King & Wood Mallesons

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What is Consultation Paper 212 and how does it affect general insurance advisers?

On 24 June 2013, the Australian Securities and Investments Commission (ASIC) released a consultation paper proposing changes to the training standards for financial product advisers. ‘Consultation Paper 212 Licensing: Training of financial product advisers – Updates to RG 146’ (CP 212) outlines proposed changes to the training standards that are set out in ‘Regulatory Guide 146 Licensing: Training of financial product advisers’ (RG 146).

CP 212 retains the current training requirements in RG 146 as ‘base-level standards (Regime A) and introduces two further regimes of training to come out in 1 January 2015 and 1 January 2019 (Regimes B and C). Comments are due on the consultation paper on 30 September 2013 and the regulatory guide is scheduled to be released in April 2014.

This note provides a summary of the proposals and any changes that are specific to general insurance advisers…

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