Why does ASIC place so much emphasis on RG $146?$

Question $15$ options:

$1)$

RG$146$ establishes a competitive environment where financial planners have to meet compliance requirements.

$2)$

Potential and existing clients expect a certain level of competency from their financial advisers which is exhibited in a level of education and skills and ongoing training.

$3)$

It sets a best practice standard for working within the industry.

$4)$

It places the burden of compliance onto the licensee for quality of advice.