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Responsible Managers Online

Resources for Responsible Managers of Australian Financial Services Licencees and Australian Credit Licencees.

What is a Responsible Manager?

A Responsible Manager is one of ASIC’s marvellous creations.  As such, a Responsible Manager is not defined in legislation – a person will be deemed a Responsible Manager if they are nominated and meet the necessary qualification and experience requirements set out by ASIC in RG105 and RG206.  In essence, a Responsible Manager is a key individual within a business that ASIC looks at to ensure that the licensee is “competent” to provide its financial services (in the case of an AFSL) or credit activities (in the case of an ACL).


Who gets the gig?

Responsible Managers can be employees, middle management, directors, CEOs or third party contractors who are of ‘good fame and character’ (AFSL) or a ‘fit and proper’ person (ACL), and have the requisite knowledge and skill.  Regardless of their capacity, Responsible Managers must be directly involved in overseeing the provision of financial services or credit activities – it isn’t enough to be appointed as a Responsible Manager and remain outside the business without playing a clear oversight function.

What is involved in the role?

A Responsible Manager’s role is one of competence. Generally, Responsible Managers will oversee the provision of financial services or credit activities and manage the provision of financial services and credit activities.  Despite common belief, they are not legally “responsible” for everything that goes on by virtue of their appointment Responsible Managers.  They will only be liable if they also meet the definition of Officer or Director in the Corporations Act.  ASIC also expects Responsible Managers to play an active role in fostering compliance culture in the industry – which means being a key player in the business’ compliance arrangements.

What are the obligations of a Responsible Manager?

A licence holder must maintain the competence to provide financial services and/or engage in credit activities.  This means that Responsible Managers must keep their knowledge and skills up-to-date.  All Responsible Managers should complete a minimum of 20 CPD hours each year.  Besides the odd requirement set out by ASIC, a Responsible Manager’s obligations stem from their employment or consultancy contract, rather than legislation.

In brief:

    A Responsible Manager is:

  • a nominated person within a business who has the skills and knowledge required by ASIC;
  • looked at to assess organisational competency;
  • of good fame and character, or a fit and proper person;
  • directly involved in significant day-to-day decisions that affect the business;
  • directly involved in overseeing the provision of financial services or engaging in credit activities; and
  • an active player in fostering compliance culture in the business and industry.
    A Responsible Manager is not:

  • legally responsible for the business; or
  • an Officer or Director, unless they also meet the definition of Officer or Director in the Corporations Act (in which case they will be personally liable for certain breaches of the Corporations Act).

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39 Responses to What is a Responsible Manager?

  1. Stavro D'Amore says:

    If you need a Responsible Manager I can help call me on 0407352039

  2. David Newell says:

    Hi, my company needs a responsible manager as we are a financing business. Do you know where I can look for one?

    Thanks,

    Dave

  3. George Sarros says:

    Hi David my qualifications and experience are in forex derivatives and stocks if they are what you after I can help as responsible manager call me on 0435788804 to discuss
    Regards George Sarros

    • Stavro D'Amore says:

      If you need an RM RG105 or a responsible manager you can contact me via email stavrodamore@hotmail.com or find and connect with me on LinkedIn if I cant assist I have lots of contacts and can direct you in the right direction.

      all the best

      Stavro

  4. Craig Greenwood says:

    I would suggest your first port of call should be your own management team. If none of them meet the criteria, I would seriously question your business model, and what you are doing re financing and the provision of credit.

  5. Elizabeth says:

    What are the qualifications for a RM responsible for credit activities?

    • admin says:

      Hi Elizabeth,

      Responsible managers for Australian Credit Licences require a credit industry qualification to at least the Certificate IV level or another general higher level qualification such as a university degree in a financial discipline. However, if the licence provides third party home loan credit assistance the responsible manager is required to have a Certificate IV in Finance and Mortgage Broking.

      As well as qualifications the responsible manager is required to have at least two years relevant ‘problem free’ experience. To be considered relevant experience ASIC generally requires the experience to be gained while working under another Australian Credit Licence.

      More information about responsible manager requirements can be found in ASIC’s RG 206.

  6. Elias Morales says:

    If you need a responsible manager for your business start-up give me a call 0402771454.

  7. Ian Dobbie says:

    We are in need of a Responsible Manager to assist with an Australian Credit License. My number is 0439339924

  8. Guy says:

    I know of a current RM who has competencies in advising and dealing in listed securities, derivatives, FX, unregistered MIS, and basic deposit products for wholesale clients .. who may be available to assist. Please contact me if you have any interest on 0417053810.

  9. Pete says:

    What happens if an ACL holder gets rid of their RM and doesn’t replace him (ie – he is still registered with ASIC as the RM but he is no longer employed by the ACL holder) ?

  10. Andrew Ham says:

    Credit Licensees are required, under section 47(1)(f) of the National Consumer Credit Protection Act 2009, to maintain their competence to engage in the credit activities authorised by their licence. ASIC assesses this ‘organisational competence’ by looking at the qualifications and experience of the licensee’s responsible manager(s). A licensee that no longer has a person available that meets these qualification and experience requirements, is in breach of the Act and its licence conditions. If ASIC becomes aware that a licensee has made an intentional decision to provide credit services in these circumstances, it is likely to cancel the credit licence. Licensees are required to update ASIC about changes to the business in the annual compliance certificate, including changes in RMs. Criminal and civil penalties may apply for failure to notify ASIC in accordance with these requirements. It is also an offence to provide false or misleading information to ASIC (such as if you fail to complete the compliance certificate fully and accurately).

    The fact that the previous RM remains on ASIC records does not mean that this issue will go undetected. ASIC does conduct compliance checks of licensees and undertakes other surveillance. It is possible, for example, that if the former RM is named in connection with another licence, or otherwise comes to ASIC’s notice, that ASIC will investigate the RM’s continuing links with your licence. Your auditor (if any) may also report the matter.

    In addition to these requirements, if the departing RM is named as a key person on the credit licence, then ASIC must be notified within 5 business days of his/her departure. You must provide reasons for the change in key person as well as details of the arrangements for the key person’s replacement.

  11. Luke says:

    What constitutes the role of an officer in an organisation that may make the RM liable under the Corporations Act?

    • Grant Holley says:

      Hi Luke,

      There are no obligations or duties in the Corporations Act 2001 (Cth) (‘the Act’) that apply specifically to Responsible Managers. In fact, the words ‘Responsible Manager (“RM”)’ are not found in the Act. However, an RM may, depending on their position in the company, also be a director or officer. An RM will, therefore, only be liable under the Act if they also meet the definition of officer or director in the Act.

      Pursuant to section 9 of the Act, the title of officer applies to a number of positions within a Corporation. A director or secretary of the corporation is an Officer. Additionally, a person who makes, or participates in making, decisions that affect the whole, or a substantial part, of the business of the corporation, constitutes an officer.

      Alternatively, someone who has the capacity to affect significantly the corporation’s financial standing will fit this title.

      An officer also includes a person in accordance with whose instructions or wishes the directors of the corporation are accustomed to act (excluding advice given by the person in the proper performance of functions attaching to the person’s professional capacity or their business relationship with the directors or the corporation).

      In the event that a corporation’s RM meets any of these descriptions, they are capable of being found liable under provisions of the Act that apply to officers.

      Author: Grant Holley
      Co-contributor: Tamara Cherney

  12. Shaun Sopronyi says:

    I really need help with a responsible manager to be a stockbroker and be an independent insurance broker. Can anyone please help. Thankyou

  13. Lee says:

    Looking for an RM for an ACL application with credit lending experience. Anyone interested or know of anyone, please contact me. +61 433 775 338

  14. Sam Khawaja says:

    Where do I find list of RM

  15. Liz says:

    Can a person who has entered into a Personal Insolvency Agreement (PIA) be able to continue as a Responsible Manager for a short period of time whilst waiting for the creditor to accept the conditions of the PIA have been met?

  16. Bille says:

    Hi there
    if you know RM who has expereince in
    ACL
    plse let me know
    0478198188

  17. Michael May says:

    Hi guys, looking for a Fund Manager/Responsible Manager based in either Adelaide or Sydney with:-

    a). Funds Management experience in equities, options & warrants;

    b). Has been a RM on another AFS license that was licensed to acquire, vary and/or dispose securities, deriviatives & basic deposit products

    c). Has been a RM on another AFS license that was authorised to prove general advice on funds management products.

    If you know someone who meets this criteria please email me at michaelmay1000@gmail.com

  18. Mark says:

    Hi,

    i’m looking for A RM for an AFSL dealing in Planning, insurance, derivatives etc. based in QLD.

    Can you help?

    Thanks Mark

  19. Wagner Eduardo Cardoso says:

    I am looking for RM for an AFSL dealing with FX, I’m own a money remittance company and need assist and RM to get AFSL for FX

    Thank you,

    Wagner Eduardo

  20. Kon Tsobas says:

    Hi all,

    I am looking for a RM to help with ACL . I am in the business of doing personal loans.

    thanks
    Kon

  21. Adam Meyer says:

    Hi Kon,

    Thank you for your enquiry with us today.

    We have had a look at our files, and currently we only have potential Responsible Managers for Australian Financial Services Licences, and not for Australian Credit Licences.

    We will keep your enquiry listed in case we receive any candidates for an Australian Credit Licence, and we will let you know.

    Alternatively, some of our clients have found it useful using external recruitment agencies such as Seek in looking for a Responsible Manager.

    Good luck.

    Adam Meyer

  22. Joel Erhard says:

    Hi all!

    I am also looking for a R.M. for a start up niche credit business. It is based in Brisbane, but I am happy to talk to anyone based in Australia, as there is no problem to work remotely.
    Contract position, low work level for good remuneration.

    Please send me a message on:
    +61414455067
    And I will get in contact with you.

    Many thanks!
    Joel Erhard.

  23. Saurabh says:

    Hi All,

    I am the founder of a Fintech startup and looking to partner with a Broker firm with an ACL.
    Ideally looking for someone in Melbourne.

    Leave me a sms on +61490004141

    Cheers.

  24. Chris says:

    Hi,

    I am looking for a qualified RM for AFSL dealing with FX. I am starting up a FX business based in Brisbane. Can anyone help?

    Cheers,

    Chris

  25. Bill says:

    External RM required for new entity soon to apply for both AFSL & ACL

    Mainly for issuance of a Co-branded credit card only

  26. Magnus Hsu says:

    Hi,

    We are urgently looking for a “Responsible Manager” to satisfy our AFSL requirements for Tier 2 Deposit + Non-cash Payment products (covering “General Advice” and “Dealing”).

    This person needs to be RG146 accredited and have demonstrated experience with Tier 2 Deposit and Non-Cash Payment products.

    Would appreciate any help you can provide.

    Cheers
    Magnus

  27. James says:

    Hi,

    Looking for a RM to nominate for ACL for lending arm.

    require someone with 2 years credit assessment experience in residential loans complying with NCCP Act.

    Please contact me on 0412113188 or send me an email to loyalizelending@gmail.com
    Cheers

  28. Hi All,

    I am an online lead generator and looking to partner with a Broker firm with an ACL. Our focus is car loans and personal loans.

    Please email me your details if your interested to samuel@onepartner.co.nz

    Or call 006421927678

    Cheers.

  29. Wade Alexander says:

    Hi,

    RM required for web based startup offering SACC and MACC loans in Sydney.
    Must have 2 years, relevant and problem free experience working under an existing ACL.
    A large equity stake is on offer to the right person. Everything is built and ready to go including state of the art tech, so minimal input for huge return 🙂

    Email me for more details.

    glfinanceaus@outlook.com

    Cheers

  30. Joshua Dobbie says:

    Hi all i am starting a horse racing syndication business and i require a RM to help me gain my AFSL.

    Anyone who is intrested if they could contact me on dobbiethoroughbreds@gmail.com

    Thanks Josh

  31. Laddawan Te Maro says:

    Hi I am looking to start a small business providing credit like payday loan I need a Responsible Manager for ASIC Licence. Please contact me if you can help. Thank you
    0410281750

  32. Paul Theodore says:

    Hi, I am a Responsible Manager who is able to absorb another contract and am available to be consulted at ptheodore130@gmail.com

  33. Courtney O'Connor says:

    I am available to act as a Responsible Manager (RM) for a firm wishing to provide consumer credit or consumer leases.
    My Company received it’s ACL in 2012 with the assistance of Holley Nethercote (HN) who conducted the application on my behalf.

    My qualifications are:
    •Bachelor of Business (Accounting)
    •Cert IV in Finance and Mortgage Broking (FNS40815)
    My experience:
    •Credit Provider since 2012, RM since 2014
    •Consumer Leases specialising in Whitegoods / Furniture / PEDs (Phones etc) / Household Goods / Electrical
    •Comsumer Credit (SACC/MACC/OACC) specialising in Personal Loans and Car Loans

    My contact details are pamandcourtney@gmail.com, ph 0410 763 262.
    Courtney O’Connor

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