AFSL Responsible Manager

Dates & Details

Tuesday, 20 June 2023
Thursday, 22 June 2023
Tuesday, 27 June 2023
Thursday, 29 June 2023

A recording of the live sessions will be made available to participants.

Time
12:00pm - 1:15pm AEST (NSW, VIC, QLD, ACT, TAS)
11:30am SA & NT
10:00am WA

FPA accreditation post session

Session 1: The Legal Framework

Tuesday, 20 June 2023

We explore the legal structure of financial advice in Australia including general law and duty of care, fiduciary duty and statutory law. We work through the definition of the role of a Responsible Manager so you know, unequivocally, the expectations on you or your team, and explore the recent cases that define the boundary lines.

At the end of this session you will understand:

The role and responsibilities of a responsible manger in practice
The impact of recent legal cases and their implications
Apply this knowledge in a practical advice setting

We’ll cover

Role and responsibilities of a responsible manager
Who can be a responsible manager
The dual role of being an RM and financial adviser
Powers to make banning orders
Liabilities that can apply for failing to act
General Law and duty of care
Fiduciary Duty and its relevance right now
The different forms of advice

Includes

Pre-reading reference
Case study preparation
On-demand learning modules
Live skills development session

Session 3: The delivery of financial advice

Tuesday, 27 June 2023

Section 7.6, Corporations Act 2001 requires a responsible manager to demonstrate that their AFS license is competent to manage the delivery of financial advice. We step through the requirements and how they practically apply.

At the end of this session you will be able to:

Effectively manage the breach reporting process, identifying and actioning reportable situations and working with the reporting obligations within the required timeframes
Work with the remediation requirements and the steps involved to notify, investigate and remediate
Understand the role of the disciplinary body, and what might trigger a date with an FSCP.

We’ll cover

Identifying reportable situations and appropriate actions that must happen (like muscle memory!)
The remediation process (and when you need to remediate)
The role of education and training in demonstrating that your AFS license is meeting section 912A
The intersection between the Code of Ethics and the Corporations Act (and where breaches fit in)
The role, actions and outcomes of the disciplinary body
The requirements of the Financial Advice Register and - implications for an AFS licence and its financial advisers

Includes

Pre-reading reference
Case study preparation
On-demand learning modules
Live skills development session

Session 2: Managing an AFS Licence - what is expected of an RM

Thursday, 22 June 2023

Section 912A, Corporations Act 2001 ensures that financial services are provided efficiently, honestly and fairly. So what does that really mean? This is where we get into the detail of the role of a responsible manager and your responsibilities to demonstrate to ASIC that your AFS license is competent to provide financial advice.

At the end of this session you will be able to:

Demonstrate a depth of knowledge on an AFS license’s general obligation under s912A.
Be able to demonstrate to ASIC your AFS license’s compliance with these obligations.
Fulfil the requirement of an AFS license to demonstrate you are operating efficiently, honestly, and fairly and de-risk the potential civil penalties that apply for non-compliance.

We’ll cover

Defining s912A – General obligations
Understanding what all things necessary to operate efficiently, honestly and fairly really means
Identifying and managing Conflicts of Interest and Duties
Working with license conditions
Comply with financial service law
Financial, technological and human resources
Dispute resolution mechanisms
Management systems

Includes

Pre-reading reference
Case law examples
Case study preparation
On-demand learning modules
Live skills development session

Session 4: The delivery of financial advice cont.

Thursday, 29 June 2023

We examine relevant parts of Section 7.7 to 7.10, Corporations Act 2001, AML/CTF and the Privacy Act. This is where we get into how an RM proves their competency to manage the delivery of financial advice.

At the end of this session you will be able to:

Identify and manage your responsibilities to demonstrate that an AFS license is complying with Best Interest Duty
Identify the red flag in the advice process including disclosure documentation
Define what is unconscionable conduct and misleading and deceptive conduct and its implications to an AFS licence
How to comply with Design and Distribution Obligations
Identity what is and what is not a complaint and what must be done to comply with IDR reporting requirements

We’ll cover

The implications of Best Interest Duty - identifying the 'red flags' in the advice process and disclosure documentation including advice documents
Identifying unconscionable conduct
Assessing misleading and deceptive conduct
Working with products - the Design and Distribution Obligations in practice
Record keeping requirements (and its interaction with the Privacy Act)
The complaints process and the requirements
The role and requirements of AML/CTF
Privacy Act and Data Breaches and how it fits with an AFS license's other obligations

Includes

Pre-reading reference
Real life case study examples
Case study preparation
On-demand learning modules
Live skills development session

Professionalism & Governance Specialist, Knowledge Shop

Conrad Gilbert

CFP, Dip FP, B Comm, Grad Dip RS, MBA

Conrad R Conrad works with the profession to navigate the practical impact of change on advisers, their practices, and their clients. He has over 30 years’ experience in the Financial Services Industry, working across insurance and financial planning. Before joining Knowledge Shop, he held senior executive roles with national financial planning networks.

In addition to his work with Knowledge Shop, Conrad is currently completing a PhD in Finance and Financial Planning at Griffith University. He holds an MBA from the University of Qld, a Bachelor of Commerce from Griffith University and a Diploma of Financial Planning from Deakin University.

Training

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