RG 146 Training and Competence Requirements for Advisers

What Is RG 146?

RG 146 is an ASIC regulatory guide that sets out the minimum training and competence standards for financial advisers and their representatives in Australia. It applies to anyone who provides financial product advice to retail clients, including advisers, paraplanners, and other authorised representatives.

Who Needs to Meet RG 146?

Any individual who provides personal advice to retail clients must meet the RG 146 standards. This includes financial advisers, paraplanners who prepare Statements of Advice, and superannuation or insurance specialists who give personal recommendations. The requirements cover both knowledge and skills.

What the Standards Cover

RG 146 requires advisers to have competence in several key areas, including financial planning principles, investment strategies, insurance, superannuation, taxation, estate planning, and compliance with relevant laws and regulations. The specific requirements depend on the type of advice being provided.

How Advisers Meet RG 146

Advisers typically meet RG 146 by completing an approved training course, holding a relevant degree, or obtaining professional certification. Ongoing professional development is also required to maintain competence. Since the introduction of the FASEA education standards, many advisers have also needed to meet higher qualification requirements.

Why It Matters for Consumers

When you receive financial advice, you want to know that your adviser is properly qualified. Understanding RG 146 helps you ask the right questions about your adviser's qualifications and ensures they meet the minimum standards required by law. You can check your adviser's status on the ASIC Register.

Minimum Education and Training Standards

ASIC Regulatory Guide 146 (RG 146) sets out the training and competence requirements for financial advisers and other representatives of AFS licensees. The minimum standards include: a relevant tertiary degree (at least Australian Qualifications Framework Level 7), completion of a bridging course if the degree is not in a relevant discipline, and passing the Financial Adviser Standards and Ethics Authority (FASEA) exam. These requirements were phased in from 2019 with full compliance required from 1 January 2026.

In addition to initial education, advisers must meet ongoing CPD requirements. The minimum is 40 hours of CPD per year. CPD must cover technical knowledge, regulatory compliance, ethics, and soft skills. Advisers must maintain a CPD record and provide it to their licensee on request.

Licensee Responsibilities for Training

Under RG 146, licensees are responsible for ensuring their representatives are adequately trained and competent for the financial services they provide. This includes: verifying that new representatives meet the minimum education standards, providing induction training on the licensee's policies, procedures, and compliance requirements, monitoring ongoing competence, and maintaining training records.

Licensees must also ensure representatives are only authorised to provide advice within their area of competence. If an adviser is trained in superannuation advice but not insurance advice, the licensee must ensure they do not provide insurance advice. Licensees should conduct periodic competence assessments and provide additional training where gaps are identified.

Consequences of Non-Compliance

Failure to meet RG 146 requirements can have serious consequences. Individual advisers who do not meet the education standards or CPD requirements may be banned from providing financial advice. Licensees that fail to ensure their representatives are adequately trained may face ASIC enforcement action, including licence conditions requiring additional training or supervision.

For consumers, checking an adviser's RG 146 compliance provides assurance that the adviser has the minimum qualifications and ongoing training required to provide competent advice. You can verify an adviser's qualifications through the Financial Advisers Register, which records their education, exam results, and any disciplinary actions.

Frequently Asked Questions

What qualifications do financial advisers need in Australia?
Advisers need a relevant bachelor degree (or higher), completion of a FASEA-approved bridging course if their degree is not in a relevant discipline, and passing the FASEA exam. From 1 January 2026, all advisers must hold a relevant degree.

How many CPD hours do advisers need each year?
The minimum is 40 hours of CPD per year. This includes technical knowledge, regulatory compliance, ethics, and professional development. Advisers must maintain a CPD record and provide it to their licensee on request.

Can I check my adviser's qualifications?
Yes. ASIC's Financial Advisers Register shows an adviser's qualifications, FASEA exam status, and CPD compliance. You can search by name or AFSL number on the ASIC website.

What happens if my adviser does not meet RG 146 requirements?
If your adviser does not meet the minimum standards, they may be banned from providing advice. You should be notified by their licensee and offered alternative advice arrangements. If you have suffered loss due to an unqualified adviser, you may be entitled to compensation through AFCA.

Regulatory Context

What governs the advice you receive? Principally three frameworks. FOFA (in force since 2013) requires your adviser to act in your best interests and bans conflicted pay structures. DBFO (rolling out 2024-25) removed Fee Disclosure Statements, simplified ongoing fee consent, and tidied the rules for paying advice fees from super. And the Quality of Advice Review has proposed — via draft Tranche 2 legislation current as of March 2025 — streamlined SOAs plus a new class of adviser.