long and rewarding career within the
financial services
industry it''s important you obtain not only the right
financial planning
qualification, but also that you get the most out of your PS146 / RG146 course. Financial planning is a rewarding career path,
not only
financially but morally - as you are helping people secure their
financial freedom and future financial security.
What is RG146?
RG146 is the Regulatory Guideline 146 document in the
Financial Services Reform Act 2001, that is governed by the Australian Securities Investments Commission. This guideline has different subsections that define the minimum training standards to financial sales people to provide advice to retail clients on financial products and to ensure that they are properly qualified to provide such advice.
These guidelines aim to provide protection to clients who seek financial advice, make sure that the licensees keep to the guidelines and legal obligations and that they are correctly and fully trained to provide the necessary services. Furthermore the guidelines also help teach and inform the trainers of the regulatory requirements, that will allow them to create and tailor the highest quality training courses. The minimum set of training guidelines are given and it is encouraged for the industry and the education institutions to build on these standards and fully express all avenues with the trainees.
What are the training standards for RG146?
The training standards are sets of skill requirements that must be satisfied by advisers before they give advice to clients. There are two different levels of education at which this can be done. Tier 1 education level is roughly the same as a 'Diploma' level and the Tier 2 education level is similar to a 'Certificate III' level.
The knowledge that the adviser will need and the skill requirements and their education levels will vary depending on what advice they will give. In summary, this can be broken down to two different view or options based on the adviser:
(a) whether the adviser will give personal or general advice, and
(b) what products the adviser is advising on.
What should licensees do to meet RG146 training obligations?
The licensees are must for ensure that all of their advisers and themselves, meet the
RG146 training standards.
The licensees must fulfill the following rules and obligations:
- do everything that is necessary to ensure that the financial services covered by their teaching and training licence are taught as efficiently, honestly and fairly as possible.
- they must comply with the financial services laws, as set out in the guidelines.
- to ensure that all their representatives are complying with the financial services laws and the guidelines.
- maintain the complete competence and provide the necessary financial services covered by their training licence
- make sure that all their representatives are adequately trained, and are fully competent, to provide the financial services covered by the financial services laws and the guidelines.
How do advisers meet the RG146 training standards?
Advisers must meet the training standards by satisfactorily completing a range of approved training courses that are relevant to the activities listed on the ASIC Training Register, such as
RG146. Advisers who have not undertaken the approved training course can also meet the training standards by completing any one of the following choices:
- individual assessment
- obtaining an approved professional association designation
- complete a foreign qualification that is accepted by ASIC