Regulatory Guide 146 (RG146) is a set of minimum guidelines and financial regulation standards under the Corporations Act
for anyone wishing to provide financial product advice to retail clients in Australia. Individuals on this pathway in the financial industry are required to adhere to initial and ongoing educational requirements set out by the Australian Securities & Investments Commission (ASIC).
According to ASIC, as stated in RG146.1, the primary purpose of RG146 is to:
- Protect consumers of financial advice by ensuring that those who provide the advice are competent to do so.
Furthermore, ASIC emphasise the importance of the secondary purpose, which is to:
- Help licensees comply with their legal obligations to ensure that they and their representatives are adequately trained and competent to provide the services covered by their Australian Financial Services (AFS) licence. Under the Corporations Act, licensees must adequately train and supervise their representatives, and must themselves be competent.