ASIC 2012 requires that people in the financial service sector be licensed. They outline the following:

Credit licensing: competence and training

Credit licences must comply with the organisational competence obligation in s47(1)(f) of the NCA and licensed applicants be able to demonstrate in their licence application that they are able to comply with it.

We assess your compliance with this obligation by looking at the qualifications and experience of the people who are required to be fit and proper to engage in credit activities.

What you need to do to comply will depend on the nature, scale and complexity of your business however, regulatory guide 206 credit licensing; competence and training (RG206) sets out our minimum expectations for demonstrating organisational competence.

You must also ensure that your representatives are adequately trained and competent to engage in the credit activities authorised by your licence; s47(1)(g)

We generally expect that you determine what is appropriate, initial and ongoing training for your representatives and to embed this in your recruitment and training system.

We will give people until 30 June 2014 to acquire the necessary qualifications in RG206.

You have been asked to provide a comprehensive review of the businesses compliance with this expectation. Describe what you would do to fulfil this task and provide reasons for your choice of actions.