In your AFSL application you must nominate your responsible managers. The responsible managers you select must meet a specific level of skills and experience. Your responsible manager should undertake the required training in order to meet those qualifications. This is important as whether ASIC approves your AFSL application or not can be dependent on this.
What is a Responsible Manager?
A responsible manager is a person in the business that ASIC examines to decide whether the licensee has the required knowledge or skills to provide the financial services. The responsible manager can be a director of the licence, an employee or a contractor.
The nominated person must meet the certain requirements set out by ASIC. They must:
- be directly responsible for important day-to-day decisions about your financial services;
- meet one of the five options to demonstrate their knowledge and skills (these relate to their qualifications/training across a certain number of years); and
- be a ‘fit and proper’ person.
What is Responsible Managers Training?
It is important that your responsible managers are aware of their roles and responsibilities and the AFS regulations.
There are many training courses available to help ensure responsible managers have the required knowledge. They provide information on these topics:
- The qualifications and experience required by responsible managers
- The regulations and regulators for financial services
- Other laws that regulate financial services
- AFSL obligations and requirements
ASIC also requires that responsible managers undertake 20 hours of continuing professional development (CPD) training every year. This is so that responsible managers can become aware of any changes or developments in the industry and regulations. Responsible managers should record all the details of their CPD hours.
For more information contact 1300 337 997 or fill out the form on this page.