ASFA calls for training register overhaul

The Australian Securities and Investments Commission (ASIC) has been told that it needs to refine the arrangements surrounding its financial advice training register to overcome a number of anomalies.

The Association of Superannuation Funds of Australia (ASFA) has used a submission to ASIC to point out a number of inconsistencies and shortcomings in the existing arrangements, including the competencies recognised by different Registered Training Organisations (RTOs).

The ASFA submission said that as things currently stand, an RTO is required to recognise competencies assessed by another RTO.

It said problems could arise when an RTO that provided a course not on the ASIC Training Register issued a Statement of Attainment, which was then recognised by another RTO for the purposes of a course that is on the ASIC Training Register.

“Although the competencies assessed by the first RTO may not meet the requirements of RG 146, the fact that the second RTO is required to recognise the Statement of Attainment can have the effect that an individual can obtain a qualification on the ASIC Training Register without in fact being fully compliant with RG 146,” the submission said.

ASFA also suggested that some requirements relating to the ASIC Training Register were contradictory and recommended that the regulator consider creating a separate category on the register for general advice only courses.

It also suggested that ASIC consider creating a separate category on the register for courses that provided Australian-specific knowledge for those with appropriate foreign qualifications.

ASFA also complained that the ASIC Training Register had not been designed to compare courses and recommended that the regulator consider including the Australian Qualification Framework level of each course listed to facilitate comparisons.