RG146 CPD no longer required
The recording of continuing professional development (CPD) for financial advisers against RG146 is no longer required, according to the Australian Securities and Investments Commission (ASIC).
In an email to the Stockbrokers and Financial Advisers Association (SAFAA) chief executive Judith Fox, ASIC senior specialist, financial advisers, Anna Dawson said that the CPD had not been required since 1 January, 2019.
“…which is when the Financial Adviser Standards and Ethics Authority [FASEA] CPD requirements commenced. I understand that in the transitional period CPD providers have been recording CPD against both the RG146 and the FASEA requirements. I confirm that recording of CPD against the RG 146 requirements is no longer required for financial advisers,” Dawson said.
Fox noted there had been confusion as to whether RG146 CPD needed to be recorded as CPD providers had been recording CPD against RG146 and FASEA requirements.
“In relation to education standards, RG146 policy and compliance will continue to apply to an existing adviser until that adviser successfully completes both the national exam and relevant education pathway required under FASEA,” Fox said.
“That is currently 1 January 2021 for the exam and 1 January 2024 for the education qualifications. Those dates are likely to extend to 1 January 2022 and 1 January 2026 given the bill to extend the FASEA timelines should pass in this parliamentary sitting period.”
She said the FASEA code of ethics would work alongside RG146 until the exam and education qualification conditions were met and once met the adviser would only come under the FASEA compliance obligations and the RG146 policy would be obsolete.
“For authorised representatives, it is status quo. They continue to need to be compliant with RG146. It is only if an individual is both an authorised representative and a financial adviser that the FASEA CPD requirements apply to them in their role as a financial adviser,” Fox said.
Recommended for you
National advice licensee Infocus has revealed a new integrated business model that seeks to partner with financial advisers and support scaleable growth in their practices.
Small and mid-sized advice practices have indicated they feel unprepared to scale up their practices, according to Zenith, but admit it will likely have a positive impact on their business.
Financial advice group Wealth Architects has seen a global insurance platform acquire a majority shareholding, the latest in overseas companies taking an active interest in the Australian financial advice industry.
The government has shared further details about how the Statement of Advice replacement documentation will look under Delivering Better Financial Outcomes legislation.
