ASIC warns AFSL holders to check courses
TheAustralian Securities and Investments Commission(ASIC) warns ignorance is no defence for holders of Australian Financial Services Licensees (AFSLs) that fail to ensure training programs undertaken are sanctioned on the regulator’s training register and count towards PS146.
According to ASIC executive director of financial services regulation, Ian Johnston, AFSLs should not assume that an education provider that is a university or a registered training organisation will automatically be accredited to provide courses approved by ASIC.
“ASIC is examining a case where representatives of a licensee undertook training in the belief that the course was PS 146 compliant. However, the course was not on ASIC’s Training Register, even though the training provider is a registered training organization,” Johnston says.
PS146 sets out minimum training standards for people who provide financial product advice to retail clients and ensure employees meet the required levels of education should be a part of standard compliance procedures, Johnston says.
The register lists all ASIC approved training courses and individual assessment services in relation to PS 146.
Johnston says regular checks should be carried out by licensees to ensure all representatives are trained appropriately to provide financial product advice to retail clients.
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
