Responsible Manager Training

Responsible Managers play a vital role to all businesses that hold an Australian Financial Services Licence (AFSL) or an Australian Credit Licence (ACL).  They show that a licensee is competent to provide the financial services or, in the case of an ACL, the credit activities.  Regular training is a way that Responsible Managers can continue to maintain their competency.

Register for a Responsible Manager Training Course here

What is Responsible Manager Training?

Responsible Manager Training helps AFS licensees or Australian Credit licensees to demonstrate that the licensee is competent as required by section 912A(1)(e) of the Corporations Act for AFSLs, or section 47(1)(f) of the NCCP Act for ACLs – by having Responsible Managers who are themselves competent.  The number of CPD hours required annually for Responsible Managers of an AFS licensee is not defined.  However, for Australian Credit licensees, ASIC has set out in Regulatory Guide 206 (RG 206) that Responsible Managers must complete a total of 20 hours per year.

Is there an ASIC Responsible Manager Training course?

ASIC does not offer a Responsible Manager course.  The responsibility is up to the licensee and the Responsible Manager to identify a suitable course.  Our training business, HN Training, offers separate AFSL and ACL Responsible Manager training courses.  See below for more details on what makes our training unique from other courses.

Do you need to do Responsible Manager Training?

In our article, “Do I really need to do Responsible Manager training?”, we explain that according to the Corporations Act 2001, there is actually no reference to “Responsible Managers”, let alone to the need for them to undertake ongoing training However, under ASIC’s Regulatory Guide 105 (RG 105), “Responsible Manager” is a role created by ASIC as a way for licensees to demonstrate their competency to meet particular requirements under section 912A of the Corporations Act.  The same principles apply with respect to ACLs and the National Consumer Credit Protection Act 2009 and RG 206.

Responsible Managers often attend our training once a year.  We change the course each year, so that it stays fresh – covering the fundamentals but also discussing recent regulatory trends.

Our Responsible Manager Training Course can form part of your “RM Onboarding Process”

A lot of larger licensees include our half-day course as part of their RM onboarding processes.  We then run bespoke Responsible Manager training for the institutions in-house.

Our Responsible Manager Training is run by financial services lawyers

If you didn’t already know, many of our lawyers are also trainers.  Under our training business, HN Training, we provide online and face-to-face training to Responsible Managers of AFSLs and ACLs, as well as APRA-regulated entities.  We’ve run evolving versions of this course for over two decades, training thousands of Responsible Managers and compliance staff across Australia, as well as overseas.

What distinguishes our Responsible Manager Training workshop from other courses?

We are of the view that our course is the best you can get.  We encourage active participation from attendees, with interactive training techniques that may include:

  • providing scripts and scenarios to re-enact real instances of Responsible Managers who have been banned by ASIC and appealed the banning to the AAT
  • gamified questions to make the session fun (for those who are competitive)
  • mindmaps
  • other workshops

How regularly do we run our Responsible Manager course?

To keep up with demand, we offer monthly public AFSL Responsible Manager training.  For organisations where there are more than a few Responsible Managers and compliance staff, we offer custom training that is tailored to the licensee.  We also run combined AFSL and ACL training in-house.

To view our upcoming public courses for Responsible Managers, visit our Events and Training page.

If you would like to speak to our training department to receive a tailored quote to undertake in-house training for your Responsible Managers and compliance staff, please email [email protected].

Testimonials – what people have said about our Responsible Manager Training workshop

“Current and real” (Julie Rynski – National Australia Bank)

“The presenters made boring content engaging” (Shae Russell – Port Phillip Publishing)

“Very good examples and interactive.  Reinforced understanding of the 3 key RM responsibilities and detailed understanding on s912A” (Joe Kassel – AMP Capital)

“Compliance made enjoyable.” (Oliver Imre – IG Markets)

Useful resources for Responsible Managers

Responsible Manager Training

To view our upcoming Responsible Manager Training workshops, click here.

Reading material for Responsible Managers

Do you really need to do Responsible Manager Training?
Do you really need to do Responsible Manager Training?

There is no reference to “Responsible Managers”, let alone to the need for them to do ongoing training, in the Corporations Act 2001.  However, what ASIC’s policy tells us…

AFSL Responsible Manager Training Workshop
AFSL Responsible Manager Training Workshop

Our half-day Responsible Manager workshop has been designed to provide Responsible Managers and compliance staff with an overview of the role of the Responsible Manager…

Responsibilities of a Responsible Manager
Responsibilities of a Responsible Manager

The Responsible Manager is one of the most important positions that an Australian Financial Services Licensee has to maintain.  They are the person (or, more likely, persons) who demonstrates the organisation’s competence…