Who Needs PS146 Training?
The Australian Financial Services Industry.
Any member of your staff who provide general or personal advice (verbal or written) about financial products to retail clients, including the following professions, job roles and functions.
What is personal or general advice?
There are two types of financial product advice.
| 1. Personal Advice | 2. General 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. | 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. |
Industry Case Studies
Click on a job role below to read about case studies regarding your area of expertise.
| Professionals | |
You might not realise that you are providing financial advice...
If you...
- Discuss the implications of negative gearing or depreciation
- Receive a fee for referring your clients to life insurance agents or financial planners
- Discuss property ownership structures with your clients
- Provide reinvestment advice for surplus income
- Want to sell income protection, trauma or life insurance products
If so, then ASIC policy requires...
...under the Financial Services Reform Act 2001 (FSRA), all individuals who provide personal or general financial product advice to retail customers to meet the minimum training standards as outlined in ASIC Policy Statement 146.
In any event, your competitors are...
...Financial planners, insurance agents and real estate agents who are diversifying and incorporating PS 146 into their business model so that they can provide investment advice.