The Australian Securities and Investments Commission (ASIC) has warned Australian financial services licensees to ensure that training they are giving their representatives complies with the rules.

Policy Statement 146 “Licensing: Training of financial product advisers” sets out minimum training standards for people who provide financial product advice to retail clients.

Licensees must ensure their representatives complete the appropriate courses listed on the ASIC training register or are individually assessed by an authorised assessor.

National Insurance Brokers Association (NIBA) Professional Development Executive Linda Evans says she is not aware of any registered training organisations which don’t meet the rules. NIBA Education’s qualification and continuing professional development programs all meet ASIC requirements.

“These programs lead to nationally recognised qualifications at Certificate III, Diploma and Advanced Diploma level,” she said. “In the broking sector, particularly in commercial insurance as opposed to general insurance, these qualifications are the minimums. Brokers generally need four or five industry standards and this surpasses the minimum requirements.”

Ms Evans says she is not aware of brokers who have had training that is not accredited by ASIC. But she suggests brokers should check that any courses they take are accredited.