Overview
RG 206 sets out the Australian Securities and Investments Commission's (ASIC) expectations regarding the organisational competence requirements under section 47(1)(f) and training obligations under section 47(1)(g) of the National Credit Act. It explains how licensees must demonstrate competence through qualifications and experience of 'fit and proper' persons conducting credit activities. Additionally, credit licensees must ensure their representatives are adequately trained and capable of carrying out the activities authorized by their licenses. The guide highlights that the compliance measures depend on the business's nature, scale, and complexity and emphasizes embedding appropriate training and recruitment systems for representatives.