Responsible Managers and Compliance under AFSL and ACL
A Responsible Manager is an essential role for both Australian Financial Services Licensees (AFSL) and Australian Credit Licensees (ACL). These individuals demonstrate the organisation’s competence in offering the financial or credit services authorized under their respective licenses.
Key Roles of Responsible Managers
Whether under an AFSL or ACL, Responsible Managers must take significant responsibility for the day-to-day operations and decision-making related to the provision of services. Their role is to ensure that the organisation meets the stringent regulatory requirements imposed by the Australian Securities and Investments Commission (ASIC) for both financial services and credit activities.
Qualifications and Competency Requirements
ASIC outlines the qualifications and experience standards for Responsible Managers in ASIC Regulatory Guide 105 for AFSL holders and ASIC Regulatory Guide 206 for ACL holders. These individuals must demonstrate that they possess:
- Relevant tertiary qualifications and certifications for the financial or credit services being offered.
- Extensive industry experience in managing or delivering these services :
3 of the last 5 years’ experience or 5 of the last 8 years’ experience providing financial services under an AFSL with similar authorisations;
Responsible Managers must ensure that they, and the organisations they represent, are capable of complying with the complex regulatory landscape.
Competence Demonstration for AFSL and ACL
Both AFSL and ACL licensees must prove their Responsible Managers’ competency by aligning with the specific requirements set forth by ASIC. This involves demonstrating sufficient knowledge, skills, and practical experience to manage the services provided under the licence. The guidelines ensure that the licensee has the necessary oversight and governance in place to operate within legal and regulatory frameworks.
Looking for a Responsible Manager?
Are you in need of a qualified Responsible Manager to meet your AFSL or ACL compliance requirements? Look no further! We have a robust network of experienced professionals ready to step into this crucial role and ensure your organization meets all regulatory obligations.
Additionally, if you are a Responsible Manager seeking new opportunities, we invite you to join our network. Connecting with us opens doors to exciting roles and collaborative ventures in the financial services industry.
Contact us today to find the ideal Responsible Manager for your business or to explore how you can become part of our growing network! Let’s work together to drive your success in navigating the complexities of financial compliance.
