Issued 23 June 2022
This is a guide for Australian financial services (AFS) licensees and AFS licence applicants.
This guide describes what we look for when we assess compliance with the ‘organisational competence obligation’, which is one of the general obligations under s912A(1) of the Corporations Act.
Note: this guide is being updated for changes to the AFS licence application process for responsible managers of AFS licensees who are also accountable persons under the Financial Accountability Regime Act 2023 (FAR Act). These changes came into effect on the ASIC Regulatory Portal on 16 October 2026 and streamline responsible manager AFS licensing requirements for entities subject to the FAR Act by reducing requirements to submit evidence of competence. We expect the updated guide to be ready in Quarter 1 of 2027.