The IFS can assess Nominated Responsible Managers of financial institutions under one of the five options set down by the Australian Securities & Investments Commission (ASIC) Regulatory Guide 105: Licensing: Organisational competence, RG 105.43 and RG 105.44.

The option the IFS offers is:

Option 2

Knowledge component (ie qualifications, training, etc): "Be individually assessed by an authorised assessor as having relevant knowledge equivalent to a diploma.

Skills component (experience): 5 years relevant experience over past 8 years."

An Assessment Course which is delivered by Distance Learning and provided to Nominated RMs in an electronic format. It incorporates excerpts of the legislation which are relevant to their respective applications, as well as other underpinning information.

The Course is divided into 3 sections:

Part 1 provides an overview of key aspects of the legislation that RMs must be familiar with. The summary includes attached materials of RG 104, RG 105, RG 146 and RG 175 to ensure all participants are fully informed and aware of the important issues that relate to this legislative requirement.

Part 2 outlines the requirements of the government regarding customer service, documentation disclosure, codes of practice, staff training, external dispute resolution and the compliance regime.

Part 3 summarises the various compliance documents that RMs need to be familiar with ie Australian Standard on Compliance Programs (AS 3806), Compliance Principles, Compliance and the Australian Consumer Credit Law Act as well as Regulatory Guide 146 (RG 146) - Training Requirements.

The cost of this assessment course is $880 (incl. GST) per person.