Australian Financial Services Licensing (AFSL) Forum

Home Forums Australian Financial Services Licensing (AFSL) Forum Number of AFSL's you can act as RM for?

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    Is there a current policy by ASIC on how many AFSL’s you can act as RM for?

    #3103 Reply

    There is no ASIC policy which sets out how many AFSLs a Responsible Manager (“RM”) can act for.  We know from experience that ASIC is reluctant to allow an RM to be on more than 3 AFSLs.  However, depending on how many other RMs there are on each licence, and the nature of your role in each licence, ASIC may only allow you to be on 1 or 2 AFSLs.  As you may know, it is through its RMs that a licensee maintains its competency (competency requirements are summarised in ASIC’s RG 105).  ASIC considers that an RM should:

    • be directly responsible for significant day-to-day decisions about financial services;
    • decide how financial services are provided and supervise the provision of those services;
    • play an active role in fostering compliance culture; and
    • oversee the financial services being provided.

    Before agreeing to join more than one AFSL, you should also also consider: your availability, potential conflicts of interest, confidentiality and how your experience matches up with each AFSL’s licence conditions.

    Author: Paul Derham
    Co-contributor: Sarah Holley
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