Training for carbon market advisers of retail clients
AFS licensees are subject to the conduct obligations of Ch 7 of the Corporations Act, including to:
- maintain the competence to provide the financial services covered by their licence (s912A(1)(e)), and
- ensure that their representatives are adequately trained and competent to provide these financial services (s912A(1)(f)).
We have set minimum standards for the training of all advisers providing financial product advice to retail clients.
Training financial product advisers
On 9 March 2012, we issued Consultation Paper 175 Carbon Markets: Training and financial requirements (CP 175) which sets out our proposed training requirements for advisers providing financial product advice on regulated emissions units. We proposed that:
- regulated emissions units should be treated as Tier 1 financial products for the purposes of the training requirements, and
- advisers who provide financial product advice to retail clients on regulated emissions units will need to meet the relevant Tier 1 training requirements, including acquiring the specialist product knowledge set out in CP 175.
Download a copy of CP 175 and view submissions
After taking account of the comments on our proposals in CP 175, we released an updated Regulatory Guide 146 Licensing: Training of financial product advisers (RG 146), on 2 May 2012.
Read the media release accompanying reissued RG 146