Institute of
Financial
Services Inc.
FSR Responsible Manager Assessment

FSR Responsible Manager Assessment

The IFS can assess Nominated Responsible Managers of financial institutions under two of the five options set down by the Australian Securities & Investments Commission (ASIC) Regulatory Guide 105: Licensing: Organisational competence, RG 105.43 and RG 105.44.

The two optons are as follows:

Option 2

"Knowledge component (ie qualifications, training, etc): Be individually assessed by an authorised assessor as having relevant knowledge equivalent to a diploma.

Skills component (experience): 5 years relevant experience over past 8 years."

An Assessment Course which is delivered by Distance Learning and provided to Nominated RMs in an electronic format. It incorporates excerpts of the legislation which are relevant to their respective applications, as well as other underpinning information.

The Course is divided into 3 sections:

Part 1 provides a summary of key aspects of the legislation that RMs must be familiar with. The summary includes attached materials such as copies of RG 105 to ensure all participants are fully informed and aware of the important issues that relate to this legislative requirement.

Part 2 outlines the requirements of the government regarding customer service, documentation disclosure, codes of practice, staff training, external dispute resolution and the compliance regime.

Part 3 summarises the various compliance documents that RMs need to be familiar with ie Australian Standard on Compliance Programs (AS 3806), Compliance Principles, Compliance and the Trade Practices Act as well as Regulatory Guide 146 (RG 146) - Training Requirements.

The cost of this assessment course is $880 (incl. GST) per person.

Option 4

"Knowledge component (qualifications, training, etc): Hold a relevant industry- or product-specific qualification equivalent to a diploma or higher.
Skills component (experience): 3 years relevant experience over past 5 years."

Under this option a Diploma of Financial Services qualification, for example, is appropriate.

The IFS delivers the Diploma Course which normally takes 2 years to complete. However, people with substantial finance industry experience can 'fast track' this qualification. They can apply for Recognition of Prior Learning (RPL) and/or Recognition of Current Competence (RCC) against the competencies in this qualification.

Each person who enrols must supply the IFS with a portfolio of evidence of their finance industry experience as well as any relevant training they have undertaken. Their application is then individually assessed by the IFS and the applicant is notified of how many modules of the 12-module course they will need to undertake to obtain their Diploma.

The cost of this assessment is $880 (incl. GST) per person.

Click here to download the FSR Responsible Manager Assessment Enrolment Form

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