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ARTICLE · 12 JULY 2014

Responsible Managers (RMs), competency and culture - what’s the go?

Holley Nethercote
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RMs are how licensed financial services businesses demonstrate the competency to provide financial products and services.

AustraliaFinance and Banking
Tim Nethercote
Tim Nethercote
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Responsible Managers are how licensed financial services businesses demonstrate the competency to provide the financial services authorised by their AFSL.

So what does that mean?

  1. Competency in the financial services (financial product advice, dealing, operating a registered scheme, etc). So, for example, for those licensees in the personal advice space, the RMs would need to be aware of the ramifications of the FOFA requirements to their licensee.
  2. Competency in the financial products authorised under the AFSL. Of course, the competency in both the services and products can be demonstrated collectively by the RMs. That being so, RMs should be aware of those products for which they bring their experience, knowledge and expertise to the table and should be ensuring that such expertise is maintained and, ideally, enhanced over time.

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