CoMetrix Training

Overview

In order to comply with ASIC requirements under Regulatory Guide 146, dealer groups must ensure that their representatives meet minimum standards of training to ensure that they are competent to provide the services covered by the license.

CoMetrix Training Functions

CoMetrix includes competency-based training functions that include the following artifacts: Job Roles, Competencies, and Competence Demonstrations. An adviser may be assigned to one or more job role. For each job role, the degree to which the adviser can demonstrate the required competencies for the job role is recorded. Examples of competence demonstrations include the details of the training courses completed by the adviser for each competency (or knowledge requirement).

Adviser Authorisation

The training subsystem allows a dealer group to assign an adviser to an authorised representative role, which consists of a set of products and advice areas for which the adviser is authorised. This information may be included in the adviser's authorisation certificate.

Adviser Accreditations

For advice areas which are subject to additional controls, CoMetrix provides the ability to record details of ongoing education (seminars, workshops etc) that are applicable to these areas. Examples of such advice areas may include equities, installment warrants and self managed superannuation funds.

ASIC Regulatory Requirements

From an RG146 perspective, competencies correspond to the ASIC Knowledge Requirements:

A1Generic knowledge
A2Specialist knowledge, covering
A2.1Financial planning
A2.2Securities
A2.3Derivatives
A2.4Managed investments
A2.5Superannuation
A2.6Insurance - general, life and broking
A2.7Deposit products and non-cash payment products
A2.8Foreign exchange

CoMetrix allows a training administrator to define job roles, and competencies that are applicable to each job role.

Qualifications and Associations

The competencies module allows the dealer group to record adviser qualifications and membership of associations. This information can be also included as part of an adviser profile.

Exception Reporting

CoMetrix provides reporting functions to:

  • identify practicing advisers who have not been assigned to a job role, and
  • identify which advisers have not fully met the required competencies for their job role(s), and which competencies are missing.
  • These functions allow a dealer group to effectively administer the ASIC training requirements, and to demonstrate to ASIC that this is being done.