While Sunrise Exchange News was in recess, the Australian Securities and Investments Commission (ASIC) updated Policy Statement 146, the vital guidelines on training for financial products advisers.

The amendments focus on two areas: ASIC’s requirements for advisers on basic deposit products (BDPs) and related non-cash payment products; and requirements for advisers who only provide general advice.

ASIC says the changes provide greater flexibility to licensees and help to cut costs. Ian Johnston, the Executive Director of Financial Services Regulation, says the revised policy provides greater flexibility by removing the need for Tier Two BDP training courses to be assessed by an authorised assessor and placed on the ASIC Training Register.

Those who provide financial product advice in relation to other financial products and BDPs will still need to undergo training and be assessed by an authorised assessor.

ASIC said there are differences between skill levels in providing general advice and personal advice. The updates clarify that there is no need to assess the skill levels of general advisers.

“The amendment of the policy regarding to BDPs and general advice addresses industry concerns about costs and unnecessary training,” Mr Johnston said: “Additionally, it reflects legislative intent without reducing the outcomes sought by this policy.”

Mr Johnston said ASIC will monitor the quality of advice given as a result of the changes and will review their position if the advice provided is not up to standard.