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.

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Licensees are required to monitor and supervise the activities of their Representatives. To satisfy this obligation licensees generally arrange for their Representatives to be audited at least annually.

The annual Representative audit report provides your business with the opportunity to identify and improve areas of your process and procedures. It also provides a learning opportunity for your Representatives that should be utilised.

• Catalyst can work with your business to address and mitigate issues identified in the audit process. We can help you to determine whether issues are systemic, analyse the issues and identify and implement appropriate remedial action plans for the business and/or the Representative

We have significant experience in the identification and classification of breaches, assisting licensees to conduct thorough incident evaluation and, when required, collate the required information to prepare ASIC breach notifications.

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ASIC have set minimum training standards that a Representative must meet in order to be authorised by your business.

Training is the foundation of any successful compliance program. Effective assessment and record keeping is essential. As a licensee you must demonstrate that your Representatives understand the relevant legislation, how it fits into their day to day behaviour and the operations of the business.

• Catalyst can assist you in mapping the education of new and existing Representatives to ensure the courses they have completed meet the training standards and are on the ASIC training register or, alternatively, arrange that the standards are met by individual assessment through an authorised assessor. 
• We can then identify the areas the Representative may be authorised for.
• Catalyst can also assist your business to implement policies and procedures to ensure that Representatives undertake the appropriate continuing education to ensure they maintain, update and develop their competencies. 

We can establish individual training plans that provide training for areas of continual change (e.g legislation, regulatory policies and standards, economic and financial developments, new products and market practices). The training plans will also be tailored to develop new knowledge and skills to assist with current roles or roles contemplated in the near future.

Catalyst is able to deliver interactive and engaging professional development workshops that drive active learning and understanding. We provide your Representatives with real life examples that they can recognise and relate to.

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