In applying for and operating an AFSL your business must meet its organisational competence obligation. These are met by looking at the skills, knowledge and experience of the people working in your business.
The people you nominate need appropriate experience, knowledge and skill for all of your financial services and products.
What happens when you are expanding your range of services or products or, one of your responsible managers resigns from the business or is taking extended leave?
- Catalyst can assist you to assess whether you still have sufficient organisational competence or whether you need to nominate a new Responsible Manager.
- We can assess a new nominee to ensure they meet one of ASIC’s 5 competency knowledge and skills options and assist with the license variation process.
Members of our team have the necessary qualifications ASIC require to be nominated as a Responsible Manager. There have been circumstances where we provide ongoing service to the licensee and are the appointed Compliance Manager for the business, and have acted as Responsible Manager for a short period whilst a permanent replacement can be found.