ASIC has decided to take a step back from approving adviser training courses.
The regulator yesterday released a consultation paper, proposing that registered training organisations (RTOs) and self-accrediting organisations (SOAs) self-assess their own courses.
“We are not the regulator of training courses in Australia and this is not our role or function,” ASIC said in Consultation Paper 215.
ASIC said that the current training register did not add the value or quality assurance that it was thought to add. By assessments being held ‘on the papers’ only, without audits or site visits, ASIC said the quality assurance process was limited.
No change is expected to the compliance requirements for licensees. If an adviser completed a training course before 24 September, the licensee will be expected to determine whether the course was approved by ASIC on the Training Register. The register will remain as a reference tool for this.
If an adviser completes a course after that date, AFS licensees need to determine if the course has been assessed by an authorised assessor and meets the training standards, or the adviser has been individually assessed by an authorised assessor.
ASIC also expects to update RG 146 to say that authorised assessors will provide written certification to advice students that their courses match the training standards in RG 146.
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