Training standards for the First Home Saver Accounts will now apply to advisers.
ASIC has provided advisers with a training guide for First Home Saver Accounts (FHSAs).
FHSAs are similar to deposit products but include additional features such as government contribution, different tax treatments and restrictions on the withdrawal of funds. Conditions also apply to the closing of accounts.
ASIC's updated guide requires advisers to understand these additional features.
Under its revised Regulatory Guide 146, advisers should be able to provide information on taxation issues relating to FHSAs, as well as associated risks, eligibility requirements, withdrawal conditions and government contributions.
The FHSAs are subject to lighter training standards and therefore fall into ASIC's Tier 2 level of course.
The courses can also be self-assessed by the licensee.
"While Tier 2 training is required for FHSA deposit accounts, we do 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 training standard," the guide said.
The Investment and Financial Services Association (IFSA) welcomed the move to include FHSAs in the 146 training guide.
"We have been pleased with the way the Government has consulted with industry, to ensure this product is suitable for the industry and is competitive. The inclusion of the product in the 146 guide is a pleasing step," IFSA deputy chief executive John O'Shaughnessy said.
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