This course is widely considered a necessary pre-requisite certification for most roles in the superannuation industry.
To provide advice in superannuation, or in a financial planning context, you must meet the Australian Securities and Investments Commission's (ASIC) Tier 1 Compliance requirements. AIST's RG146 course formally addresses the National Competency Standards, which are approved by ASIC as meeting Tier 1 compliance as defined in their Regulatory Guide 146. You can find the Regulatory Guide 146 at the following website http://www.asic.gov.au.
Topics will include
|Module 1: The purpose of superannuation
- A brief history of the superannuation Industry
- The federal government's retirement income policy
- Different types of benefits and fund arrangements
- Choice of fund Legislation
- The main service providers in the superannuation industry
|Module 7: Taxation
- Principal concepts of taxation (personal tax and tax on investment)
- How is tax levied?
- Deductions and rebates/offsets
- Dividend imputation
- Capital gains tax and fringe benefits tax
- The importance of concessional tax treatment for superannuation
|Module 2: Receiving contributions
- Who can contribute?
- Types of contributions
- How contributions are taxed
- Tax concessions for contributions
- Time standards for payment of contributions
- Actions required if contributions are not paid
|Module 8: Licensing, disclosure and communication requirements
- Minimum trustee requirements to communicate with fund members
- Minimum legislative requirements in the financial services industry
- Current licensing arrangements for trustees of superannuation funds
- The disclosure documents required when providing financial product advice
|Module 3: Paying benefits
- Preservation rules
- When a superannuation benefit become payable
- Unclaimed monies
- Taxation on benefit payments
|Module 9: Insurance
- The concept of managing pure and speculative risks
- Common features of insurance contracts
- Life insurance
- Personal risk insurance
|Module 4: Understanding your legal responsibilities
- The regulators of the superannuation industry
- Investment restriction rules
|Module 10: Retirement income streams
- Types of retirement income streams available
- Taxation treatment of income streams
|Module 5: The Australian economic environment
- The concept of supply and demand
- Economic growth and the balance of payments
- The business cycle
- The impact of fiscal and monetary policies
|Module 11: Social security
- Social security treatment of income in retirement
- Assessing age pension eligibility via means testing (income and assets)
|Module 6: Asset classes and investment vehicles
- Main asset classes: behaviour and return characteristics
- Risk and return profiles
- Basic investment concepts
- Managed Investments
|Module 12: Estate planning & the financial planning process
- Estate planning
- Powers of attorney
- The financial planning process
Who should register?
RG146 is of particular relevance to new staff, people changing roles, or anyone representing a fund to members and/or employers.
Face-to-face facilitation of RG146 is delivered over 3 - 4 days, made up of group discussions, practical exercises and examples. Facilitated training provides a structured learning environment and provides a platform for networking and forming relationships with people within the industry.
The online version of this course is made up of 14 bite-sized elearning modules, each discussing the various topics related to ASIC's Tier 1 compliance requirements. Upon completion of the course, the final exam must be completed online and the assignment must be submitted to AIST by email.
Some benefits of self-paced learning are as follows:
- You are able to set your own pace and timelines therefore you are not dependent on the structure and pace established within a facilitated course
- Flexibility to start and end the course at your convenience ensuring efficient use of your time
- Access to trainers for mentoring and answering questions, ensuring any difficulties are overcome during your learning experience.
In order to be found competent in your course you will be required to successfully complete two (2) assessments, they are as follows:
- Open book exam: This is a 2.5 hour exam. You must be supervised at AIST's office or at your workplace with an approved supervisor.
- Assignment: This is an assessment of case studies and scenarios.
All participants have 6 months to complete the assessments. If you have not completed the assessment within the 6 month period you will be required to re-enrol in the course and incur the full enrolment fee again.
Nationally Recognised Units of Competency
This course comprises of 7 units of competency from the FNS Financial Services Training Package.
FNSINC401 Apply principles of professional practice to work in the financial services industry
FNSINC402 Develop and maintain in-depth knowledge of products and services used by an organisation or sector
The following units of competency are approved by ASIC as meeting Tier 1 compliance as defined in their Regulatory Guide 146:
FNSASICU503 Provide advice in Superannuation
FNSIAD501 Provide appropriate services, advice and products to clients
FNSCUS505 Determine client requirements and expectations
FNSCUS506 Record and implement client instructions
FNSINC501 Conduct product research to support recommendations
AIST CPD Hours
24 hours (including assessments).