AFSL representative training (RG 146)
Representatives advising on financial products to retail clients must meet RG 146 training standards.
Who must comply
AFSL holders + their representatives.
What triggers it
Providing financial product advice.
When due
Continuous; CPD per RG 146.
Evidence required
RG 146 training certificates; CPD log.
Max penalty
Civil penalties under s 912A; representative removal
Who must comply with this? The applicability test by industry, business structure and size.
Summary
ASIC RG 146 sets the training requirements for representatives + authorised representatives advising on financial products to retail clients. Knowledge + skill levels by product category. Now replaced (for personal advice) by FASEA standards under s 921B for relevant providers.
Enforced by
Source legislation
Entity types
Topics
Related
- CWLTHReport reportable situations to ASIC within 30 days (RG 78)AFSL/ACL holders must report reportable situations within 30 calendar days of becoming aware.
- CWLTHComply with Design and Distribution Obligations (DDO)Issuers and distributors of retail financial products must have a Target Market Determination (TMD) and distribute consistently with it.
- CWLTHBan on conflicted remuneration (FOFA)AFSL holders and representatives must not accept conflicted remuneration in connection with retail financial product advice.
- CWLTHLodge a prospectus for offers requiring disclosureOffers of securities to retail investors require a prospectus or OIS lodged with ASIC.
- CWLTHBest interests duty for financial advisers (s 961B-G)Personal advisers must act in client's best interests + meet related obligations.
- CWLTHRegister a Managed Investment Scheme under Ch 5CSchemes with 20+ retail members must be registered with ASIC as MIS.
Frequently asked questions
- Who must comply with AFSL representative training (RG 146)?
- AFSL holders + their representatives.
- What triggers AFSL representative training (RG 146)?
- Providing financial product advice.
- When is AFSL representative training (RG 146) due?
- Continuous; CPD per RG 146.
- What is the maximum penalty for AFSL representative training (RG 146)?
- Civil penalties under s 912A; representative removal
- What evidence is required for AFSL representative training (RG 146)?
- RG 146 training certificates; CPD log.
Source: https://asic.gov.au/regulatory-resources/find-a-document/regulatory-guides/rg-146-licensing-training-of-financial-product-advisers/. Rules Mate is not a law firm. Always verify against the live regulator source before acting.