Enhancing Responsible Manager Policies: Beyond “On Paper” Compliance
Updating responsible manager policies must prioritise genuine oversight and accurate time commitment reporting, following recent ASIC actions that saw a responsible manager permanently banned for merely being an “on paper” appointee. Responsible managers need to actively fulfill their duties and possess the required competence and resources. Furthermore, policies must reflect the importance of notifying ASIC of any changes to a responsible manager’s expected time spent on duties via Form FS20, ensuring reported hours accurately reflect actual work and that individuals, especially those with multiple roles, have sufficient capacity. Read more here.
Policies affected: Responsible Manager policies and procedures
Organisations affected: AFSL holders
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