When making an application to ASIC to become a Responsible Manager on a new or existing Australian Financial Services Licence ("AFSL"), all applicants must answer a questions relating to the average number of days the Responsible Manager expects to spend on duties related to the provision of financial services. Most applicants answer this question based on the expected workload of the Responsible Manager at a particular point in time i.e. when the Responsible Manager application is made to ASIC. However as the licensee's business progresses, this workload often changes. These changes must be notified to ASIC.
Update details using Form FS20
AFSL holders have an obligation to notify ASIC of any changes to its details, including changes to its Responsible Manager time commitments, within ten (10) business days of the change. This change is notified to ASIC through the submission of Form FS20 via the AFS Licensee Portal. Late lodgement of Form FS20 will attract late fees.
How to update your details using Form FS20:
- Log into the AFS Licensee Portal.
- Select "Start new form" ) "FS20" ) "Responsible Manager".
- Check that you are listed as a current Responsible Manager. Select "Change".
- Review the selections on the form. Question B1.5.1 relates to the time commitment of the Responsible Manager.
- Finalise and submit the form.
Note: On 5 May 2025, ASIC launched a new portal for AFS Licensees. However, licensees should continue to use the existing AFS Licensee Portal to update their details until this function is transitioned to the new portal. For more details, please click here.
Why is it important to keep details up to date?
Although it may seem like a trivial update, ensuring the accuracy of Responsible Manager information is important should the licensee undergo an AFSL variation or find itself being investigated by ASIC, during which ASIC reviews and makes an assessment as to the organisational competency of the licensee.
It is common for individuals to act as a Responsible Manager for more than one licensee. In such cases, the Responsible Manager must ensure they have sufficient availability and capacity to manage their duties and responsibilities across their multiple roles. The Responsible Manager should check that the time commitments indicated to ASIC for each of the licensees they are involved with accurately reflect the time they actually spend on their duties with the licensee. If inconsistent information is uncovered by ASIC, this raises compliance issues that may attract further ASIC scrutiny.
Many licensees have compliance policies and procedures in place which detail how frequently the licensee reviews its organisational competence and human resource requirements. When conducting this review, licensees should review each of their Responsible Managers' commitments to the business and consider whether the details held by ASIC need to be updated.
Further Reading
- What happens if your Key Person leaves the business?
- AFSL Responsible Managers
- Unique Opportunity for Finance Professionals
Sophie Grace can assist with the preparation and lodgement of any ASIC Forms. Please contact us for assistance.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
