The corporate regulator has given advice to advisers around how the new professional standards requirements will affect existing RG 146 requirements from 1 January 2019.
RG 146 will not apply to new entrants to the industry seeking to become a relevant provider from 1 January 2019. They will need to meet the new professional standards requirements, ASIC said in a statement.
On the other hand, RG 146 will continue to apply to financial advisers who are authorised by their AFSL as an ‘existing provider’ until the new requirements apply to them.
ASIC said that, generally, existing providers are those who have a status of 'current' on the Financial Advisers Register (FAR), and not prohibited from providing advice on 1 January 2019.
Further, it said RG 146 will also continue to apply to advisers who are not ‘relevant providers’ – that is, those who only provide general advice, those who provide advice about Tier 2 or less complex financial products and those who only give advice in relation to a time-sharing scheme.
ASIC said it will review and update the guidance for advisers who are not relevant providers.
“There are inconsistencies between the licence conditions and the new training requirements in the professional standards reforms,” ASIC said.
“ASIC has issued a no-action position for AFS licensees who are affected by the changes.”
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