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Evidence Guide: FNSASIC314 - Provide Tier 2 general advice in general insurance

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSASIC314 - Provide Tier 2 general advice in general insurance

What evidence can you provide to prove your understanding of each of the following citeria?

Respond to initial client enquiry for general insurance

  1. Establish and respond to client enquiry according to organisational protocols and within required timeframes
  2. Provide client with assistance and confirm full and accurate completion of initial documentation, as required
  3. Determine and clarify products of interest through interaction with clients
  4. Inform clients that general advice will be provided to them in relation to products of interest and that only personal information for underwriting and calculating cost of product will be sought
  5. Gather and record information relating to the risk to be insured according to organisational policies and procedures
  6. Refer clients to suitable specialist personnel where required advice is deemed to fall outside category of general advice
Establish and respond to client enquiry according to organisational protocols and within required timeframes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide client with assistance and confirm full and accurate completion of initial documentation, as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine and clarify products of interest through interaction with clients

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Inform clients that general advice will be provided to them in relation to products of interest and that only personal information for underwriting and calculating cost of product will be sought

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Gather and record information relating to the risk to be insured according to organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Refer clients to suitable specialist personnel where required advice is deemed to fall outside category of general advice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare general advice to client

  1. Analyse range of products of interest to clients and options available to determine their categorisation as areas of general advice in line with legislation and organisational policies
  2. Provide disclosure documentation according to legislation and organisational policies
  3. Confirm general advice warning and other disclosures are given to client in line with legislative and organisational policies and any special communication needs of client
Analyse range of products of interest to clients and options available to determine their categorisation as areas of general advice in line with legislation and organisational policies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide disclosure documentation according to legislation and organisational policies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm general advice warning and other disclosures are given to client in line with legislative and organisational policies and any special communication needs of client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate and discuss general advice with client

  1. Demonstrate relevant product and industry knowledge when providing advice to client
  2. Explain and discuss product advice with client in language that avoids giving impression adviser has considered client’s personal circumstances in providing advice
  3. Confirm that client is asked to consider appropriateness of advice for own circumstances
  4. Advise client to read product disclosure statement before making decision
Demonstrate relevant product and industry knowledge when providing advice to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain and discuss product advice with client in language that avoids giving impression adviser has considered client’s personal circumstances in providing advice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm that client is asked to consider appropriateness of advice for own circumstances

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client to read product disclosure statement before making decision

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Required Skills and Knowledge

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

respond to client enquiries and prepare relevant Tier 2 general advice with respect to different retail insurance products and for at least two different clients.

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.