Changing your Responsible Manager details
- How to add or change a responsible manager to a brokerage
- Requirements for nominated responsible managers
- How do you notify ASIC of changes to your nominated responsible managers?
- Changing or removing a key person condition
- Proof documents you must send ASIC
- Statement of personal information
- Criminal history check, bankruptcy check and business references
- Submission on Responsible Manager’sExpertise
- Where to lodge your proofs
- More information
AFS licensees should notify ASIC of any changes to their nominated responsible manager within 10 business days of any change occurring. As well as updating your details in ASIC’s register of AFS licensees, ASIC will also use the information to assess whether the changes affect the brokerage’s organisational competency.
What details can be changed using form FS20?
Use form FS20 to:
- Change the principal business address;
- Change the address for service of notices;
- Add or remove a business name;
- Change details of your contact person;
- Add or remove a nominated responsible manager;
- Amend details of a nominated responsible manager;
- Change the details of your external dispute resolution scheme;
- Change details of your professional indemnity insurance;
- Change details of your security bond; or
- Apply to discharge your security bond.
Nominated responsible managers are the people licensees rely on for organisational competency. Before identifying a new nominated responsible manager, you need to ensure that the person concerned:
- Is directly responsible for significant day-to-day business decisions about the ongoing provision of financial services;
- Is of good fame and character; and
- Has the qualifications and experience to meet one of the alternatives in paragraph [RG105.43] Regulatory Guide 105 Licensing Organisational Competence.
In assessing the relevance of their experience, you need to consider whether they have provided the financial services for which you are authorised, or have performed a role that required them to directly monitor how the financial services are provided in relation to each financial product. This is to ensure that they have an adequate understanding of how the financial services are provided so that you can ensure your ongoing compliance with any obligations under your licence and the law.
Find out more about nominated responsible officers and organisational competency obligations in: Regulatory Guide 105 Licensing Organisational Competence.
Complete the relevant sections of form FS20 and lodge it with ASIC within 10 business days of any change occurring. The most efficient way to complete and lodge form FS20 is online via the Licensees portal; or download and print a paper copy of form FS20 and lodge it by mail or in person.
ASIC will consider the impact on your business of changes to your nominated responsible managers, but ASIC will not be able to do this until it receives all supporting proof documents.
If you are adding a new responsible manager with the intention of changing or removing a key person condition that has been imposed, you must also complete form FS03 to vary your licence.
When adding a nominated responsible manager you must lodge the following proofs to support form FS20:
Statement of personal information, including certified copies of relevant qualification certificates;
- Certified copy of a criminal history check;
- Certified copy of a bankruptcy check;
- Certified copies of two business references;
- Submission on Responsible Manager’s Expertise (for Alternative 5 only).
ASIC needs to receive these proofs within 20 business days of submitting the online form FS20. If ASIC doesn't receive them all within this timeframe, the online form will be rejected at the pre-lodgment stage.
The statement of personal information is an attachment to form FS20. Print off a copy when you either download a paper form FS20 or print off a copy of your online form, as requested by the system.
All new nominated responsible mangers must answer all of the questions in the statement of personal information and it must be signed and witnessed. Part B of the statement of personal information requires you to provide, for each new nominated responsible manager, the details of the educational qualifications relevant to the types of financial services you are authorised to provide under your AFS licence.
You must also lodge all of the nominated responsible manager's relevant qualification certificates. If a nominated responsible manager has relevant foreign university qualifications, they can apply to Australian Education International – National Office of Overseas Skills Recognition (AEI–NOOSR) for individual verification of their overseas qualifications. Alternatively, you can lodge a copy of the relevant AEI–NOOSR Country Education Profile and a submission setting out the nominated responsible manager's relevant overseas qualification(s) and explaining how it is relevant to the alternative selected under [RG105] and/or Regulatory Guide 104 Licensing: Meeting the general obligations.
As an annexure to the statement of personal information, you must also provide a criminal history check and bankruptcy check for each new nominated responsible manager, which must be no more than 12 months old, as well as two business references in the format set out in Part E (Core Proofs) of Part 2 of the AFS Licensing Kit. If you experience delays in obtaining the criminal history check, you should lodge form FS20 showing evidence that you have applied for a criminal history check.
If you are relying on Option 5 in Regulatory Statement 105 (i.e. other demonstration of knowledge and skills) to show how a nominated responsible manager meets the expertise standards for their role, you must lodge the proof Submission on Responsible Manager's Expertise.
Checklist for number and job description of RMs
Updated organisational chart showing:
|Any changes in business and management structure from the previous review period are noted|
Records on file pf any notifications to ASIC re changes in RMs:
Ongoing RM Training
Checklist for Ongoing RM training
|Annual training and development program for each RM on file|
|Changes to program noted|
|Internal registers of training participation on file|
Recruitment process for new RMs
Check steps appropriate step undertaken prior to engagement.
Checklist for appointing new RMs
You have ensured your new RM is:
|The new person is actually in an RM role i.e. responsible for decisions about how your business operates relating to your licensed services or compliance arrangements.|
Your new RM is qualified and experienced for their role
|Qualification held by the new RM is listed on the ASIC Training Register|
Good fame and character check completed prior to engagement of the RM including:
Package of current information about new RM sent to ASIC: