ASIC Regulatory Guide 105 (rg105) Licensing: Organisational Competence specifies the Responsible Managers training requirements.
RG 105.45 Specifies that your responsible managers need to have experience and qualifications or training that are relevant to their role in your business. This means that their experience and qualifications or training need to be relevant to the financial services and products that their role relates to.
RG 105.57 says that where your responsible manager has a degree it must be in a relevant financial discipline e.g. economics, commerce, business, accounting or equivalent. They must also have completed a short industry course that must be specifically relevant to the industry or product their role relates to (RG 105.59).
A Diploma or Advanced Diploma is also allowed under RG 105.61, again subject to it being specifically relevant to the industry or product the responsible manager role relates to. RG 105.63 lists examples of qualifications that ASIC will accept. including the Diploma of Financial Services.
When nominating your responsible managers, you also need to ensure they are of ‘good fame and character’. (RG105.33)
Under RG 105.34, your responsible managers, together, need to have knowledge and skills that demonstrate you can provide all of the financial services and products covered by your Australian Financial Services licence and understand the legal and compliance obligations relating to those services and products.
As well as having qualifications the responsible manager must have 3 years relevant experience over the past 5 years. (RG105 Table 1).