The Financial Services Reform Act (2001) mandates that licensees and principals must ensure that their financial product advisers are competent, skilled and experienced, and that they receive adequate training to provide financial services advice.

Australian Securities and Investments Commission Regulatory Guide 146 (ASIC RG 146) sets out minimum training standards for financial product advisers, either at Tier 1 or Tier 2 level, appropriate to the complexity of their activities and their clients’ needs. For further details refer to the ASIC website.

As a Registered Training Organisation (RTO), the Institute’s compliance training programs are listed on the ASIC Training Register.

RG 146

There are two levels of compliance within ASIC RG 146, Tier 1 and Tier 2:

Tier 1
Tier 1 compliance is compulsory for those giving advice in insurance broking, life insurance and superannuation, financial planning, and personal accident and sickness.

Tier 2
Tier 2 general insurance compliance is compulsory for those who provide advice on all other general insurance products except personal accident and sickness.

Institute compliance products and delivery

• Compliance courses
• Compliance Upgrade and Bridging Modules
• Delivery methods