ASIC emphasises transitional period for qualifications for credit licensees and responsible managers ends on 30 June 2014

ASIC, in a Credit Reform Update (Issue 37), 14 April 2014 reminds credit licensees and responsible managers that the transitional period for them to acquire the necessary qualification ends on 30 June 2014.

From 1 July 2014, responsible managers of each credit licensee must meet the minimum qualification requirements in addition to the minimum amount of problem free experience. ASIC makes it clear that the requirements apply to responsible managers of existing licensees even if they were granted a licence on the basis of industry experience, instead of meeting minimum qualification requirements.

The competency and training requirements for credit licensees and responsible managers are set out in Regulatory Guide 206.