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Rules relaxed

MINIMUM training standards for those providing financial product advice to retail clients, introduced last year by the Federal Government to protect investors, have been watered down.

The Australian Securities and Investment Commission has updated Policy Statement 146, Licensing: Training of financial product advisers, following requests from industry for further clarification.

The amendments address ASIC’s requirements for advisers on basic deposit products and related non-cash payment products (BDPs) and requirements for advisers who provide general advice only.

ASIC financial services regulation director Ian Johnston said it would provide greater flexibility to licensees in the development and assessment of training courses for BDPs.

It removes the need for BDP training courses to be assessed by an authorised assessor and placed on the ASIC Training Register, relieving licensees of having to arrange a course assessment by a registered training organisation.

However, if the person provides other advice on various financial products as well as BDPs, training courses for those other products would still need to be assessed by an authorised assessor.

Other updates include an exemption for training of customer service representatives.

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