A legal deadline is rapidly approaching the mortgage industry which will determine whether or not brokers meet ASIC’s requirements.
According to ASIC, as of 30 June, Responsible Managers need to have credit industry qualifications to at least the Certificate IV level and two years’ relevant problem-free experience.
These requirements were set out in ASIC note RG 206 (Competence and Training) which envisaged a transition period – giving managers and brokers time to get their qualifications in order. This transition period comes to an end on 30 June.
Doug Daniell, CEO of Walker and Miller Training, said “It is vital that managers get their qualifications in order so that they meet ASIC’s deadline.
“We have seen how firmly ASIC has enforced NCCP compliance and we believe ASIC will take a similarly firm approach to competence and training.”
Also in ASIC’s RG206 note, there are no minimum training standards required for representatives including staff, agents and authorised credit representatives, although training must meet industry standards. However, licensees must determine the appropriate initial and ongoing training for their representatives
Mr Daniel said, “It is the licensees’ responsibility to determine the appropriate level of training for their representatives. However, from what we have seen, most are determining that, across the board, everyone needs the Certificate IV in Financial Services as a minimum.”
Walker & Miller have scheduled extra courses this month to cater for the spike in demand as ACL holders strive to meet this requirement
If you are unsure as to whether you will comply with ASIC’s RG206, please contact Walker and Miller on 1300 136 947 or [email protected]