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Thanks for your question.
Under RG105.45, ASIC requires you to demonstrate experience in the types of financial products authorised under the licence and the financial services to be provided. Therefore the relevant experience depends on the products offered under the licence that your role relates to.
There are 5 options available for demonstrating knowledge and skills. Most of these require 3 years experience over the last 5 years in some form or another.
The 3 years of experience required must be practical experience that enables you to understand your role and responsibility in the business.
This generally includes experience in (RG 105.47):
(a) deciding how the financial services or products their role relates to are provided; and
(b) either actually providing those financial services or products or supervising others who do.
The 5th option available to demonstrate knowledge and skill, which does not set minimum experience, is via a written submission. This may be a good option for you to explore as it does not require a 3 year period of experience and instead takes into account a variety of different experiences.
Please contact our financial services team if you wish to discuss further.
Author: David Court
Co-contributor: Carmelene Greco