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Responsible Managers Program

AFMA’s Responsible Managers Program is the first qualification of its kind to equip individuals who have been nominated as responsible managers (RMs) on their organisation’s Australian financial services (AFS) licence with the knowledge and skills they need to:

  • critically assess whether their organisation is fulfilling its legal and compliance obligations as an AFS licensee
  • identify areas where their organisation could benefit from doing things differently
  • demonstrate compliance with RG 105 Licensing: Organisational Competence.

How do you undertake the program?

The Program comprises two modules, which are completed via a combination of workshop attendance, self-study and assessment.

First, the Role and Obligations module

The Role and Obligations module is compulsory. You can find more information about it here:

The assessment for this module comprises an online quiz, a set of ‘in practice’ exercises based on an analysis of your workplace, and an interview based on your responses to these exercises.

Then, a job-specific pathway

From there, you can choose a pathway through the rest of the Program to suit your job and your organisation’s licensing requirements: the Risk Management pathway, the Advising pathway or the Dealing pathway. Your assessment will be customised to reflect the specific focus of your chosen pathway.

Risk management pathway

This pathway focuses on the risk management knowledge and structures required under the AFS licensing regime. It is appropriate for those requiring a working knowledge of risk management to manage their responsibilities as an RM. To complete this pathway, you will need to enrol in:

Your assessment will consist of one online quiz, a set of ‘in practice’ exercises, and an interview based on your responses to these exercises.

Advising pathway

This pathway is for individuals who work in client advisory roles and require specific compliance with ASIC RG 146 Licensing: Training of financial product advisers (in addition to RG 105). To complete this pathway, you will need to enrol in one specialist product module from AFMA’s Financial Markets Program. You can choose from:

Your assessment will consist of one multiple-choice exam and one skills assessment.

Dealing pathway

This pathway is for individuals who work in non-client-facing dealing room roles. To complete this pathway, you will need to enrol in one specialist product module (listed above). Your assessment will consist of one multiple-choice exam and one skills assessment.

Who is the program for?

The Program has been designed so that new and existing RMs can maintain an agreed level of competence and AFS licensees comply with their obligations under the Corporations Act 2001. It is of real benefit to individuals who:

  • need to demonstrate they have the appropriate level of knowledge and skills relevant to their role
  • are seeking product-specific training in order to comply with RG 105 and/or RG 146
  • want professional development training appropriate to their role as an RM.

If you have relevant experience or previous training, there are a number of alternatives to completing the full Program. See the Alternative Completion Information Kit for further details, and then contact the AFMA Education team if you would like to pursue this option.

What will you learn?

The Program will provide you with the knowledge, skills and ethical frameworks to:

  1. Identify the regulatory and risk frameworks relevant to AFS licensees operating in Australia’s financial markets and determine their impact upon activities within your area of responsibility
  2. Evaluate your organisation’s compliance with its AFSL requirements within your area of responsibility
  3. Identify your own personal obligations as an RM and evaluate how effectively you are meeting them
  4. Critically reflect to identify possible improvements in your organisation’s AFSL compliance structures and your personal obligations as an RM
  5. Manage the human, technological and financial resources within your area of responsibility to ensure AFSL compliance and meet business objectives
  6. Develop an appreciation of holistic risk and compliance management within your organisation’s governance framework.

What will you achieve?

If you successfully complete the Program and related assessment you will:

  • be awarded an FNS60715 Advanced Diploma of Financial Licensing Management, a nationally recognised workplace qualification within the Financial Services Training Package (FNS)
  • achieve compliance with the knowledge requirements for RMs under RG 105:
  • Option 4 (if you can demonstrate 3 years relevant experience over the past 5 years)
  • Option 2 (if you can demonstrate 5 years relevant experience over the past 8 years), or
  • Option 3—if you have a university degree in a relevant discipline (e.g. economics, commerce, business, accounting or equivalent) and you can demonstrate 3 years relevant experience over the past 5 years
  • meet the minimum training standards for financial advisers set out in RG 146 (if you complete the product specialist ‘advising’ pathway)
  • be eligible to apply for AFMA Accredited Individual Status upon successful completion of the Program (product specialist pathway only) provided you are employed by a member organisation. You should obtain approval by your member organisation before submitting your application form

Need more information?

Try our list of frequently asked questions regarding the Program.

We also have a program brochure, which contains detailed information on each subject and the assessment requirements.

Finally, the registration form is also available, which includes a breakdown of costs.