Assessor Resource
FNSASIC305A
Provide Tier 2 personal advice in general insurance
Assessment tool
Version 1.0
Issue Date: May 2024
This unit is specifically designed to assist advisers dealing with retail clients but it may have wider application to wholesale clients.
The unit may be applied within organisations of various sizes and across a range of customer bases
This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including that administered by the Australian Securities and Investments Commission (ASIC).
This unit covers the functions undertaken by non-broker insurance advisers providing general advice in Tier 2 (standard retail general insurance) products to a consumer or current client.
Conditions relating to ASIC training requirements and accreditation should be obtained from ASIC.
Tier 2 products are defined by ASIC as:
General insurance products other than personal sickness and accident. These products:
do not have any investment component
are subject to standard terms and conditions except for previously disclosed variations
are of a limited life (e.g. 12 months);
Travel insurance products including where the product covers losses rising due to sickness or accident while travelling; and
Consumer credit insurance including where the product covers consumer credit liabilities that cannot be paid due to sickness or accident.
Personal advice is defined by ASIC in its regulatory guide relating to the conduct and training of financial service product advisers. This unit requires the application of skills and knowledge to identify where the consumer is seeking advice based on their personal needs rather than general product advice and to follow the appropriate steps to provide this level of advice.
Apart from the advisory skills, there is a substantial generic, insurance core and specialist general insurance product knowledge component that must be developed by the adviser as part of the requirements to meet ASIC training standards for Tier 2 personal advice.
You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)