Generic knowledge requirements generic knowledge about the economic environment, the characteristics and impact of economic and business cycles, including interest rates, exchange rates, inflation, and government monetary and fiscal policies generic knowledge about the operation of financial markets, the roles played by intermediaries and issuers, structure and inter-relationships within the financial markets, and inter-relationship between industry sectors generic knowledge about financial products, including the concept of a financial product, general definition, specific inclusions and exclusions, types of financial investment products, types of financial risk products generic knowledge about the taxation issues in relation to the products and markets in which they operate generic knowledge about advisory functions, the role of the representative/adviser, participants in the advisory services market, range of services provided, profile and financial information of the client, appropriateness of a risk assessment generic knowledge about the legal environment and disclosure and compliance, the role of the representative/adviser, relevant legal principles (e.g. Corporations Act, Financial Services Reform Act (FSRA), Trade Practices Act), the relationship between ethics and regulatory requirements (e.g. good faith, utmost good faith, full disclosure of remuneration/fees and any other conflicts of interest which may influence the adviser's recommendation) knowledge of relevant industry codes of practice and conduct knowledge of complaints resolution procedures (internal and external) knowledge of regulators' guidelines including the requirements of ASIC Regulatory Guide 146 Specialist knowledge requirements operation of insurance markets: definition of insurance product characteristics and participants of the Australian insurance market roles played by intermediaries life insurance: types/classes of life insurance products/policies standard cover (and deviations) product development policy wordings underwriting insurance claims premium rating/risk assessment investment strategy (investment component of life insurance products) insurance products: types of insurance products (eg risk insurance products, investment life insurance products and general insurance products) conditions, exclusions, levels of coverage of risk transfer products pricing taxation: awareness of taxation issues relating to insurance products advisory functions: the role of insurance adviser/broker/agent participants in the insurance advisory services market range of services provided profile and financial information of the client appropriateness of a risk assessment legal environment - disclosure and compliance: the role of the representative/adviser relevant legal principles (e.g. Corporations Act, ASIC Act, Insurance Contracts Act 1984, Life Insurance Act 1995, Privacy Amendment (Private Sector) Act) the relationship between ethics and regulatory requirements (eg good faith, utmost good faith, full disclosure of remuneration/fees and any other conflicts of interest which may influence the adviser's recommendation) relevant industry standards and codes of conduct regulators' guidelines complaints resolution procedures (external and, if relevant, internal) |