AFSL Responsible Manager CPD

What are the obligations of a Responsible Manager?

Responsible Managers are required to maintain their organisational competence. This means that they are required to maintain and update their knowledge and skills required to carry out the role of Responsible Manager. ASIC Regulatory Guide 105 provides detailed information about the requirements of responsible managers. (RG 105.7)

Unlike the 20 hours ASIC prescribes for RMs of credit licensees, ASIC doesn’t specify how many CPD hours are required for RMs of AFS licensees.

However, the CPD must be ‘adequate’ and assist a responsible manager to:

  • maintain knowledge and skills that are appropriate for their activities and responsibilities, and are consistent with any applicable training standards
  • update their knowledge and skills, especially in areas where there is continual change
  • develop new knowledge and skills to assist with their current role or roles contemplated in the near future.

Our responsible manager CPD awards 15 hours/points. This affords licensees flexibility to make up the balance of the widely accepted industry standard of 20 hours via other activities, such as industry reading, inhouse training, and industry event attendance.

Enrolments for our 2023 CPD are closing soon. Our 2024 program will be released in January.

About our course

In the current climate, with ASIC and APRA joining forces to co-regulate and reinforce compliance, conduct and ethics, there’s not just more of it; it’s also getting broader and more prescriptive. As the person that a licensee relies on to ensure their organisation is meeting its general obligations, it is crucial that a responsible manager feels well-equipped to perform at their best.

Our CPD program is an essential update for responsible managers and governance, risk and compliance leaders, released annually each year

  • Contains five topics in alignment with what the regulators are prioritising
  • Earns 15 CPD hours/points (3 CPD points per topic).
  • Topics are separately assessed so can be studied one at a time, across the year.
  • Assessment is via a multiple-choice quiz for each topic.

2023 AFSL RM CPD Program

Roles and responsibilities of responsible managers

  • A refresher of your role and responsibilities
  • The current state of Royal Commission reforms
  • Tips for performing the RM role effectively

Regulator strategic priorities and recent ASIC cases

  • Highlights from regulator corporate plans
  • Enforcement focuses, including misleading marketing, greenwashing and cyber risk
  • Insights for licensees in recent cases

The evolution of financial crime

  • History of financial crime
  • Drivers of financial crime
  • Lessons from high profile cases

Essential Cyber Update: breaches and standards

  • The RM role in cyber and information security
  • Recent breaches and impacts
  • Standards you should know to influence your organisation’s cyber resilience strategy

Being the leading voice on accountability

  • Insights and recommendations from our RM community
  • Introducing capability and accountability frameworks
  • Inspiring better workplace collaboration and culture

Program Content

Learning Outcomes

What you will learn

Who is this course for?

  • Accountable persons of APRA-regulated entities
  • Company Directors
  • Compliance personnel and consultants
  • Financial Planning Practice Manager
  • Legal and corporate advisory professionals
  • Responsible Managers
  • Risk and Compliance leaders
  • Senior Managers

Units of Competency

Pre-requisite

Recognition of Prior Learning

Certification

Upon successful completion, you will be awarded a Certificate of Attainment confirming you have achieved 15 CPD hours/points.

Our CPD is mapped to ASIC RG105, FASEA and APRA CPS 520-fit and proper categories.

 

 

Explore our Responsible Manager CPD

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Frequently Asked Questions

RG 105 AFS licensing: Organisational competence is a guide for Australian financial services (AFS) licensees and AFS licence applicants.

This guide describes what ASIC looks for when assessing compliance with the ‘organisational competence obligation’, which is one of the general obligations under s912A(1) of the Corporations Act.

 

Our CPD program is an essential annual update for responsible managers and governance, risk and compliance leaders.
  • Released annual each year (January - December)
  • Contains five topics in alignment with what the regulators are prioritising
  • Earns 15 CPD hours/points (3 CPD points per topic).
  • Topics are separately assessed so can be studied one at a time, across the year.
  • Assessment is via a multiple-choice quiz for each topic.
 

Responsible Managers are the people that a licensee appoints to demonstrate to ASIC that it has the knowledge, skills and experience required to provide the financial services it is authorised to on its Australian Financial Services licence (AFSL). For information on relevant legislation and important information surrounding your licensing obligations please refer to ASIC’s Regulatory Index. Are you applying for an AFS Licence? Refer to ASICs AFS Licensing Kit for your obligations.

We see Compliance Consultants as essential to good customer outcomes. Self-licensing is on the rise, ASIC is increasing scrutiny of regulated entities, and numerous legislative changes and other reforms are prompting all manner of financial services firms to seek the assistance of a Compliance Consultant. Please visit our Compliance Consultants directory.

You can enrol your team either:
  • Enrol online or
  • Contact us to arrange an invoice.
Talk with us to develop your team training program.

ASIC doesn’t specify how many CPD hours are required for Responsible Managers of AFS licensees. However, the CPD must be ‘adequate’ and assist a responsible manager to:
  • maintain knowledge and skills that are appropriate for their activities and responsibilities, and are consistent with any applicable training standards
  • update their knowledge and skills, especially in areas where there is continual change
  • develop new knowledge and skills to assist with their current role or roles contemplated in the near future.
Our AFSL Responsible Manager CPD awards 15 hours/points. This affords licensees flexibility to make up the balance of the widely accepted industry standard of 20 hours via other activities, such as industry reading, inhouse training, and industry event attendance.
What is RG206?2023-04-21T07:53:53+10:00

Regulatory Guide 206 Credit licensing: Competence and training (RG 206)

Credit licensees must comply with the organisational competence obligation in s47(1)(f) of the National Consumer Credit protection Act 2009 (National Credit Act). Regulatory Guide 206 Credit licensing: Competence and training (RG 206) sets out the minimum expectations for demonstrating organisational competence.

What you need to do to comply will depend on the nature, scale and complexity of your business. However, Regulatory Guide 206 Credit licensing: Competence and training (RG 206) sets out our minimum expectations for demonstrating organisational competence.

You must also ensure that your representatives are adequately trained and competent to engage in the credit activities authorised by your licence: s47(1)(g).

ASIC generally expects you to determine what is appropriate initial and ongoing training for your representatives and to embed this in your recruitment and training systems.

Updated annually, our CPD is designed to enable Responsible Managers and Representatives of Australian Credit Licensees to meet their mandatory RG206 continuing training requirement. Our CPD that is structured, properly assessed and recorded.

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