ASIC RG104
Meeting ASIC RG104 Australian Financial Services Licence Obligations
Keep your staff up to date with knowledge on compliance matters, and also ensure that you address AFSL ASIC RG104 compliance training and ongoing training requirements for your staff. You can do this by a selection of College qualifications and the AFS Compliance program.
Australian College of Commerce and Management was one of the first private Colleges approved in 1996; and continues to specialise in the industry needs for financial services - particular licencing obligations under an Australian Financial Services Licence.
The Compliance training program is updated annually to ensure up to date information on topics such as Privacy, Fraud Detection, AML and Codes of Practice.
The College has a range of suitable qualifications that will ensure that you both train your staff; and have formal evidence of compliance training having taken place.
Certificate III in Financial Services, for example, can address compliance in: Privacy, Fraud Detection, AML and Codes of Practice.
Each qualification can be tailored to meet any specific compliance aspects you want addressed.
For staff that are already formally qualified, the College has an AFS Compliance CPD program that includes key compliance training areas such as Privacy and AML and allows you to select the modules needed.
The program also allows important generic work skills to be part of the program such as time management and prioritising.
A Statement of CPD Participation is issued providing you with formal independent records of having conducted this compliance training.
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.
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.
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.
ACCM has been the largest provider of traineeships in Certificate III in Financial Services in NSW over the past 10 years – 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.
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.
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.
The College has a wide range of long term and loyal clients who appreciate the industry expertise, flexibility and quality of the work that we do to deliver traineeships and training to their staff.
We excel at understanding the specific needs of each client and so are able to get equally outstanding reviews from employers in different sectors.
Don’t take our word for it - see the many Client Success Stories for more information.
ASIC Regulatory Guide (RG) 104 Licensing: Meeting the general obligations has within in it key requirements about having staff with sufficient skills and ongoing compliance training.
Under RG 104.67 You must: (a) take reasonable steps to ensure that your representatives comply with the financial services laws (s912A(1)(ca)); and (b) if they provide financial services, ensure they are trained and competent to do so (s912A(1)(f)). You must also have measures in place to ensure that you comply with these obligations on an ongoing basis: RG 104.38.
RG 104.77 spells out that ASIC expects you to: (a) identify the knowledge and skills your representatives need to competently provide your financial services; (b) ensure that they have the necessary knowledge and skills; (c) ensure that they undertake continuing training programs to maintain and update their knowledge and skills; and (d) maintain a record of the training they have undertaken (this is required under reg 7.6.04(1)(d)).
In RG 104.82 ASIC address the requirements for those providing other services to retail customers to be that you must still ensure that your representatives providing other services are trained and competent to perform their role and functions. They recommend the requirements of RG146 to be used as a basis.
Appendix 1 of RG104 sets out questions ASIC want you to consider when designing and testing your measures for ensuring you comply with the general obligations. In respect to Compliance Training the key questions are:
• How do you identify which of your representatives provide financial services?
• How do you identify and keep records of the training they complete: see reg 7.6.04(1)(d)?
• How do you identify the knowledge and skills they need?
• How do you ensure they have the necessary knowledge and skills to provide financial services?
• How do you ensure that your representatives who provide financial product advice to retail clients meet the training standards in RG 146?
• How do you ensure that your representatives who provide financial services maintain and update their knowledge and skills?
• Have you determined how much ongoing training they need?
• Do you have a regular (e.g. annual) training program for them? Who is responsible for this?
• How do you ensure your training program continues to meet the needs of your representatives?
ASIC Regulatory Guide 104 (RG104) last updated July 2015 applies.
1. Product Description
a. Compliance CPD is an online quiz training product.
b. Students use personal logins to log in online to the College Webclass platform.
c. Students access a viewable PDF file and answer between 10 and 25 multiple choice/short answer questions for each subject.
d. There are 2 streams to address management and non-management staff
e. There are 10 subjects to address general financial services compliance needs.
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The program subjects are: |
Teller / MSO Stream |
Manager Stream |
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Subject 1: |
AML |
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Subject 2: |
Code of Practice |
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Subject 3: |
Privacy |
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Subject 4: |
Consumer Protection |
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Subject 5: |
Complaints & EDR |
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Subject 6: |
epayments Code |
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Subject 7: |
Armed Robbery |
Safety Management |
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Subject 8: |
TFN Withholding |
Managing for Compliance |
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Subject 9: |
Working with Others |
Leaderships Skills |
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Subject 10: |
Workplace Behaviours i.e. sexual harassment; anti-bullying |
Managing Workplace Behaviours |
f. The program is completed independently and the College does not monitor or follow up students to enrol, or their progress once enrolled.
g. One subject is released for access in each calendar month, but may at the Colleges discretion be released earlier.
2. Product Content and ASIC and Other Compliance Requirements
a. ASIC Regulatory Guide 104 outlines the AFS Licensee’s obligation to review and identify and manage training obligations for various “types” of staff and advisers.
It is the licensee’s legal obligation to determine the training that is appropriate for the adviser’s role.
b. The College updates subjects annually to provide currency of content.
c. This program does not relate to units of competency and so is “non-accredited” training.
3. Pricing
a. Fees are payable on enrolment and apply for access to the program, regardless of subjects actually undertaken. Invoicing terms are net 14 days.
b. GST is applicable on Compliance CPD programs.
c. The enrolment term is 12 months for each student from the enrolment date of that student.
d. Once a student has been enrolled a student cannot be substituted and enrolments are not transferrable.
e. Annual price variations do not apply to current active courses, but will apply on renewal.
f. Pricing for Compliance CPD
i. Pricing for one enrolment without any other relationship with the College is $363 ($330 +$33 gst)
ii. Pricing for single enrolments with other relationships with the College is $297 ($270 + $27 gst)
iii. Clients committing to enroll greater that 50 enrolments in any one calendar year may be offered a discounted price. If the client fails to meet the agreed enrolment numbers the standard price will be retrospectively applied and an invoice issued.
4. Student Enrolment and Progress and Certification
a. Clients are responsible for managing student enrolments. The College will send to the Client an email with an “Enrolment Link” that they can forward to staff they approve to enrol in each enrolment year.
b. The College will provide an online Student Reporting System. The Student Reporting System will show who has enrolled and completed subjects, amongst other information.
Clients can nominate staff that they wish to receive online access to the Student Reporting System.
The Client is responsible for the progress of students.
c. Students will at the end of their program be able to download a PDF Statement of Participation that shows the Compliance Program subject name.
5. Subject or Program Customisation
a. These terms and conditions apply to the standard Compliance program which is not customisable. Clients may request a quote for a customised Compliance program.
b. Clients are invited to provide feedback on each subject.
6. Copyright and Intellectual Property
a. All materials are copyright of Australian College of Commerce and Management Pty Ltd. All rights are reserved.
b. The Client acknowledges that any unauthorised use, reproduction or disclosure of the Confidential Information by the Client may cause loss, damage or expense to the College.
7. 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.
8. Compliance Program Technical Specifications
Compliance CPD 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:
Updated Jan 2018
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.
