Industry ‘misguided’ over ASIC concerns

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The IPA has said that people are misguided if they think that ASIC is lowering standards by no longer maintaining the ASIC Training Register.  

“The reality is that ASIC is not a training course regulator,” said IPA chief executive officer, Andrew Conway. 

“ASIC provided the ASIC Training Register as a tool for financial planners to see which providers were already assessed as meeting the requirements. 

“There has been a misperception by some that the ASIC Register was a list of recommended providers, when it was only a list of training providers that have documented that they meet RG 146 requirements.”

Conway says that the most effective way to raise standards is to have an exam process. 

“That way every provider will need to ensure that their training will be sufficient to ensure a participant passes the ASIC exam.”

However, Synchron director John Prossor says the ability to go to one source to determine whether the educational qualifications of a proposed new authorised representative meet the requirements of RG 146 has provided certainty and efficiency for Licensees.

Prossor says the proposed regime should be workable, as long as the assessment of authorised assessors “specifies the competencies that each topic meets, rather than just certifying that the course meets the requirements of RG 146”.

“It will also be necessary for these assessments to be readily available and at no cost to licensees,” he said.