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ARTICLE · 11 JULY 2022

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Do I really need to do Responsible Manager (RM) training?

Holley Nethercote
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AFS licensees with well-run, orderly compliance frameworks generally send their RMs to training at least once a year.

AustraliaFinance and Banking
Samantha Hills
Samantha Hills
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You're busy. Demand for financial services is high and there's a skills shortage. This leaves you with a lot to do. On top of that, your compliance consultant is saying you need to do Responsible Manager training. Is she joking?

Let's take a look at whether, as the Responsible Manager ("RM") of an Australian financial services ("AFS") licensee, you really need to do RM Training and what drives the answer to that.

What the law tells us

There is no reference to "Responsible Managers", let alone to the need for them to do ongoing training, in the Corporations Act 2001 ("the Act"). RMs were created by ASIC as a way for an AFS licensee to demonstrate that it meets a particular requirement under section 912A of the Act. This is the requirement under section 912A(1)(e) to "maintain the competence to provide [the financial services covered by the licence]".

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