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13-219MR ASIC consults on a proposed replacement to the Training Register

Monday 19 August 2013


ASIC today released a consultation paper proposing a replacement process to the ASIC Training Register, which has been under review since 24 September 2012.

Consultation Paper 215 Assessment and approval of training courses for financial product advisers: Update to RG 146 (CP 215) outlines proposed changes to the process for assessment and approval of training courses for financial advisers.

Prior to the ASIC Training Register being placed under review, approved training courses which met the requirements in Regulatory Guide 146 Licensing: Training of financial product advisers (RG 146) were assessed by an authorised assessor and listed on the ASIC Training Register.

CP 215 proposes that courses will no longer need to be listed on the ASIC Training Register. Instead, it is proposed that authorised assessors will assess training courses to determine if they meet the training standards in RG 146.

Submissions to CP 215 close 30 September 2013.


Background


CP 215 is one of a number of ASIC initiatives in relation to financial adviser training. We have proposed a national examination for financial advisers. This proposal has been delayed to allow the FOFA reforms to be bedded down but we are still committed to exploring all options to implement this proposal at the appropriate time (refer 13-078MR).

We are also consulting concurrently on enhancements to the training standards in RG 146. These proposals are set out in Consultation Paper 212 Licensing: Training of financial product advisers – Updates to RG 146 (CP 212).

CP 215 also sets out some proposals for changes to our policy in relation to our recognition of foreign qualifications.

ASIC set out a class no-action position for the period during which the Training Register is under review. This class no-action position continues to be in place (refer 13-149MR).

Download the consultation paper

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