AFSL Responsible Manager RG105

Responsible Manager RG 105

What is a Responsible Manager?

Aspiring, ready to be, or already a Responsible Manager needing CPD – we help you navigate training requirements so you can get on with your day to day compliantly.

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). They are responsible for ensuring that how a licensee delivers its financial products and services complies with its general obligations of AFSL holders.

A Responsible Manager is a key individual within a business. They can supervise operations in a few ways:

  • Oversee the conduct of authorised representatives who trade financial instruments or provide advice
  • Be a company director appointed as a responsible manager
  • Serve purely as a responsible manager, monitoring licensing compliance and conduct risks.

Checking the credentials of Responsible Managers is one aspect of how ASIC evaluates whether a licensee is ‘competent’ to provide the financial services specified under its AFSL. In the course of assessing licensee compliance with the ‘organisational competence obligation’ in RG 105, ASIC will expect that Responsible Managers:

  • are directly responsible for significant day-to-day decisions about the ongoing provision of financial services;
  • are of good fame and character; and
  • have the requisite knowledge, skills and experience.

How many Responsible Managers a licensee should ideally appoint varies and depends on the nature, scale and complexity of the business. If a licensee is heavily dependent on the competence of one or two Responsible Managers, e.g. in a small organisation with one or two principals, then ASIC will generally impose a ‘key person’ condition on the licence.

Equip and empower the key people in your business to bring to life the frameworks and activities your organisation needs to effectively manage its non-financial risk.

Responsible Manager Training

What responsible managers need to know about their role and responsibilities, and the industry regulations licensees must comply with.

RG 105 Responsible Manager nomination option 3

Are you being nominated as a Responsible Manager under your AFSL? Do you have a relevant university degree and three years relevant experience?

Responsible Manager Nomination Option 3 is suitable for nominated Responsible Managers who hold a university degree in a relevant discipline (e.g. economics, commerce, business, accounting or equivalent). In some cases ASIC may accept a degree in some other technical discipline (e.g. a degree in geology if the nominated Responsible Manager’s role relates to giving financial product advice about resource equities). In addition you must have three years relevant experience.

Find your option 3 – relevant short course

Need help finding the right course?

Speak to our expert team

What others say about us

Parallels real workplace experience.

We have been using FEP for a number of years now. The course materials are highly professional and parallels real workplace experience. Staff greatly value participating in meaningful external training and are the greatest advocates.

Efficient, informative and accessible.

The content is well set out, clear and precise. My organisation does the course every year and we are continuing to learn new and interesting things with each new offering. The content is up to date with the industry and completely relevant to my role. I had all the support and learning resources available to get it done…

Extremely relevant and meaningful.

Our firm exclusively uses the services of Financial Education Professionals for all of our ongoing RG146, compliance and responsible manager training for our team. We find course materials extremely relevant and meaningful and this allows our team to have up to date, practical knowledge.

Peter McGuire, CEO, XM

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