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Hands off intra-fund advice: ISN

Lobby groups representing industry super funds have balked at the prospect of increased training requirements for general advice providers, in a submission to the corporate regulator.

The Industry Super Network (ISN) and the Australian Institute of Superannuation Trustees (AIST) have responded in a joint submission to the Australian Securities and Investments Commission’s (ASIC’s) Consultation Paper 212 Licensing: Training of financial product advisers—Update to RG 146.

In the submission, the lobby groups supported the requirement of a bachelor’s degree for providers of personal advice, but rejected the same requirement for general advice providers.

“We believe that the current minimum requirements for general advice providers are sufficient and have seen no evidence that higher levels of qualification are necessary,” said the submission.

The ISN and the AIST argues that any increase in the minimum requirements for general advice staff would “be likely to impact on the capacity of super funds and other providers to continue to offer general advice”.

“AIST and ISN broadly support the need for advisers to undertake increased training as part of generic knowledge requirements, however, we consider that requirements for advisers providing general advice are smaller and should be removed from this list,” the submission stated.

“We would propose that ASIC devises minimum requirements which distinguish between general and personal advice providers."