Generic knowledge requirements the economic environment, the characteristics and impact of economic and business cycles, including: interest rates exchange rates inflation government monetary and fiscal policies 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 characteristics of 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 the products and markets in which they operate advisory functions including: 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 the legal environment and disclosure and compliance, the role of the representative/adviser, relevant legal principles such as: Corporations Act Financial Services Reform Act (FSRA) Trade Practices Act relevant industry codes of practice and conduct complaints resolution procedures (internal and external) regulator's guidelines including the requirements of ASIC Specialist knowledge requirements Theories of investment, portfolio management and management of investment and risk: range of financial products types of investment products such as: cash fixed interest property equities managed investments types of financial risk products such as: risk insurance derivatives investment concepts investment strategies identification of types of risk client risk profile Advisory functions: the role of financial planner participants in the advisory services market range of services provided the financial planning process Legal environment - disclosure and compliance: the role of the representative/adviser relevant legal principles (e.g. Corporations Act, ASIC Act, Privacy Amendment (Private Sector) Act) the relationship between ethics and regulatory requirements such as: 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 including ASIC's requirements in this policy complaints resolution procedures (external and, if relevant, internal) Taxation: the Australian taxation and social security systems relevant taxation laws and regulations effects of taxation on particular financial products effects of taxation on financial strategies of individuals and entities Estate planning: theory of estate planning such as: allowable investments enduring and non-enduring powers of attorney share purchase agreements management and investment strategies relevant taxation laws and regulations |