ASIC to remove adviser training register

The financial services regulator is proposing to step away from the role of approving training courses for financial advisers, leaving it to educators to self-assess their own courses. 

The Australian Securities and Investments Commission (ASIC) has released a consultation paper 215 in which it proposed to remove the adviser training register and discontinue approving relevant courses. 

Instead, education providers already approved by ASIC will self-assess their courses and assess the courses of other training organisations. 

“We are not the regulator of training courses in Australia and this is not our role or function,” ASIC said in its consultation paper. 

“The financial services industry has had a significant period of time in which to become familiar with the training courses available in relation to the training standards in RG 146,” ASIC added. 

 “In addition, we note that the ASIC Training Register did not add the value or quality assurance that it was perceived to add.” 

The regulator is willing to retain an archived ASIC Training Register as a reference tool for Australian Financial Services Licensees and advisers. 

ASIC is is also willing to provide guidance in an updated Regulatory Guide 146 on its expectation that authorised assessors will provide written certification to students of training courses that meet the standards. 

ASIC is giving the industry until 30 September to comment on the likely effect on competition, compliance costs and other impacts. 

Other notable proposals include the removal of recognition of foreign qualification from RG146, with the exception of New Zealand advisers.