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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 RG 105 and RG 206.  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 can meet the ‘fit and proper’ person test, and who 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, which includes but not limited to regulatory training, subscribing to and reading relevant newsletters, internal and external training and assessments etc.  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;
  • 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).

This article sets out more about what it means to be a Responsible Manager.

 

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Ken Maher
Ken Maher
1 year ago

I have capacity for a role as an external Responsible Manager for an AFS Licencee.
My qualifications:
– MBus by esearch
– BA in Admin
– Grad Dip Data Processing
– Dip Financial Planning
– former CFP
– RM course conducted y Holley Nethercote (Melb)

I have had RM roles since Jan 2017.
More information is on my LinkedIn profile.
I am particularly interested in helping financial planning businesses move to a comprehensive service business from a transactional business.
I can be contacted on kenm@themahers.id.au or +61 419363701

Stavro D'Amore
Stavro D'Amore
6 years ago

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

David Newell
5 years ago

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

Thanks,

Dave

George Sarros
George Sarros
5 years ago

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
Stavro D'Amore
5 years ago
Reply to  George Sarros

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

Craig Greenwood
Craig Greenwood
5 years ago

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.

Elizabeth
Elizabeth
5 years ago

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

Elias Morales
Elias Morales
5 years ago

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

Ian Dobbie
Ian Dobbie
5 years ago

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

Graeme Porter
Graeme Porter
5 years ago
Reply to  Ian Dobbie

Hi Ian
Are you still seeking assistance with your Credit Licence

Debra Siozos
Debra Siozos
5 years ago
Reply to  Graeme Porter

Hi Graeme,
I am in need of a responsible manager. Are you still available

Guy
Guy
4 years ago

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.

Pete
Pete
4 years ago

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) ?

Andrew Ham
Andrew Ham
4 years ago

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.

Luke
Luke
4 years ago

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

Grant Holley
Grant Holley
4 years ago
Reply to  Luke

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

Shaun Sopronyi
Shaun Sopronyi
4 years ago

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

Lee
Lee
4 years ago

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

Sam Khawaja
Sam Khawaja
4 years ago

Where do I find list of RM

Liz
Liz
4 years ago

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?

Bille
Bille
3 years ago

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

Michael May
Michael May
3 years ago

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

Mark
Mark
3 years ago

Hi,

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

Can you help?

Thanks Mark

Wagner Eduardo Cardoso
Wagner Eduardo Cardoso
3 years ago

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

Jacob
Jacob
3 years ago

Hi Wayne,

I am currently acting as RM for AFSL holder and keen to have a chat.
0400157157

Kon Tsobas
Kon Tsobas
3 years ago

Hi all,

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

thanks
Kon

Adam Meyer
3 years ago

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

Joel Erhard
Joel Erhard
3 years ago

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.

Saurabh
Saurabh
3 years ago

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.

Chris
Chris
3 years ago

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

Bill
3 years ago

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

Mainly for issuance of a Co-branded credit card only

Magnus Hsu
Magnus Hsu
3 years ago

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

James
James
3 years ago

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

Samuel Cavanagh
3 years ago

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.

Wade Alexander
Wade Alexander
3 years ago

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

Joshua Dobbie
Joshua Dobbie
3 years ago

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

Laddawan Te Maro
Laddawan Te Maro
2 years ago

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

Paul Theodore
Paul Theodore
2 years ago

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

Courtney O'Connor
Courtney O'Connor
2 years ago

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

Andrew De Souza
Andrew De Souza
2 years ago

Any idea what RM charge per hour if they are consulting to a business?

Serena
Serena
2 years ago

Hi,
We are looking for a RM for our managed mortgage investment scheme. Please contact us at: greenserena612@gmail.com
Many Thanks.