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32 hours (incl. assessments) CPD  Classroom  In-house
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RG146 for the superannuation industry

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.

AIST’s RG146 for the Superannuation Industry course will increase your knowledge and skills through relevant and practical assessments. This course also provides a pathway into the FNS50715 Diploma of Superannuation.

This course is also available self-paced, and to in-house groups with a minimum of 8 people.

Self-paced  In-house


Who should register?

This course is suitable for individuals who have recently commenced work in the superannuation industry or who are seeking to pursue a career path in the superannuation industry.

 

Learning outcomes

  • Discuss key aspects of Australia’s superannuation system
  • Express an awareness of the role of other organisation’s that interact with superannuation funds
  • Summarise the main pieces of legislation that impact on the operation of superannuation funds
  • Outline the options available for accessing superannuation savings in retirement

Topics will include

By the end of this module you will be able to:

  • Describe the main trends of the superannuation industry
  • Outline the main concepts of the Government retirement incomes policy
  • Explain the different types of superannuation funds and benefit designs
  • Explain who is eligible to choose a superannuation fund
  • List the main service providers in the superannuation industry

By the end of this module you will be able to:

  • Identify who can make contributions
  • Describe the types of contributions that can be made
  • Explain how contributions are taxed
  • Outline the tax concessions available for the different types of contributions
  • Identify time standards for payment of contributions
  • Explain the consequences if contributions are not paid
  • Describe the responsibilities of the trustee and employer in relation to superannuation contributions

By the end of this module you will be able to:

  • Describe the conditions of release that are considered when paying benefits
  • Identify areas that require attention from Trustees when paying benefits
  • Calculate tax payable on benefit payments (from taxed funds)
  • Apply rates of tax as appropriate

By the end of this module you will be able to:

  • Explain the legal responsibilities of a trustee, under the relevant legislation, and how they impact on the role of the trustee
  • Identify the protection available to trustees in respect of these responsibilities
  • Distinguish between the roles of different government agencies in the superannuation industry
  • Summarise the issues that need to be considered when preparing an investment objective and/or strategy
  • Explain the restrictions placed on investments made by a trustee
  • Provide an overview of the obligations of a trustee to ensure a fund remains in a satisfactory financial position
  • Provide an overview of the functions performed by auditors and actuaries in assessing the financial position of a fund

By the end of this module you will be able to:

  • Explain the role played by households, firms and governments in the functioning of a financial system
  • Describe the concept of supply and demand
  • Explain what is meant by the business cycle and other economic concepts
  • Explain how investments are affected by what’s happening in the economy

By the end of this module you will be able to:

  • Outline the main asset classes
  • Explain the typical behaviours and return characteristics of major asset classes
  • Outline a range of alternative asset classes
  • Explain the typical behaviours and return characteristics of some alternative asset classes

By the end of this module you will be able to:

  • Identify the principal concepts of taxation in relation to personal tax and tax on investments
  • Describe income tax
  • Differentiate between deductions and rebates
  • Discuss dividend imputation and how it works
  • Explain what is meant by Capital Gains Tax , Fringe Benefits Tax and GST and how they work
  • Discuss various taxation planning strategies

By the end of this module you will be able to:

  • Describe what is meant by the risk management process
  • Describe how an insurance company operates
  • Discuss common features of insurance contracts
  • List the main features of general, life and personal risk insurance
  • Describe the role of income protection and how it works
  • Explain how insurance benefits are taxed
  • Explain the regulation of the life insurance industry

By the end of this module you will be able to:

  • Explain the difference between pensions and annuities
  • Describe the various retirement income streams available on the market
  • Outline the taxation treatment of retirement income streams
  • Outline what happens on the death of the recipient of a retirement income stream

By the end of this module, you should be able to:

  • Outline who is eligible to receive the age pension;
  • Explain how the Centrelink age pension means tests work;
  • Describe how different retirement income streams are treated for social security purposes; and
  • Calculate the entitlements for an individual or couple

By the end of this module you should be able to:

  • Outline the features of a Will
  • List the roles of the Executor
  • Explain what is meant by the terms ‘gifting’, ‘intestacy’, ‘joint ownership’ and ‘power of attorney’
  • Examine the role that superannuation death nominations play in estate planning
  • Describe the use of testamentary trusts in planning
  • Explain what is meant by ‘best interest duty’
  • Explain the process of introducing a financial adviser to a client, including the use of a Financial Services Guide
  • Identify the information a financial adviser must receive from a client if they are to complete an effective financial plan
  • List the steps that must be followed in developing a recommendation
  • Explain the need for ongoing monitoring of a financial plan, and
  • Outline the process of presenting a financial plan to a client.
     

By the end of this module you will be able to:

  • Explain the legislation, regulations and fund policy frameworks that superannuation professionals work within
  • Describe how sustainability issues may affect both your fund and your daily activities
  • Explain the principles and activities involved in participation and facilitating work team activities
  • Outline the principles involed in developin and maintaining personal competence

By the end of this module you should be able to:

  • Identify reasons why trustees should communicate with fund members
  • Identify some issues to be considered when providing members with information
  • Identify the minimum legislative requirements that must be met within the financial services industry
  • Describe the current licensing arrangements for trustees that apply under Financial Services Reform (FSR)
  • Outline the various disclosure documents that are required when providing financial product advice
  • List the minimum education standards imposed on licensees and representatives
  • Explain the Privacy Act
  • Describe the current APRA licensing arrangements for trustees and RSEs

By the end of this module you will be able to:

  • Outline the Future of Financial Advice (FoFA) requirements
  • Describe the five steps in the financial planning process
  • Identify all key areas that must be addressed in determining client needs
  • Outline the information that would be required in the Fact Find document

By the end of this module you will be able to:

  • List the major sources used to compile general product research
  • Discuss the approved product list
  • Outline the circumstance where and adviser may decline to provide advice
  • Understand the importance of properly investigating product research provided by internal and external sources

By the end of this module you will be able to:

  • Outline the components of a complying Statement of Advice (SoA)
  • Describe the difference between a comprehensive Statement of Advice and a Limited Statement of Advice (SoA)
  • Recognise that the SoA is a 'roadmap' for achieving the client's goals and objectives
  • Explain the internal and external complaints arrangements that must be made available to retail clients
  • Describe the monitoring and review processes

Course duration

Students have up to six (6) months to successfully complete the course assessments. The six-month time frame commences from the first day of a facilitated course, or from the date of receipt of the course material for a student completing the course on a self-paced basis.

Students may need to spend up to 20 hours each week to complete their own reading, module review activities and the course assessment tasks. Students who are new to the financial services industry, or who have limited industry experience may need to spend additional time each week completing the course activities or conducting further research on topics that are not familiar to them.


Additional Information

IMPORTANT - please review before enrolling in this course

AIST is here to support your student needs. If you have any questions or concerns surrounding the information below, please contact us on training@aist.asn.au or 03 8677 3800.   

 

Course entry requirements

There are no minimum education requirements. However, students are required to be 18 years or older to enrol in this course.

Prior to the course commencement date, students will be required to complete the Pre-Course Questionnaire to ensure that each student has the sufficient language, literacy and numeracy skills (as outlined below) to successfully complete the course and to identify if students have any specific individual support needs for their learning experience.

Additional information may be requested if AIST has any concerns about a student's ability to complete the course, which will be used to support a decision about the enrolment including any support for the student. If for any reason AIST is unable to accept a student’s enrolment, they will be contacted and the reasons for the decision will be explained and a full refund provided. Any alternative courses or pathways will be discussed with the student.

Please refer to the AIST Student Handbook to familiarise yourself with important information in relation to studying with AIST and relevant policies and procedures.

 

Language, Literacy and Numeracy (LLN) requirements

AIST courses are delivered and assessed in English and require you to read comprehensive student materials, complete a range of written and verbal assessments and undertake independent study and homework activities. In addition, the delivery mode relies on the extensive use of written and verbal communication.

If you have any doubts about whether you have the language, literacy and numeracy skills to undertake this course, please contact our Education team on training@aist.asn.au or 03 8677 3800 to discuss your circumstances.

If you need additional support, there are a number of organisations who provide English language and literacy services. Some suggestions are listed below:

Please note that fees and charges for these services may apply and will be the responsibility of the student.

 

Technology requirements

You will need access to a computer satisfying the following minimum systems requirements:

  • Windows or Mac OS X operating system
  • Adobe Acrobat Reader (latest versions available for free download at Adobe website)
  • Internet access with a reliable internet connection
  • Access to a printer may be required

You’ll also need to have access to one (1) of the following devices with audio and video recording functionality:

  • smart phone
  • laptop
  • desktop computer
  • tablet

 

Skill requirements

To successfully complete this qualification, individuals will require basic computing skills. This may include:

  • editing and saving documents in Microsoft Office
  • using the internet for research
  • downloading and saving documents from websites
  • uploading documents through websites
  • making an audio and video recording using a smartphone, laptop/computer or tablet

 

Support for students with special needs

If you have a special learning need or condition which may impact on your ability to study or to complete the assessment tasks, please make us aware of your circumstances prior to commencing study or as soon as possible thereafter. 

Please contact our Education team on training@aist.asn.au or 03 8677 3800 to request assistance and discuss appropriate support options.

Delivery mode

AIST offers courses by either face-to-face facilitation in a classroom setting or self-paced learning. Students have up to six (6) months to complete the course with either selected delivery mode outlined below:

Classroom learning

Classroom learning involves participation in a three-day facilitated course in a structured classroom setting which provides the opportunity to work closely with the training consultant. Facilitated courses give students the ability to work together through course content in an encouraging learning environment.

Key benefits include:

  • Facilitated courses are often preferable as they give students the opportunity to focus completely on course content for the three-day duration
  • The classroom structure allows students to study in an environment that promotes learning, understanding and discussion of course material
  • Facilitated courses allow students to discuss course content in a way that assists in the learning process

Self-paced learning

For students who cannot attend a facilitated course, or prefer a more flexible study method, self-paced learning provides the opportunity for students to take responsibility for the pace and structure of training. This style of study offers students the opportunity and flexibility to study without limitations such as time or location.

Key benefits include:

  • Ability to manage study according to your own timetable, without interruption to your work schedule
  • Flexibility to start and complete the course according to your needs within the 6-month duration
  • Ability to set your own pace
  • Access to training consultants for assistance and guidance

Credit transfer (CT)

A Credit Transfer (CT) is formal recognition of the previous studies you have completed for the purpose of reducing the unit/s that you are required to complete in the course you are enrolled in with us.

You can apply for a CT at any time, however it is best you do this prior to the course commencement date so that credits are known upfront and you are not required to do any work that you otherwise may not have needed to do.

Please refer to the AIST Student Handbook for more details and information on how to apply for a CT.

 

Recognition of Prior Learning (RPL)

Recognition of Prior Learning (RPL) is a process where skills and knowledge that you have gained through work and life experience and other unrecognised training can be formally recognised.

It is best to apply for RPL prior to the course commencement date so that you are not required to do any work that you otherwise may not have needed to do.

Please refer to the AIST Student Handbook for more information on how to determine if RPL is a suitable option for you or to apply for RPL.

This course is comprised of seven (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
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


Pre-requisite units

FNSASICU503 Provide advice in Superannuation has four (4) pre-requisite units.

The pre-requisite units are as follows:

  • FNSINC501 Conduct product research to support recommendations
  • FNSIAD501 Provide appropriate services, advice and products to clients
  • FNSCUS505 Determine client requirements and expectations
  • FNSCUS506 Record and implement client instructions

The assessment tasks for the pre-requisite units listed below must be completed before a student attempts the assessment tasks for FNSASICU503 Provide advice in superannuation.

 

Assessment tasks

The assessment tasks are designed to test your understanding of the seven (7) units of competency and ensure that you can apply this knowledge in a practical way.

The assessment tasks are as follows:

  • Short answer written assessments – you will be required to complete a series of short answer questions
  • Verbal assessments – you will be required to answer a series of questions verbally while recording your responses
  • Role play assessments – you will be required to interact with a volunteer* (of your choosing) while the audio or video is being recorded

Students must be deemed competent in all assessment tasks in order to be awarded their qualification. Students who complete the course will receive a certificate and statement of attainment.

All students have six (6) months to complete the assessments. If you have not completed the assessments within the six-month period you will be required to re-enrol in the course and incur the full enrolment fee again.

*You must seek permission from your volunteer and ensure they are aware of the purpose and use of the recording - to evaluate your competency for the assessment task.

 

Submitting your assessments

Written assessments

Written assessment tasks must be submitted in the Microsoft Word template provided with a completed and signed Assessment Task cover sheet, which will be supplied with the assessment document. The cover sheet asks you to make a declaration that the work is your own. Assessment tasks will not be accepted without a signed cover sheet.

You must keep a copy of all tasks that you submit. We are not able to return copies because we must keep them as evidence in your file. Additionally, we will not be held responsible for any items that go missing in the post. If this occurs, you will be asked to re-submit your work.

A weblink and instructions on how to upload the written assessments will be provided with the assessment document.

Verbal and/or Role play assessments

You will need to submit the audio or video files of your verbal and/or role play assessment tasks along with a completed and signed Assessment Task cover sheet, which will be provided with the assessment document. The cover sheet asks you to make a declaration that the work is your own. Assessment tasks will not be accepted without a signed cover sheet.

You will need access to one of the following devices with audio and video recording functionality (most devices come with a free built-in audio/voice-recording app):

  • Smart phone
  • Laptop
  • Desktop Computer
  • Tablet

You will also need to have access to the internet in order to upload your audio or video recordings. A weblink and instructions on how to upload the recording will be provided with the assessment document.

We recommend you do a short test of your audio or video recording prior to commencing the recording of the assessment task.

Information on the functionality of your device should be available on the device manufacturer’s website. Below are some helpful links:

If you are experiencing any difficulty with the audio or video recording, please contact AIST for support on 03 8677 3800 or training@aist.asn.au

 

Reassessment

All students have the opportunity for reassessment if they receive a result of Not Yet Competent (NYC). AIST will allow up to two (2) resubmissions of an assessment task. A fee of $125 will apply if a student has to resubmit an assessment task a third time.

 

Results

Assessment results will be provided to you within four (4) weeks of AIST receiving your completed assessment tasks. Your assessor will provide you with written feedback and confirm the outcome of your assessment via email.

Your certificate and statement of attainment will be sent to you approximately four (4) weeks after your results have been provided.

Student handbook

The AIST Student Handbook is an important resource to guide you through your study. Please take the time to read this information to ensure you’re well informed.

Access the AIST Student Handbook here.

The handbook includes information on:

  • Recognition of Prior Learning
  • Credit Transfer
  • Student code of conduct
  • Support services
  • Legislation and Privacy policy
  • Complaints and Appeals policy
  • Fees and refunds policy
  • Additional course fees and charges

 

Student policies and procedures

It is the responsibility of all students to familiarise themselves with, and adhere to, all relevant AIST Education policies and procedures.

AIST Education policies and procedures can be viewed here:

Important notes

Please note: To ensure we are able to meet your dietary needs, please let us know via training@aist.asn.au at least 48 business hours prior to the event. Unfortunately, we are unable to cater to special requirements after this timeframe.

Dates

25 - 27 November 2019
9:00 am - 5:00 pm
Early-bird
Member
$1765.00
Non-member
$2185.00
Standard
Member
$1940.00
Non-member
$2400.00