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What is RG 146/ PS 146?
What does RG 146 stand for?
"RG 146" stands for "Regulatory Guideline 146" which is a document outlined under the Financial Services Reform Act 2001 (FSRA) which is governed and administered by the Australian Securities Investments Commission (ASIC). A copy of the RG 146/ PS 146 document is available on our website in our Download Forms and Documents section.
What does PS146 stand for?
"PS 146" stands for "Policy Statement 146" which is a document outlined under the Financial Services Reform Act 2001 (FSRA) which is governed and administered by the Australian Securities Investments Commission (ASIC). A copy of the RG146 / PS146 document is available on our website in our Download Forms and Documents section.
Has PS 146 Training Australia got anything to do with ASIC?
Mentor Education Pty Limited ACN 106 065 847 is an ASIC Registered Provider of RG146 / PS146 Courses, a Registered Training Organisation and a Quality Endorsed Company. However, RG146 Training Australia Pty Limited does not purport to be endorsed or recommend by ASIC ahead of any other providers listed on the ASIC training register.
What this Regulatory Guideline is about?
These are the first three subsections of the Regulatory Guideline. As you can see they relate to the training standards for finance professionals operating in Australia.
[RG146.1] - This Regulatory Guideline sets out minimum training standards for people who provide financial product advice to retail clients (training standards).
[RG146.2] - The training standards apply to a natural person who is:
- an Australian financial services licensee (licensee); or
- a representative of an Australian financial services licensee; or
- a securities licensee or futures licensee under the old Corporations Act; or
- the representative of a securities licensee or futures licensee under the old Corporations Act;
if they provide general or personal financial product advice to a retail client. We use the terms “financial product adviser” or “adviser” to describe these people.
[RG146.3] - In general, advisers will meet the training standards by satisfactorily completing training courses listed on the ASIC Training Register relevant to their advisory activities.
What is personal or general advice?
There are two types of financial product advice:
1. Personal Advice
Advice given where the provider has considered the objectives, financial situation and needs of a person, or where a reasonable person might be expected to have considered these matters. Personal advice can be directed at a group of people where the group has extremely similar objectives, financial situations and needs.
2. General Advice
Advice given that is not considered personal advice. Such advice deals with financial products in general but is not targeted at the specific needs of an individual. Examples include newsletters, product fliers, circulars, and presentations about financial products. General advice can be provided to a specific person or a group of people.
