Australian Financial Services Licensing (AFSL) Forum

Viewing 15 posts - 1 through 15 (of 49 total)
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  • #5365 Reply

    Andrew
    Guest

    What counts as ‘training’ for wholesale only advisers?

    #5371 Reply

    Grant Holley
    Member

    Hi Andrew,

     

    Thanks for your question.

     

    The Corporations Act requires that financial services licensees ensure their representatives are adequately trained to provide the services under their license. As you noted, RG 146 sets out the minimum training standards required for some financial product advisers. Generally, RG 146 requires that natural persons who provide financial product advice to retail clients must meet the relevant training standards. However, those training standards do not apply to the provision of advice to wholesale clients.

     

    RG 146 may nonetheless serve as a guide for licensees whose representatives provide wholesale financial product advice. The guidelines specifically note that it does not diminish any overriding duties prescribed by the Corporations Act or the common law – such as the duty to act as a reasonable professional adviser and to provide your services with due care and skill. The training guide is flexible, and the Corporations Act places responsibility on you to decide how you will comply with your obligations. You may also want to refer to RG 104 – Licensing: Meeting the general obligations.

     

    If you have specific questions about how your organisation can comply with training obligations please feel free to contact our Financial Services Team.

     

    Author: Grant Holley (Partner)
    Co-contributors: Hannah MacPherson and Jared Mintz (Law Clerks)

    #5792 Reply

    SweatyQuidFaH
    Guest

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    #5806 Reply

    Camilapaice
    Guest

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    #5810 Reply

    Lilycoors
    Guest

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    #5816 Reply

    chloelfoure
    Guest

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    #5868 Reply

    SweatyQuidFaH
    Guest

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    #5986 Reply

    Vapened
    Guest

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    #6020 Reply

    Vapened
    Guest

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    #6021 Reply

    zoedon
    Guest

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    Lilycoors
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    noirezosse
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    #6245 Reply

    noirezosse
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    #6246 Reply

    zoedon
    Guest

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Viewing 15 posts - 1 through 15 (of 49 total)

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Reply To: RG 146 – Wholesale

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