Consultation Paper 212 Licensing: Training of financial product advisers – Updates to RG 146 (CP 212) outlines proposed changes to the training standards that are set out in Regulatory Guide 146 Licensing: Training of financial product advisers (RG 146).

ASIC Deputy Chairman Peter Kell said, ‘Training standards play an important role in ensuring that investors and consumers receive quality advice. 

‘ASIC is committed to improving the framework for competency of financial advisers. Accordingly, a review of the training standards is necessary to more accurately reflect the knowledge and skills required for advisers to provide quality financial product advice’, Mr Kell said.

CP 212 proposes to retain the current training standards in RG 146 as ‘base level’ standards, and to introduce two further regimes of training. These are proposed to come into effect in 2015 and 2019.

CP 212 proposes increases in the:

• generic knowledge requirements
• specialist knowledge requirements for financial planning, securities and superannuation
• skill requirements for personal advice, and
• educational level requirements.

CP 212 is also seeking feedback on the time frame for implementation of the proposed new training standards, and the appropriate training standards for personal sickness and accident insurance and consumer credit insurance. 

Submissions to CP 212 close on 30 September 2013. 

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