List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
respond to client enquiries and prepare relevant Tier 2 general advice with respect to different retail insurance products and for at least two different clients.
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
legislative and organisational compliance requirements in relation to advice, including:
legislation affecting the provision of general and personal advice, including relevant regulatory guidelines on conduct and disclosure
roles and responsibilities of different advisers within the organisation
organisational policies and guidelines relating to provision of general advice
legal environment, including disclosure and compliance covering:
role of broker, representative and/or adviser and applicable fiduciary duty obligations and range of services provided
legal principles relating to the Corporations Act, Financial Services Reform Act (FSRA), Competition and Consumer Act, Insurance Contracts Act, and Australian Services and Investment Commission (ASIC) Act
relationship between ethics and regulatory requirements, including good faith, faith and utmost good faith
details of relevant marketing and disclosure documents, including product disclosure statements and marketing brochures on relevant products
full disclosure of remuneration and fees and any other conflicts of interest that may influence adviser’s recommendation
relevant insurance industry codes of practice and organisational codes of conduct
internal and external complaints resolution procedures
ASIC guidelines on adviser conduct and training
insurance products and services delivered by the organisation, including:
purpose of products and services
conditions, exclusions and level of coverage of risk transfer products
insurance product options available
taxation issues relating to insurance products
required content of disclosure statements, including content that:
complies with requirements of current regulations and organisational policies and procedures
includes key aspects of recommendations, including possible risks.
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
organisational equipment, technology, software and consumables
organisational records
organisational policies and procedures.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.