Nominating an appropriate person to the Responsible Manager (RM) role is a crucial step when applying for your Australian Credit License (ACL). You will need to ensure that the nominated person has the appropriate qualifications:
The nominated person will also need to demonstrate a minimum of 2 years practical experience working in the assessor / approver role in the finance industry.
Finding the right person to nominate for the RM role in order to get your ACL application underway can be difficult. The team at Credit Reps Australia can assist you to locate a suitable RM to match your business needs, from a small lending operation operated by a sole trader, through to an established entity looking to diversify their current operations into the finance sector.
Determining what authorisations you require on your ACL in order to conduct your proposed business model will help determine if the person you are going to nominate for the RM role has the right skill set. You will need to nominate an RM who has worked in a similar sector of the finance industry as that of your proposed business model. The three broad areas of authorisation that you can apply for are:
It is also possible to apply for authorisations across multiple areas, however you may need multiple RM’s to show that you have covered both (or all three) areas of industry experience in support of the ACL application.
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