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
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
