Australian Securities and Investments Commission (2012) requires that people involved in certain areas of the financial sector be licensed. They provide this information on their website:

Credit licensing: Competence and training

Credit licensees must comply with the organisational competence obligation in regards to the National Credit Act and licence applicants must be able to demonstrate in their licence application that they can 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 (RG 206) 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.

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

We will give people until 30 June to acquire the necessary.

You have been asked to provide a comprehensive review of the business's compliance with this expectation.

Describe what you would do to fulfil this task and provide reasons for your choice of actions.