The Australian Securities and Investments Commission (ASIC) has proposed higher training standards for financial advisers.

It calls for current levels to become “base standards”, with two further regimes to be introduced in 2015 and 2019.

The regulator says this will lift standards while giving the industry time to prepare.

The proposal features in a consultation paper on changes to regulatory guide 146. It suggests increases to the generic knowledge requirements, some specialist knowledge, personal advice skills and educational levels.

ASIC does not plan substantial changes to specialist knowledge requirements for general and life insurance and broking, but it has asked for feedback on the reclassification of personal sickness, accident insurance and consumer credit insurance.

The regulator proposes three regimes for advisers: regime A applies now; regime B would cover people who start advising on financial products between 2015 and 2019 or who qualified under regime A but decide to change their advice activities between those dates; regime C would apply to new advisers after 2019 or those who trained under other regimes and decide to change the advice they offer.

ASIC wants feedback on knowledge requirements under the three regimes, timeframes and financial product classifications.

Submissions should be made by September 30. A new regulatory guide is expected next April.