ASIC will not extend the deadline for financial advisers who have until July 1 to comply with its key training document, Policy Statement 146. Under PS146 the financial advisers were given two years to complete registered ASIC training courses or demonstrate their competence through individual assessment.

In a statement detailing its commitment to the policy, ASIC said licence-holders “may be in breach of their obligations to adequately train representatives if any of their proper authority holders or authorised representatives are not in compliance by the due date.”

But the regulator won’t take an “overly bureaucratic approach to well-intentioned errors born of confusion,” it said. So people who haven’t completed their training will have to rely on those who have. There’s a sting in the tail, of course. ASIC indicated it will have no mercy on licensees who “display a disregard” for PS146 or have inadequate monitoring systems.