the economic environment, characteristics and impact of economic and business cycles, including: interest rates exchange rates inflation government monetary and fiscal policies the operation of financial markets and the roles played by intermediaries and issuers structure and inter-relationships within financial markets and inter-relationships between industry sectors 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 taxation issues in relation to Life Insurance financial products and markets in which they operate advisory functions, including: the role of the representative or adviser participants in the advisory services market range of services provided profile and financial information of the client appropriateness of a risk assessment relevant industry codes of practice and conduct complaints resolution procedures (internal and external) regulator guidelines including the requirements of ASIC operation of Life Insurance markets including: definition of insurance product characteristics and participants of the Australian insurance market roles played by intermediaries types of Life Insurance products: risk insurance products investment life insurance products general insurance products conditions, exclusions, levels of coverage of risk transfer products pricing Life Insurance: standard cover (and deviations) product development policy wordings underwriting insurance claims premium rating/risk assessment investment strategy (investment component of Life Insurance products) theories of investment, portfolio management and management of investment and risk: investment concepts investment strategies identification of types of risk client risk profile the legal environment and disclosure and compliance: the role of the representative or 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 and fees and any other conflicts of interest which may influence the adviser's recommendation |