Back to Knowledge BaseRESPONSIBLE MANAGERS
Responsible Manager Requirements
Understanding the role, competence standards and nomination process for Responsible Managers under an ACL.
ComplexityModerate
Last reviewed 1 September 2026
The role of a Responsible Manager
A Responsible Manager (RM) is the individual within a licensee who oversees the day-to-day provision of credit activities and is accountable for ensuring the business complies with its obligations.
Competence standards
ASIC expects RMs to demonstrate:
- Hold relevant qualifications
- Appropriate industry experience
- Knowledge of the NCCP Act and responsible lending obligations
How many do you need?
The number depends on the scale and complexity of your business. A single RM may be sufficient for a small operation, but multiple RMs are usually required where the business provides credit across several product types, or has multiple representatives providing credit assistance on the licence.
Notifying ASIC
RMs are nominated as part of the licence application and records and notification obligations apply when they leave the business, or if you add a new one.
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My business partner and I engaged Darren and Andy at Cornerstone Compliance to assist with obtaining our Australian Credit Licence, and their service was exceptional. From start to finish Darren kept us informed on the progress and the nuances of the process. Would highly recommend Cornerstone Compliance to any Brokerage Firm in need of Compliance support.
Olan O'Mahony
Director, Crafted Finance
I used Cornerstone Compliance to get my credit licence and couldn’t be happier with the experience. They made what I thought would be a complicated process feel simple and stress-free. Darren and Andy really know their stuff and explained everything in a way that was easy to understand. They were quick to respond to my questions, kept me updated the whole way, and made sure everything was done right the first time. I felt completely confident I was in good hands. If you’re looking to get an ACL, I’d definitely recommend Cornerstone Compliance. The team there are professional, efficient, and genuinely great to deal with. I will be using them for further compliance needs in the future - thanks team!
Cara Rogers
Director, Smartway Finance
We engaged Cornerstone Compliance to review a cross section of our deal files per month. This was a business decision based on better time allocation for our management team. A fresh set of eyes at arm’s length has been excellent for keeping our brokers compliance focused. Having Cornerstone’s reviews at hand each month helps to have those conversations with our brokers without us coming across as the bad guys. It has also saved us a ton of time, allowing management to workshop and even do deals. Definitely recommend.
Daniel Butler
Director, Finance101.com.au
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Common pitfall: Many applicants underestimate the time needed to document compliance arrangements before lodgement. Prepare your evidence early.
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