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02. Who needs RG146 compliance?

RG146 compliance guidelines are formed under the Australian Securities and Investments Commission. (ASIC) regulates the provision of advice to retail clients in Australia.  As part of this policy, ASIC enforces a minimum education standard (KNOWLEDGE and SKILLS) all Financial Advisers/Planners must have in order to provide advice.  This is set out in Regulatory Guide 146 (RG146), which was previously known as Policy Statement (PS146).  Specifically, ASIC requires that:

“RG 146.4 All natural persons who provide financial product advice to retail clients must meet the training standards….“

In addition:

RG 146.6 The training standards are sets of knowledge and (in some cases) skill requirements that must be satisfied, at either the Tier 1 or Tier 2 education level, by advisers before they give advice. The Tier 1 education level is broadly equivalent to the ‘Diploma’ level under the Australian Qualifications Framework…and relates to the provision of personal and general advice in specific knowledge areas such as superannuation, insurance, managed investments, securities, derivatives, etc


Table: Tier 1 and Tier 2 products

  • General insurance products except for personal sickness and accident (as defined in reg 7.1.14)
  • Note: Travel insurance products are included in Tier 2, even where the product covers losses arising due to sickness or accident while traveling.
  • Consumer credit insurance (as defined in reg 7.1.15)
  • Note: Consumer credit insurance products are included in Tier 2, even where the product covers consumer credit liabilities that cannot be paid due to sickness or accident
  • Basic deposit products
  • Non-cash payment products
Financial Products
Tier 1 All financial products except those listed under Tier 2
Tier 2

The specific minimum education requirements for anyone seeking to become a Financial Planner/Adviser are:

Knowledge and skills needed
Financial planner An adviser providing financial planning advice that requires a detailed client needs analysis should undertake approved training courses that address the elements set out under our requirements for:
•       generic knowledge;
•       specialist knowledge under the financial planning categories – for more information, refer to the RG146 Document and see Table A2.1 in Appendix A and superannuation (see Table A2.5); and
Note: They will also need to complete courses covering insurance (see Table A2.6), managed investments (see Table A2.4) and securities markets (see Table A2.2) if they advise on these products.
•       appropriate skills.

An individual cannot provide advice to retail clients in any specialist knowledge area and/or in relation to any product if they do not meet the minimum training standards as set out in RG146.

Operating since 2003, IIT is one of Australia’s leading private education providers, offering specialised training in many disciplines of finance. One of the main disciplines delivered by IIT includes RG146 compliant courses. The Diploma of Financial Planning FNS50615 includes many areas of RG146 as well as additional RG146 specialist knowledge areas, through our SMSF, Margin Lending and Foreign exchange RG146 courses. As a preferred provider of RG146 accreditation for many companies and Dealergroups, IIT also have a strong reputation in the Financial Services industry in our Accounting qualifications and Mortgage Broking qualifications.

The battle for jobs and advancement in today’s market is intense. When you’re up against other talented applicants, you need a clear competitive advantage. The way to demonstrate that you rise above the rest is through education. A strong RG146 accreditation background, demonstrates that you are not only motivated and committed, but backed by a strong foundation of industry relevant knowledge. So when you’re competing in the market for jobs and want to set yourself apart as a unique and dynamic candidate, your accreditation and training from your RG146 course will help you achieve your career goals.

Our RG146 courses are competitively priced and specially designed to help kick start your career in the highly lucrative financial services industry. They are also delivered by highly educated industry professionals, all of which possess a wealth of experience and educational backgrounds, both in the real world and with respect to RG146 accreditation itself. When you undertake International Institute of Technology’s RG146 courses, you will be exposed to powerful ideas that will help you to implement powerful strategies to achieve your objectives in the industry.

Financial planners and Accountants, looking to sell and advise on financial products require RG146 compliant training. IIT’s compliant courses will ensure you have the relevant RG146 training and qualifications to sell and advise on financial products in the most compliant way. The IIT learning environment is based on flexible delivery study modes and provides an open, warm environment with dynamic teachers and interesting training for your RG146 training needs. At International Institute of Technology, we deliver a high level of education for professionals looking to take their career to the next level with RG146 compliant courses. We will help you to achieve your goal of offering Financial Advice and fulfilling the government and legal regulations and requirements that can be complex and cumbersome for many people wishing to enter the industry.

Choose IIT’s RG146 courses and you’ll acquire the necessary skills needed for jobs in any area of financial Planning/Advising that you desire. We’ll help you take your career to the next level with our high calibre training solutions and of course, flexible modes of study.
For more information on our RG146 courses, as well as any other Mortgage Broking, Finance or Accounting courses we provide, please don’t hesitate to get in contact with us today. Call now on 13800 88 33 46 or alternatively, fill out our online contact form on the right and we’ll get in touch with you as soon as possible.