ASIC’s ‘flexible’ approach on FHSA advice
The Australian Securities and Investments Commission (ASIC) has issued guidelines for financial planners wanting to participate in the sale of First Home Saver Accounts (FHSAs), including allowing internal training.
The regulator has amended Regulatory Guide 146 to outline the training requirements, and it now states that “advisers on basic deposit products, related non-cash payment products and FHSA deposit accounts do not need to do a course that is approved by an authorised assessor and on the ASIC Training Register”.
It said that, instead, advisers could “do a course that is assessed by the licensee as meeting the relevant knowledge and skill requirements to the Tier 2 educational level”.
The ASIC guide said: “We have provided this flexibility to licensees in the development and assessment of courses for basic deposit products, related non-cash payment products and FHSA deposit accounts in light of the different legislative approach to regulating these products.
“For example, a Financial Services Guide and a Statement of Advice are not required for advice on these products,” it said.
AUTHOR
Mike Taylor
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