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Qualification details

FNS60711 - Advanced Diploma of Financial Licensing Management (Release 2)

Summary

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNS60710 - Advanced Diploma of Financial Licensing ManagementTechnology unit BSBINM401A removed from core as unsuited to this qualification; OHS unit BSBOHS303B removed from electives as not required; packaging rules adjusted to reflect the core unit removal - OUTCOMES EQUIVALENT 15/Jan/2012
Is superseded by and equivalent to FNS60715 - Advanced Diploma of Financial Licensing ManagementUpdated to meet Standards for Training Packages. Packaging rules updated. 24/Mar/2015

Releases:
ReleaseRelease date
2 (this release) 18/Jul/2013
(View details for release 1) 16/Jan/2012

Units of competency

CodeSort Table listing Units of Competency by the Code columnTitleSort Table listing Units of Competency by the Title columnUsage RecommendationSort Table listing Units of Competency by the Usage Recommendation columnEssentialSort Table listing Units of Competency by the Essential column
FNSIAD501A - Provide appropriate services, advice and products to clientsProvide appropriate services, advice and products to clientsSupersededN/A
FNSRSK601A - Develop and implement risk mitigation planDevelop and implement risk mitigation planSupersededN/A
FNSFMK502A - Analyse financial market products for clientAnalyse financial market products for clientSupersededN/A
FNSFMK503A - Advise clients on financial riskAdvise clients on financial riskSupersededN/A
BSBMGT605B - Provide leadership across the organisationProvide leadership across the organisationSupersededN/A
FNSASICS503A - Provide advice in Foreign ExchangeProvide advice in Foreign ExchangeSupersededN/A
FNSIAD502A - Provide appropriate and timely information and advice to clientsProvide appropriate and timely information and advice to clientsSupersededN/A
FNSFMK601A - Price financial transactionsPrice financial transactionsSupersededN/A
FNSRSK501A - Undertake risk identificationUndertake risk identificationSupersededN/A
FNSPRM606A - Establish or review human resources, administration and information supportEstablish or review human resources, administration and information supportSupersededN/A
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Classifications

SchemeCodeClassification value
ANZSCO Identifier 222112 Finance Broker 
ASCO (occupation type) Identifier 3212-79 Financial Dealers And Brokers Nec 
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 Financial Services 
Taxonomy - Occupation N/A Responsible Manager (Financial Markets Organisation) 

Classification history

SchemeCodeClassification valueStart dateEnd date
ANZSCO Identifier 222112 Finance Broker 02/Oct/2012 
ASCO (occupation type) Identifier 3212-79 Financial Dealers And Brokers Nec 02/Oct/2012 
ASCED Qualification/Course Field of Education Identifier 0811 Banking, Finance And Related Fields 02/Oct/2012 
Qualification/Course Level of Education Identifier 411 Advanced Diploma 16/Jan/2012 
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Modification History

Release 

Comments 

Release 2

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

Update imported units BSBCOM603B to BSBCOM603C

Identified prerequisite units in the packaging rules.

Advice relating to ASIC requirements removed from the qualification.

Qualification outcomes remain unchanged.

Release 1

This Qualification first released with FNS10 Financial Services Training Package version 2.0.

Remove units as not suited to this qualification:

  • BSBINM401A Implement workplace information system
  • BSBOHS303B Contribute to OHS hazard identification and risk assessment,

Packaging rules for this qualification have been changed to 5 core units and 4 electives.
Replaces FNS60710 Advanced Diploma of Financial Licensing Management.

Description

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).

Pathways Information

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.

Licensing/Regulatory 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.

Entry Requirements

Not applicable.

Employability Skills Summary

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

Packaging Rules

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

Elective units of competency: 

Financial risk management

  • FNSRSK501A Undertake risk identification
  • FNSRSK502A Assess risks
  • FNSRSK601A Develop and implement risk mitigation plan
  • FNSRSK602A Determine and manage risk exposure strategies

Financial markets

  • FNSFMK510A Prepare trading strategies for clients
  • FNSFMK601A Price financial transactions
  • FNSFMK602A Hedge financial products

ASIC units

  • FNSASICS503A Provide advice in Foreign Exchange
  • FNSASICV503A Provide advice in Derivatives
  • FNSASICW503A Provide advice in Securities

General financial services units

  • FNSIAD501A Provide appropriate services, advice and products to clients
  • FNSIAD502A Provide appropriate and timely information and advice to clients
  • FNSCUS504A Manage premium customer relationships
  • FNSCUS505A Determine client requirements and expectations
  • FNSCUS506A Record and implement client instructions
  • FNSFMK502A Analyse financial market products for client
  • FNSFMK503A Advise clients on financial risk
  • FNSINC501A Conduct product research to support recommendations

Prerequisite Units

Code and title 

Pre-requisite units required 

FNSAISCS503A Provide advice in Foreign Exchange

FNSINC501A 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

FNSASICV503A Provide advice in Derivatives

FNSFMK502A Analyse financial market products for client

FNSFMK503A Advise clients on financial risk

FNSCUS505A Determine client requirements and expectations

FNSCUS506A Record and implement client instructions

FNSASICW503A Provide advice in Securities

FNSFMK502A Analyse financial market products for client

FNSFMK503A Advise clients on financial risk

FNSCUS505A Determine client requirements and expectations

FNSCUS506A Record and implement client instructions