First Home Saver Accounts: training requirements for financial product advisers

ASIC has released an update to RG 146 Licensing: Training of financial product advisers (pdf) to include new requirements for people who give advice about First Home Saver Accounts (FHSA's).

ASIC has applied the Tier 2 level to courses and individual assessments that cover First Home Saver Account (FHSA) deposit accounts, i.e. FHSAs that are an account issued by an authorised deposit-taking institution (ADI), such as a bank, building society or credit union.

While Tier 2 training is required for FHSA deposit accounts, ASIC does not require courses for advisers on these products to be assessed by an authorised assessor or placed on the ASIC Training Register. These courses can instead be assessed by the licensee itself as meeting the Tier 2 training standard.
ASIC has not applied Tier 2 to FHSAs that are a life policy or a beneficial interest in a trust. These types of FHSAs are similar to life insurance and superannuation products, which are currently subject to Tier 1 levels of training. This is consistent with ASIC's view that where a product is marketlinked it will be treated at the Tier 1 level.

Table A2.9 lists the specialist knowledge required to advise on FHSA's.