Credit Managers

ASIC RG206

Credit Providers must nominate senior staff as their managers who are responsible for the credit function within their organisation. They must have at least 2 years problem-free experience and be formally qualified in accordance with ASIC Regulatory Guide (RG) 206. Refer to the following College programs have been specifically developed to address regulatory guide 206 Credit Responsible Manager training needs. 

To meet organisational competence requirements under  RG206.12 / RG206.13 there is a requirement to 1. review organisational competence regularly, 2. maintain competence with CPD and 3. keep training records.

Solutions for Credit Manager ASIC Training Obligations

  • Meet ASIC RG206 Table 2 Training Requirements

    Enrol your Credit Responsible Managers in one of the following Certificate IV or  Diploma qualifications. All of these College qualifications address the ASIC RG206 Table 2 content requirements. Your selection might be influenced by availability of funded training options in your state.

  • Ongoing CPD Requirements

    Once your Credit Responsible Managers have met the qualification requirements ensure they meet their CPD requirements with clear documented evidence provided by the College through a Statement of CPD Participation by enrolment in RG206 20 HR CPD.

  • Credit Management or Broking Qualification

    The choice of qualification will be influenced by your role. The College can also customise a dual qualification program that covers both.

Frequently Asked Questions about Credit Managers

  • ASIC RG 206 Qualification Requirements

    The qualification required is a  relevant “credit industry” Certificate IV or Diploma qualification (RG206.8) that includes ASIC RG206 Table 2 training requirements (RG206.52)

    If the business offers broking services (third party home loan credit assistance) Responsible Managers must have Certificate IV in Finance and Mortgage Broking (RG206.9)

    Table 2 requires training in: Dealing appropriately with consumers; Types of home loan products and their characteristics; and economic and market context. (RG206 Table 2) 

  • ASIC RG 206 CPD Requirements

     20 hours of CPD a year is specified under RG206.13. 

    The CPD should include both product and industry developments related to credit, and also compliance training, including in relation to new regulatory requirements of the credit regime. For example, compliance training would need to encompass the responsible lending obligations (RG 206.65)

    Note nominated Responsible Managers under a Credit Licence must have 2 years problem-free lending experience (RG206.8).

  • What Credit Experience Do They Need

    Nominated Credit Responsible Managers under a Credit Licence must have 2 years problem-free lending experience (RG206.8).

  • What are the ongoing CPD Requirements for Credit Responsible Managers

    A licence holder must maintain the competence to provide financial services and/ or engage in credit activities. This means that Credit Responsible Managers must keep their knowledge and skills up to date. All Credit Responsible Managers should complete a minimum of 20 CPD hours each year.

  • Credit Manager Fit and Proper Character Test

    As well as being qualified, Credit Responsible Managers must be a ‘fit and proper’ person (Australian Credit Licence) or of ‘good fame and character’ (Australian Financial Services Licence).

    RG 204.177 To be a fit and proper person to engage in credit activities means that the person: (a) is competent to operate a credit business (as demonstrated by the person’s knowledge, skills and experience); 
    (b) has the attributes of good character, diligence, honesty, integrity and judgement; 
    (c) is not disqualified by law from performing their role in your credit business; and 
    (d) either has no conflict of interest in performing their role in your credit business, or any conflict that exists will not create a material risk that the person will fail to properly perform their role in your credit business. 
    Note: These criteria for determining whether a person is a fit and proper person are consistent with the criteria set out for responsible persons of ADIs in Prudential Standard APS 520 Fit and Proper.

  • What are the Organisational Requirements for Maintaining Competence

    ASIC Regulatory Guide (RG) 206 states that the measures for maintaining organisational competence are: 
    RG 206.12 You also need to have measures in place to ensure you maintain your organisational competence at all times.
    RG 206.13 We expect your measures for complying with the organisational competence obligation will ensure that you:
    (a) review your organisational competence on a regular basis and whenever your responsible managers or business activities change;
    (b) maintain and update the qualifications and experience of your responsible managers and ensure your responsible managers undertake at least 20 hours of continuing professional development (CPD) per year; and 
    (c) keep records showing that you have reviewed your organisational competence and the steps you have taken to maintain your organisational competence.
    RG 206.14 You should document these measures in some form. In our view, it is more difficult to show compliance where documentation is not in place. Documentation will help you demonstrate whether or not you are complying with the organisational competence obligation.

  • Past Credit Experience

    Credit Providers must nominate senior staff as their managers who are responsible for the credit function within their organisation. They must have at least 2 years problem-free experience and be formally qualified in accordance with ASIC Regulatory Guide (RG) 206.

  • What ASIC Regulatory Guide Applies for Credit Managers

    ASIC Regulatory Guide 206 (RG206) last updated July 2014 applies.

  • RG206 CPD Terms and Conditions

    CPDRG206 Program Terms and Conditions

     

    General Terms and Conditions - CPD Enrolment

     

    1. Overview of CPD Program 206

    a) The CPD Program will make available up to 10 CPD Modules over a 12 month enrolment period.

    b) The CPD Modules are available on-line and are completed online.

    c) Each CPD module will state the expected CPD Nominal Hours required for completion.

    d) A CPD Statement of Participation, that summarises the modules completed within any enrolment period and the CPD nominal hours, will be available for each student at the end of the enrolment period.

    e) Enrolment into the CPD Program must be by on-line submission of this Electronic Enrolment Form. Paper based Enrolment Forms will attract an additional $50 processing fee.

    2. College Services Delivered

    a) CPD enrolment is 'on-line delivery'. After Enrolment and payment the student will be emailed logon details to Webclass to allow them to start their CPD program.

    b) All required learning materials are provided on-line and are free of charge.

    c) One CPD Module will be released approximately every 4 - 6 weeks.

    d) Students will be allowed multiple attempts to successfully complete the CPD quizzes.

    e) CPD Enrolment is for one calendar year. Continued access to the CPD Program is subject to payment of a further annual enrolment fee.

    f) At the completion of the Enrolment year students will be provided a CPD Statement of Participation that summarises the modules completed within the enrolment period and the CPD nominal hours free of charge.

    g) The College can re-issue Statements of CPD Participation upon application and payment of the Re-issue Document Fee.

    3. Student and Employer Obligations

    a) The Student and their Employer should satisfy themselves that completion of any or all CPD Modules will adequately address their specific Professional Development needs in conjunction with other professional development activities undertaken (if any).

    b) The Student and/or Employer should immediately raise any concerns they may have about the delivery of the program to the College. This can be done by phone or email.

    c) Students or Employers can contact the College to request additional services and a quotation for those additional services.

    4. Electronic Signatures

    a) In accordance with the Electronic Transactions Act the College will accept electronic signatures from Employers and Students where indicated on its forms.

    b) Employers and Students, where providing an electronic signature and/or submitting forms under electronic signature, acknowledge that they are entering into a legally binding agreement as if they have personally signed that document.

    c) If determined as necessary in the circumstances, the College will seek confirmation of an electronic signature by, for example, sending a confirmation email of the document receipt to the sender.

    d) The College reserves the right to request a document that has been completed under electronic signature to be completed with a personal signature.

    5. Enrolment Fees and Payment Terms

    a) Enrolment Fees are payable prior to or at the time of enrolment. The quoted fee per student is GST inclusive, for an enrolment period of 12 months. Where no client specific fee is quoted, the Fee as outlined in the College Fee Schedule will apply.

    b) Student on-line access and Statements of Participation will be withheld until all outstanding amounts are paid.

    c) CPD Enrolment Fees are not refundable, even if the student changes job role or resigns from employment.

    d) The Enrolment Fee is not transferrable to a new student.

    6. Delivery and Assessment Strategy

    a) This program is delivered online.

    b) This program does not equate to a unit of competency and so will not result in the award of a Statement of Attainment.

    7. Copyright and Intellectual Property

    a. All materials are copyright of Australian College of Commerce and Management Pty Ltd. All rights are reserved.

    b.  The Student and Employer acknowledges that any unauthorised use, reproduction or disclosure of the CPD course content may cause loss, damage or expense to the College.

    8. Not Advice Disclaimer

    The information or materials provided under this program are provided for educational or training purposes only. They do not constitute financial or other advice and cannot be relied on for providing advice. Licencees under an ACL or AFS Licence must satisfy themselves that their chosen activitied, including this course, meet their licence obligations.

    9. CPD Program Technical Specifications

    CPDRG206 runs on the College internet platform Webclass. It is recommended that Clients safe list this website URL to ensure staff access and functionality.

    Webclass use requires:

    • A contemporary browser e.g. Internet Explore v7 and above; Google Chrome; Firefox
    • Javascript enabled
    • PDF reader (which may require a browser add-on)

     

Why ACCM for ASIC Licencing Training

  • Expertise in ASIC Obligations

    Work with professionals who know your industry and the RG requirements. Obtain certification from an independent nationally recognised Registered Training Organisation and meet record keeping requirements.

    Our finance team are pro-active in staying up to date with regulatory changes and industry compliance needs. We even go as far as referencing the ASIC Regulatory Guide requirements in each of the finance licencing courses we offer – so that you can also understand the exact requirements.

  • Long History with Finance Licencing

    ACCM was one of the first RTOs to be authorised on the ASIC Training Register to deliver finance licencing courses and Tier 2 after the introduction of the Financial Services Reform Act 2001 (FSR Act). We have therefore amassed years of experience and expertise in addressing ASIC Regulatory Guide requirements.

  • 20 Years of Quality and Compliance

    ACCM has been around for a long time – being one of the first private RTOs approved in Australia. Our long term clients also show a history of client satisfaction second to none.

    We also have long term contracts across many states allowing us to access subsidised training to reduce the financial burden on clients.

  • Largest Provider in Financial Services

    ACCM is the largest provider of traineeships in Certificate III in Financial Services in NSW – by a country mile. Our expertise in finance means that your new staff are able to be offered quality accredited training which can improve productivity as well as meet Tier 2 and compliance obligations.

    We also have long term contracts across many states allowing us to access subsidised training to reduce the financial burden on clients.

Why Employers Choose ACCM

  • Customised Training Development

    ACCM has a long history of working with employers to develop a customised training program that meets training needs and maximises access to subsidised training opportunities.

    Talk to us about your needs and priorities, and your ideal training program.

  • Government Funded Training Contracts

    ACCM is a national provider and has long term contracts across states and territories that support employers with subsidised training options. Let us work our way through the rules and regulations and deliver to you the best outcome.

Important Disclaimer

Please note that The College is not able to offer legal advice on what your compliance needs are. This information is provided to assist and should not solely be relied upon when determining how to meet your Australian Financial Services Licence obligations.