Do RESPONSIBLE MANAGERS (of AFSLs) need to meet the NEW FASEA STANDARDS?

This is a question I was recently asked.   The answer is an interesting one.

The answer is “No”, but I will add to that “…not yet”.  ASIC released Consultation Paper 305 in November 2018 (closed December) proposing an “Option 6” for Responsible Managers (RMs) to demonstrate relevant knowledge and skills for their position.

Option 6 proposes RMs must:

* complete the Financial Adviser Exam by 31st December 2020;

* complete FASEA CPD requirements from 1st January 2019;

* meet the “EXISTING ADVISER” degree (or equivalent) FASEA education requirements by 31st December 2023 EVEN IF they DO NOT MEET the Existing Adviser definition (under the Act).

Importantly, Option 6 DOES NOT require RMs to complete a Professional Year.

It’s HIGHLY PROBABLY the proposed OPTION 6 will be implemented soon.

RESPONSIBLE MANAGERS need to be aware their own FASEA OBLIGATIONS as well as those of their AFSL and Advisers.