{"id":42955,"date":"2018-11-09T10:00:43","date_gmt":"2018-11-09T00:00:43","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=42955"},"modified":"2019-01-13T19:30:10","modified_gmt":"2019-01-13T09:30:10","slug":"asic-proposes-responsible-managers-pass-fasea-standards","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2018\/11\/09\/asic-proposes-responsible-managers-pass-fasea-standards\/","title":{"rendered":"ASIC Proposes Responsible Managers Pass FASEA Standards"},"content":{"rendered":"<p>Advice licensees will be required to have a responsible manager who holds a FASEA approved education standard and has passed its adviser exam, under new proposals released by ASIC.<!--more--><\/p>\n<p>The regulator released the proposals as part of an industry consultation on suggested changes to Regulatory Guide 105 which outlines a licensee&#8217;s compliance with the organisational competence obligations of the Corporations Act.<\/p>\n<p>Under the proposals, advice licensees would be required to have at least one responsible manager who has:<\/p>\n<ul>\n<li>Satisfied the degree requirement that applies to existing financial advisers<\/li>\n<li>Passed the financial adviser exam<\/li>\n<li>Met the CPD requirements<\/li>\n<li>At least three years relevant experience over the past five years<\/li>\n<\/ul>\n<p>The draft RG 105 indicated the new responsible manager requirements will apply to all AFS licensees authorised to provide personal advice to retail clients and responsible managers would not be required to complete a full bachelor degree approved by FASEA.<\/p>\n<h6>&#8230;licensees would be required to have at least one responsible manager who has satisfied the degree requirement that applies to existing financial advisers&#8230;<\/h6>\n<p>Rather, responsible managers could adopt one of five education pathways set by FASEA for existing advice providers, depending on what qualifications they already hold.<\/p>\n<p>New and existing responsible managers would have the same timeframes as current advisers to pass the exam and satisfy the degree requirement, which are until 1 January 2021 and 1 January 2024, respectively.<\/p>\n<p>ASIC stated the changes, which have been released through Consultation Paper 305, are based on the existing draft guidance published by the Financial Adviser Standards and Ethics Authority (FASEA), and in time will replace the current standard for responsible managers contained in RG 146.<\/p>\n<p>ASIC Commissioner, <strong>Danielle Press<\/strong> said, \u201cOur proposals are designed to strengthen the organisational competence of financial advice licensees by ensuring that advisers are supervised by at least one responsible manager who satisfies the new education and training standards\u201d.<\/p>\n<p>Submissions on the consultation paper are due by 6 December 2018, with an updated RG 105 expected to be released in early 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Advice licensees will be required to have a responsible manager who holds a FASEA approved education standard and has passed its adviser exam, under new proposals released by ASIC.<\/p>\n","protected":false},"author":3,"featured_media":42981,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,6,248],"tags":[4247],"class_list":["post-42955","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation","category-dealer-groups","category-training","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/42955","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=42955"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/42955\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/42981"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=42955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=42955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=42955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}