RG 146 Super Reviews

Are you confident that your member facing representatives have maintained the knowledge and skills required to provide general advice in super?

Anyone providing financial product advice under an AFSL must satisfy ASIC’s training standards as set out in RG 146 Licensing: Training of Financial Product Advisers. ASIC requires that AFS licensees implement policies and procedures to ensure that they and their advisers undertake continuing training to maintain and update the knowledge and skills that are appropriate for their activities.

The onus lays with the licensee to determine that their representatives have not only initially attained their RG 146 compliance but have also maintained their understanding of the skills and knowledge required of a person in a position of providing advice. As superannuation is a Tier 1 product, the standards required of advisers is indeed high.

ASFA’s RG 146 Super Reviews can assist in determining whether representatives have a practical understanding of the difference between general and personal advice, as well as a working knowledge of relevant legislation and topical issues.

Format of an RG 146 Super Review

RG 146 Super Reviews are comprised of two components:

• Knowledge: this is assessed through completion of an online multiple choice assessment. Advisers will also have access to ASFA’s full RG 146 Superannuation Refresher e-learning program.
• Skills: this is assessed through a one-on-one interview between the adviser and a qualified ASFA assessor. An interview questionnaire detailing common advice scenarios (which can be customised to specific cases if required) is provided to help advisers prepare for their interview. Each interview will last approx. 30 minutes.