“Upon completion of the course, agents will have satisfactorily fulfilled the Australian Securities and Investments Commission’s (ASIC) RG146 requirements and will be able to offer general advice on financial products and services.
“This will also allow them to provide factual advice on what the products are and what they do.”
Agents undertaking the course will gain a nationally recognised competency to provide factual advice on financial products and services.
Factual advice is defined by ASIC as ‘objectively ascertainable information whose truth or accuracy cannot be reasonably questioned’.
This compares to general advice which ASIC defines as ‘advice prepared without taking into account the client's objectives, financial situations or needs’.
Mr Gunning said: “ASIC have indicated that successful completion of the RG 146 course would allow agents to conduct seminars, presentations, office and sales meetings and to discuss in general terms others such as Self Managed Superannuation Funds.
“However, an agent would need to need to be authorised by an Australian Financial Services licensee to provide this advice or alternatively obtain an AFS licence themselves.”
REIA commenced discussions with IPA regarding the establishment of a tailored course for real estate professionals regarding property advice following a Supreme Court of NSW decision in October 2015 against Park Trent Properties Group Pty Ltd regarding advice real estate agents give particularly as it relates to SMSFs.
An outline of the course together with enrolment details can be found here. REINSW members will receive a 10% discount for being a member of the REIA.