Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners
FNSASICO503A Mapping and Delivery Guide
Provide Tier 1 general advice in general insurance
Version 1.0
Issue Date: May 2024
Qualification | - |
Unit of Competency | FNSASICO503A - Provide Tier 1 general advice in general insurance |
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Description | This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including that administered by Australian Securities and Investments Commission (ASIC).This unit covers the functions undertaken by non-broker insurance advisers providing general advice in Tier 1 general insurance to a consumer or current client.Conditions relating to ASIC training requirements and accreditation should be obtained from ASIC. Tier 1 general insurance products are defined by ASIC as:personal sickness and accident insurance; and/orgeneral insurance products the licensee deems non-standard or complex.Personal sickness and accident insurance may be complex and the choices a client makes may have an increased potential to impact significantly the client's financial situation. Similarly, some general insurance products offered to clients are not straightforward or standard.In both cases, consumers place a greater reliance on an adviser's competence for advice on these products and adviser training at the Tier 1 level is required.General advice is defined by ASIC in its regulatory guides 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.There is a substantial component of generic, core and specialist general insurance 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. | ||
Employability Skills | This unit contains employability skills. | ||
Learning Outcomes and Application | This unit is specifically designed to assist advisers dealing with retail clients but it may have wider application to wholesale clients.The unit may be applied within organisations of various sizes and across a range of customer bases. | ||
Duration and Setting | X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting. |
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Prerequisites/co-requisites | |||
Competency Field |
Development and validation strategy and guide for assessors and learners | Student Learning Resources | Handouts Activities |
Slides PPT |
Assessment 1 | Assessment 2 | Assessment 3 | Assessment 4 | |
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Elements of Competency | Performance Criteria | |||||||
Element: Deal with initial client enquiry for general insurance |
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Element: Prepare general advice to client |
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Element: Provide general advice |
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