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Qualification details

FNS60115 - Advanced Diploma of Insurance Broking (Release 3)

Summary

Usage recommendation:
Deleted
The Deleted usage recommendation was implemented on 13 June 2017 to describe training components that have no replacement. Enrolments in training components and statements of attainment or qualifications issued before 13 June 2017 are valid. For any components marked as deleted after 13 June 2017, the applicable transition/teach-out periods apply. For specific questions regarding the enrolment, delivery or issuance of a statement of attainment/qualification, please contact your training regulator.
Mapping:
MappingNotesDate
DeletedDeleted from FNS Financial Services Training Package03/Nov/2020
Supersedes FNS60110 - Advanced Diploma of Insurance BrokingUpdated to meet Standards for Training Packages. Changes to packaging rules. Core - three units retained and two additional units. Electives - one unit removed; 16 units added.24/Mar/2015

Release Status:
Current
Releases:
ReleaseRelease date
3 (this release) 13/Feb/2018
(View details for release 2) 22/Apr/2015
(View details for release 1) 25/Mar/2015


Units of competency

CodeSort Table listing Units of Competency by the Code columnTitleSort Table listing Units of Competency by the Title columnEssentialSort Table listing Units of Competency by the Essential column
BSBMGT616 - Develop and implement strategic plansDevelop and implement strategic plansElective
FNSIBK607 - Lead ethical work practices in an insurance brokerageLead ethical work practices in an insurance brokerageCore
FNSPRM603 - Grow the practiceGrow the practiceElective
FNSSAM604 - Establish agreements with intermediaries for product distributionEstablish agreements with intermediaries for product distributionElective
FNSCUS601 - Establish, manage and monitor key relationshipsEstablish, manage and monitor key relationshipsElective
BSBLED503 - Maintain and enhance professional practiceMaintain and enhance professional practiceElective
FNSIBK603 - Manage contractual, legislative and code of practice obligations and requirementsManage contractual, legislative and code of practice obligations and requirementsElective
FNSIBK604 - Manage a sales plan for insurance broking servicesManage a sales plan for insurance broking servicesCore
BSBMGT617 - Develop and implement a business planDevelop and implement a business planElective
FNSIBK601 - Develop guidelines for broking servicesDevelop guidelines for broking servicesCore
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Classifications

SchemeCodeClassification value
ANZSCO Identifier 222113 Insurance Broker 
ASCED Qualification/Course Field of Education Identifier 0811 Banking, Finance And Related Fields 
Qualification/Course Level of Education Identifier 411 Advanced Diploma 
Taxonomy - Industry Sector N/A Insurance,Broking 
Taxonomy - Occupation N/A Insurance Broker,Insurance Broking Manager 

Classification history

SchemeCodeClassification valueStart dateEnd date
ANZSCO Identifier 222113 Insurance Broker 30/Jul/2015 
ASCED Qualification/Course Field of Education Identifier 0811 Banking, Finance And Related Fields 30/Jul/2015 
Qualification/Course Level of Education Identifier 411 Advanced Diploma 25/Mar/2015 
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Modification History

Release 

Comments 

Release 3

This version released with FNS Financial Services Training Package version 3.0

Release 3 created to update elective unit list

Release 2

This version released with FNS Financial Services Training Package version 1.1

Release 2 created to correct typographical error

Release 1

This qualification first released with FNS Financial Services Training Package version 1.0.

Qualification Description

This qualification is for those undertaking senior client management and/or business operational management job roles within an insurance broking business. At this level individuals are expected to apply specialist skills and knowledge in a range of situations to deal with complex situations and issues. They work across a broad range of technical or management functions with accountability for personal outputs, team outcomes. and business performance

Licensing/Regulatory Information

Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. The qualification can meet Australian Securities and Investments Commission (ASIC) requirements for licensees and responsible managers in life or general broking organisations. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Entry Requirements

Nil.

Packaging Rules

Total number of units = 10 

4 core units  plus

6 elective  units

The elective units consist of:

  • 1 must be from Group A..

Of the remaining 5 units:

  • 5 may be from Group A and B below
  • 1 may be from an Advanced Diploma in the Financial Services Training Package or any currently endorsed training package or accredited course.

The elective units chosen must be relevant to the work outcome and meet local industry needs.

Units selected from other training packages or accredited courses must not duplicate units selected from or available within the Financial Services or Business Services Training Packages.

Core Units 

FNSIBK601 Develop guidelines for broking services

FNSIBK602 Manage broking service support systems

FNSIBK604 Manage a sales plan for insurance broking services

FNSIBK607 Lead ethical work practices in an insurance brokerage

Elective Units 

GROUP A 

FNSIBK603 Manage contractual, legislative and code of practice obligations and requirements

FNSIBK606 Manage compliance requirements for an insurance broking business

FNSIBK608 Establish and maintain strategic networks and collaborative relationships

GROUP B 

Business planning 

BSBMGT616 Develop and implement strategic plans

BSBMGT617 Develop and implement a business plan

Client management 

FNSCUS601 Establish, manage and monitor key relationships

FNSSAM603 Tailor financial products to meet customer needs

Leadership 

BSBLED503 Maintain and enhance professional practice

BSBMGT605 Provide leadership across the organisation

Marketing 

FNSCUS504 Manage premium customer relationships

FNSPRM603 Grow the practice

FNSSAM502 Assess market needs

FNSSAM602 Identify and evaluate marketing opportunities in the financial services industry

Operational management 

BSBINM601 Manage knowledge and information

BSBMGT517 Manage operational plan

FNSORG602 Develop and manage financial systems

FNSORG604 Establish outsourced services and monitor performance

FNSPRM602 Improve the practice

FNSPRM605 Establish or review marketing, client services and supplier relationships

FNSRSK601 Develop and implement risk mitigation plan

FNSRSK602 Determine and manage risk exposure strategies

FNSSAM604 Establish agreements with intermediaries for product distribution

Business ethics and conduct 

FNSINC503 Identify situations requiring complex ethical decision making

FNSINC504 Apply ethical frameworks and principles to make and act upon decisions

NOTE Certain elective units may be required to progress to membership of relevant professional organisations. Learners should establish such requirements where they apply in order to make appropriate choices.

Qualification Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNS60115 Advanced Diploma of Insurance Broking (Release 3)

FNS60115 Advanced Diploma of Insurance Broking (Release 2)

Updates to elective unit list

Equivalent qualification

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe