How does this fit in with the RG 146 compliance solution?
A.
You have met the initial requirements to be compliant in generic knowledge, superannuation and financial planning.
The financial services licensee determines whether you are compliant, often beyond the initial requirements. You would be expected to have maintained your initial knowledge and kept current in this changing area, eg have you worked in the area or done CPD to keep up to date, especially if your study was a while ago? An update is recommended.
For ASIC compliance in further ASIC areas, add:
RG 146 Investments
RG 146 Insurance
While the client relationship workshop is not required for compliance in super or financial planning, it addresses the skills requirement for the further areas (otherwise covered in the RG 146 Financial Advice Foundation) and is therefore needed for adding the competencies.
We also recommend that you update your superannuation knowledge by studying RG 146 Superannuation.
Q.
What do I need for a diploma?
A.
After adding the other ASIC areas and covered the skills, you will be ASIC compliant across the broad range. However, to gain a diploma you will also need to complete the assessment for either of the additional assessment packages shown below. (The industry core competencies are currently assessed in the RG 146 Financial Advice Foundation, while the additional financial planning competencies are assessed within RG 146 Financial Planning.)
I have completed CPA 110 post-2003
Q.
How does this fit in with the RG 146 compliance solution?
A.
CPA110 is on the ASIC register in combination with the client skills workshop where CPA110 is completed after September 2003. To gain ASIC compliance in generic knowledge, superannuation and financial planning, you must complete the client relationship training Workshop.
See below for your further options with RG 146 compliance.
I have completed CPA 110 post 2003 and completed the client relationship training workshop
Q.
How does this fit in with RG 146 compliance solution?
A.
Your combination of study is on the ASIC register for generic knowledge, superannuation and financial planning. You have addressed the skills component.
For ASIC compliance in further ASIC areas, add:
RG 146 Investments
RG 146 Insurance
Q.
What do I need for a diploma?
A.
After adding the other ASIC areas and covered the skills, you will be fully ASIC compliant. For a diploma you will need to complete the assessment for either of the additional assessment packages shown below. (The industry core competencies are currently assessed in RG 146 Financial Advice Foundation while the additional financial planning competencies are assessed within RG 146 Financial Planning.)
Additional requirements and assessment packages
Q.
What are the additional requirements for a diploma?
A.
The five modules for the CPA Australia RG 146 solution covers the full requirements for the Diploma of Financial Services (Financial Planning) and the requirements of ASIC compliance.
Where a combination of CPA110 and parts of the RG 146 compliance solution is used for ASIC compliance, there are some extra requirements for a diploma.
There are two choices:
Diploma of Financial Services
Diploma of Financial Services (Financial Planning)
Both diplomas require assessment against industry core competencies. This is not onerous, but it is a requirement that they are assessed.
In addition to the minimum requirements for ASIC compliance in financial planning (six specific competencies), the Diploma of Financial Services (Financial Planning) requires two further specific financial planning competencies in addition to the industry core competencies.
Enrolment in this assessment is only available as the last step towards either Diploma of Financial Services (Financial Planning)
Q.
What are the additional assessment packages for the Diploma of Financial Services?
A.
(Industry core competency assessment)
FNSICGEN301B - Communicate in the workplace
FNSICGEN302B - Use technology in the workplace
FNSICGEN304B - Apply health and safety practices in the workplace
FNSICIND401B - Apply principles of professional practice to work in the Financial Services industry Where members have completed:
CPA 110 + client skills workshop
RG 146 Investments
RG 146 Insurance
then the cost for assessment plus issuance of the Diploma of Financial Services is $95.
Q.
What are the additional assessment packages for the Diploma of Financial Services (Financial Planning)?
A.
FNBFPLN507B - Provide financial planning advice
FNSFPLN506B - Meet with client to determine client requirements and expectations
FNSICGEN301B - Communicate in the workplace
FNSICGEN302B - Use technology in the workplace
FNSICGEN304B - Apply health and safety practices in the workplace
FNSICIND401B - Apply principles of professional practice to work in the Financial Services industry
Where members have completed:
CPA 110 + Client Skills Workshop
RG 146 Investments
RG 146 Insurance
then the cost of assessing the required competencies plus the issuance of the Diploma of Financial Services (Financial Planning) is $250.
The assessment is the same assessment task as that of RG 146 Financial Planning plus the assessment of the industry core competencies from RG 146 Financial Advice Foundation.
