Qualification details

Release 

Comments 

Release 3

This version released with FNS10 Financial Services Training Package version 5.0.

Update imported units BSBCCO402A Gather, collate and record information to replacement equivalent unit BSBCCO405A Survey stakeholders to gather and record information.

Identified prerequisite units in the packaging rules.

Advice relating to ASIC requirements removed from the qualification and reference made to the regulator and Regulatory advice held on the IBSA website

Qualification outcomes remain unchanged.

Release 2

This version first released with FNS10 financial Services Training Package version 2.0

Updated unit titles.

Additional electives have been added:

• FNSASIC305A Provide Tier 2 personal advise in general insurance
• FNSCUS402A Resolve disputes
• FNSCUS505A Determine client requirements and expectations
• FNSCUS506A Record and implement client instructions
• FNSIAD501A Provide appropriate services, advice and products to clients
• FNSIBK403A Implement an agreed insurance program for a broking client.

Release 1

This Qualification first released with FNS10 Financial Services Training Package version 1.0

Employability Skill 

Industry/enterprise requirements for this qualification include: 

Communication

• building trust and a rapport with clients
• developing and writing reports to specifications
• interpreting client requirements and tailoring products or services to meet their needs
• preparing and presenting correspondence in appropriate electronic format
• the ability to negotiate solutions with clients and colleagues
• using effective telephone techniques
• using excellent customer service skills and maintaining an ongoing relationship with clients

Teamwork

• coaching and mentoring staff to reach minimum customer service standards
• contributing to team cohesion and developing team plans
• managing workplace relationships including counselling staff as required
• monitoring performance and conducting performance appraisals
• negotiating and agreeing with staff on performance standards
• providing feedback, support and encouragement to team members

Problem solving

• checking the accuracy of calculations
• collecting, comparing and contrasting data
• comparing products and services in order to offer clients different options
• determining the viability of new opportunities
• identifying OHS hazards and risk control
• resolving poor performance issues within scope of responsibility
• using problem solving tools and techniques
• working proactively with management to resolve workplace issues

Initiative and enterprise

• applying referral skills
• applying the learning of ergonomics to develop improved processes
• building and implementing reward and recognition strategies for customer loyalty
• continually reviewing and applying emerging industry trends to product and services knowledge
• exploiting business opportunities
• identifying and investigating risk as it relates to new business

Planning and organising

• contributing to the planning process by researching and validating information
• maintaining systems, records and reporting procedures
• planning for the business including establishing KPIs and monitoring staff performance
• planning work considering resources, time and other constraints
• using organisational skills to locate information on statutory and legislative requirements

Self-management

• acting as a role model for others
• taking to management about concerns with own level of responsibility
• understanding and acting upon compliance matters
• working ethically and complying with all industry codes of practice and legislative requirements

Learning

• developing and monitoring an organisational training plan and individual training plans
• encouraging continuous education and professional development
• facilitating internal and external training
• identifying and documenting training needs for ongoing compliance
• seeking specialist financial advice on behalf of clients as required

Technology

• conducting effective web searches
• operating computers and using word processing, spreadsheet and database skills to produce workplace documentation
• using business technology to access, organise and monitor information
• using corporate software templates
• using research data devices and telecommunication devices and equipment

Code and title 

Pre-requisite units required 

FNSASICX503A Provide advice in Life Insurance

FSNINC501A Conduct product research to support recommendations
FNSIAD501A Provide appropriate services, advice and products to clients
FNSCUS505A Determine client requirements and expectations
FNSCUS506A Record and implement client instructions

FNSASICY503A Provide advice in Insurance Broking

FNSIBK506A Monitor broking clients
FNSIBK403A Implement an agreed insurance program for a broking client
FNSIBK507A Review broking client service performance
FNSIBK508A Implement changes to broking client’s insurance program