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Elements and Performance Criteria

  1. Respond to initial client enquiry for general insurance
  2. Prepare general advice to client
  3. Communicate and discuss general advice with client

Knowledge Evidence

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.