Assessor Resource
FNSIBK502B
Provide general advice in life insurance broking products and services
Assessment tool
Version 1.0
Issue Date: May 2024
For those brokers seeking to meet ASIC training standards:
General 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 general rather than personal product advice and to follow the appropriate steps to provide this level of advice. It also requires clarification of the broker’s role in providing this service.
Life insurance products may be complex and the choices a client makes may have an increased potential to impact significantly the client’s financial situation. Consumers place a greater reliance on a broker’s competence for advice on these products and as such broker training at the Tier 1 level is required.
There is a substantial component of generic, core, specialist general insurance and specialist insurance broking knowledge that must be developed by the adviser as part of this unit in order to meet the ASIC training standards for Tier 1 general advice.
This unit applies to insurance broking roles and may be applied within organisations of various sizes and across a range of customer bases.
This unit describes the performance outcomes, skills and knowledge required to advise retail and/or wholesale consumers in life insurance broking products and services.
This unit is applicable to individuals working within insurance broking enterprises and in broking adviser roles subject to licensing regulation by the Australian Securities and Investments Commission (ASIC). This unit covers the functions undertaken by an insurance broker providing general advice in life insurance.
Conditions relating to ASIC training requirements and accreditation should be obtained from ASIC.
You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)