In response to ASIC’s Consultation Paper 212 Licensing: Training of financial product advisers—Update to RG 146 Lobby groups representing industry super funds have expressed their dismay at the prospect of increased training requirements for general advice providers.
The Industry Super Network (ISN) and the Australian Institute of Superannuation Trustees (AIST) have responded in a joint submission to the ASIC paper and indicated that although they supported the requirement of a bachelor’s degree for providers of personal advice, they reject the same requirement for general advice providers. Stating that “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.”
Furthermore, both lobby groups have concerns 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”.
While the groups are supportive of increasing training and generic knowledge development they consider that requirements for advisers providing general advice are smaller and should be removed from this list; suggesting that it would be more advantageous if “ASIC devises minimum requirements which distinguish between general and personal advice providers.”