AFSL Responsible Manager CPD

FAQs

What is a responsible manager?

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).

Do responsible managers need CPD?

Yes.

  • ASIC requires licensees to maintain and update the knowledge and skills of their Responsible Managers (RG 105.7).
  • APRA’s Prudential Standard CPS 520 Fit and Proper (SPS Fit and Proper for superannuation), requires “persons who are responsible for the management and oversight of an APRA-regulated institution, and persons employed by a member of the group whose activities may materially affect the business or financial standing of the group, to have appropriate skills, experience and knowledge, and act with honesty and integrity”.

What is the Responsible Managers CPD program?

Our 2020 program:

  • Contains five topics.
  • 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; pass mark for each topic is 6/8 (75%).
  • Once enrolled, participants have until 31 December 2020 to complete.

Who is this course for?

  • Responsible managers of AFS licensees
  • Responsible officers (APRA)
  • Accountable persons (APRA)
  • Senior managers
  • Company directors
  • Risk and compliance professionals and Compliance consultants
  • Legal and corporate advisory professionals

What topics are relevant for AFS Licencees?

All five topics covering:

  • A comprehensive exploration of the role of the responsible manager;
  • a refresher on breach management obligations in the wake of the Financial Services Royal Commission and recent research published by ASIC;
  • details regarding new whistleblower protections and whistleblower policy requirements;
  • guidance on meeting looming product governance obligations; and
  • an overview of recent action ASIC has undertaken in response to licensee misconduct.

What topics are directly relevant for APRA related entities?

  • The rise of the responsible manager – Fit and Proper test and ongoing knowledge and skills requirements
  • Breaching bad – Breach notification requirements for APRA-regulated entities
  • New whistleblowing rules – Whistleblowing protection and policy requirements for APRA-regulated entities
  • What’s the go with DDO? – Some products and services offered by APRA-regulated entities may be captured; also profiles consultation on proposed approach to product responsibility under the Banking Executive Accountability Regime (BEAR)

What certification will I receive?

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

  • Record of completion (AFSL RM CPD)
  • FASEA mapping document
  • Record of completion (CPS or SPS 520 Fit and proper, on request)

Will I become Fit and Proper under APRA if I complete FEP’s CPD for Responsible Managers?

No.

  • Our CPD for Responsible Managers annual update will not help you to become ‘Fit and Proper’.  Each institution regulated by APRA must have its  own Fit and Proper policy which meets the requirements of the Prudential Standard. The standard states,  ‘Persons who are responsible for the management and oversight of an APRA institution…. need to have appropriate skills, experience and knowledge, and act with honesty and integrity.

Our program provides CPD for Responsible Persons and Senior Managers to keep up to date with changing APRA regulations and contributes to the ‘appropriate knowledge’ section of the Standard.

How many CPD points/hours can I use toward APRA’s CPS 520?

Each institution regulated by APRA must have its  own Fit and Proper policy which meets the requirements of the Prudential Standard. Your organisation can review the  course outline and make a determination as to how much of the course is relevant to your unique policy. Please contact us for a course outline.

As a Registered Training Organisation (RTO Code 90725) we have allocated 3 CPD points per topic.

If you have questions about financial services regulation and what training is needed to satisfy requirements, information can be found in