FNS60711 - Advanced Diploma of Financial Licensing Management
Advanced Diploma of Financial Licensing Management
This qualification is designed for individuals occupying the position of responsible manager in a financial services organisation. It provides individuals with the knowledge and skill compliance requirements for identification as responsible managers for organisational licensing under the Australian Securities and Investments Commission (ASIC) Regulatory Guide 105 (RG105): Licensing: Organisational Compliance.
An organisation’s obligation to ensure their representatives are trained and competent to provide financial services are set out in Section E of Regulatory Guide 104 (RG 104) Licensing: Meeting the general obligations (RG 104). If representatives provide financial product advice to retail clients also Regulatory Guide 146 (RG 146) Licensing: Training of financial product advisers (RG 146).
Subjects
10 units must be achieved:
5 core units
plus 5 elective units
The 5 elective units of competency may be selected from the elective units listed below, any endorsed Training Package or accredited course. Elective units must be selected from an Advanced Diploma qualification.
Elective units must be relevant to the work outcome, local industry requirements and the qualification level.
Core units of competency:
FNSFMK505A Comply with financial services legislation and industry codes of practice
FNSPRM601A Establish, supervise and monitor practice systems to conform with legislation and regulations
FNSPRM606A Establish or review human resources, administration and information support
BSBCOM603C Plan and establish compliance management systems
BSBMGT605B Provide leadership across the organisation
FNSINC501A Conduct product research to support recommendations
Pathways...
Pathways from the qualification
The primary pathway from this qualification is employment in a senior financial services industry management role.
A further learning pathway could be study in relevant higher education programs.
Entry Requirements
Not applicable.
Licensing Information
Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. You should refer to the IBSA website (www.ibsa.org.au) or the relevant regulator for specific guidance on requirements.
Employability Skills
The following table contains a summary of the employability skills required by industry for this qualification. The employability skills facets described here are broad industry requirements that may vary depending on qualification packaging options.
Employability Skill
Industry/enterprise requirements for this qualification include:
Communication
developing a rapport with team members and clients and communicating ideas and information cognisant of clients’ social and cultural diversity and special needs
documenting clients’ complex or special needs to protect interests of client and financial planner
negotiating to resolve financial planning issues
presenting complex information to clients and colleagues in plain language
questioning, clarifying and evaluating information
researching and consulting with a wide range of users internal and external to the organisation
using a range of techniques to elicit feedback from team members, clients and regulatory agencies
Teamwork
coaching and mentoring staff on new skills
coordinating financial planning activities with other professionals
delegating and briefing various personnel on their roles and responsibilities
demonstrating leadership in maintaining compliance with regulatory requirements and organisational policies and procedures
producing a positive and productive workplace that encourages maximum participation
Problem solving
applying estimating, forecasting and analysis skills
collecting and analysing data
comparing and contrasting data
testing and assessing the integrity of information
using analytical, evaluative and deductive reasoning skills
Initiative and enterprise
assessing an organisation's compliance status and outstanding issues
developing innovative strategies to ensure the organisation meets its legal and regulatory obligations
identifying new and emerging opportunities and developing strategies to capitalise on them
monitoring the external environment and identifying emerging practices and trends
Planning and organising
coordinating people, resources and/or equipment to achieve optimum results
developing action plans to meet licensing and compliance requirements, timelines and priorities
establishing and maintaining documentation and records
undertaking complex research and developing complex solutions
Self-management
acting as a role model for others
managing own time and priorities and dealing with contingencies
taking responsibility as required by work role and ensuring all organisational policies and procedures are followed
working ethically and complying with all industry codes of practice and legislative requirements
Learning
adapting to change in technology and/or work practices
contributing to the learning of others by providing coaching, conducting team meetings and supplying information
developing and maintaining personal competence
identifying opportunities for professional development
maintaining currency of knowledge of compliance issues and financial products and services
using online help for self-learning purposes
Technology
conducting web searches and using corporate templates
operating computers and using word processing, spreadsheet and database skills to produce workplace documentation
using business technology to access, organise and monitor information
using research data devices and telecommunication devices and equipment
