From 1 January 2019, FASEA’s new professional standards requirements for financial advisers will progressively replace training standards in Regulatory Guide 146 Licensing: Training of financial product advisers (RG 146). RG 146 sets out the minimum training standards for financial advisers. RG 146 will continue to apply to financial advisers who are authorised by their Australian financial services (AFS) licensee as an ‘existing provider’ until the new requirements apply to them. RG 146 will also continue to apply to advisers who are not ‘relevant providers’ – that is, those who only provide general advice, those who provide advice about Tier 2 or less complex financial products and those who only give advice in relation to a time-sharing scheme. ASIC will review and update their guidance for advisers who are not relevant providers. RG 146 will not apply to new entrants to the industry seeking to become a relevant provider from 1 January 2019. They will need to meet FASEA’s new professional standards requirements.