The InstituteThe Australian and New Zealand Institute of Insurance and Finance

Compliance


The Corporations Act 2001 (Cwlth) mandates that financial services licensees and principals must ensure that their authorised representatives are adequately trained and supervised, before they are permitted to provide financial services advice. 

Australian Securities and Investments Commission Regulatory Guide 146 (ASIC RG 146) sets out minimum training standards for financial product advisers, either at Tier 1 or Tier 2 level, appropriate to the complexity of their activities and their clients’ needs. For further details refer to the ASIC website.

RG 146

There are two levels of compliance within ASIC RG 146, Tier 1 and Tier 2:

Tier 1
Tier 1 compliance is compulsory for those giving advice in insurance broking, life insurance and superannuation, financial planning, managed investments, derivatives, securities and personal accident and sickness products.

Tier 2
Tier 2 General Insurance compliance is required for those who provide advice on all other general insurance products except personal accident and sickness.

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