financial services training package – fnb99 ......australian national training authority level 11,...

FINANCIAL SERVICES TRAINING PACKAGE – FNB99

ASIC Competency Standards

This is Volume 11 of a 13-volume set. This volume should not be used in isolation but in the context of the complete set for the Financial Services Training Package. The material contained within this volume is part of the endorsed component of the Financial Services Training Package endorsed by the Australian National Training Authority in June 1999 and agreed by Ministers. This Training Package is to be reviewed by 30 June 2003.

© Australian National Training Authority (ANTA), 2003 This work has been produced with the assistance of funding provided by the Commonwealth Government through ANTA. • An individual may make a photocopy of all or part of the work for their personal use.

• A Registered Training Organisation may make photocopies of all or part of the work for the teaching purposes of that organisation, including for supply to its students provided that any consideration does not exceed the marginal cost of preparation, reproduction, assembly and delivery.

Except as permitted under the Copyright Act 1968, all other rights are reserved. Requests for permission may be directed to: Australian National Training Authority Level 11, AMP Place 10 Eagle Street BRISBANE, QLD 4000 Phone: (07) 3246 2300 Fax: (07) 3246 2490 This work is the result of wide consultations with Australian industry participants. It is a collaborative view and does not necessarily represent the view of ANTA or any specific body. For the sake of brevity it may omit factors which could be pertinent in particular cases. While care has been taken in the preparation of this Training Package, ANTA and the original developer do not warrant that any licensing or registration requirements specified here are either complete or up-to-date for your State or Territory. ANTA and the original developer do not accept any liability for any damage or loss (including indirect and consequential loss) incurred by any person as a result of relying on the information contained in this Training Package. This Training Package should not be regarded as professional advice and it should not be relied upon in any important matter without obtaining appropriate advice relevant to your circumstances. Published by: Australian Training Products Ltd Level 25, 150 Lonsdale St Melbourne 3000 Phone: +61 3 96550600 Fax: +61 3 9639 4684 www.atpl.net.au e-mail: [email protected] First Published: October 1999 STOCKCODE: atp9089 ISBN: 0 642 80010 3 Financial Services Training Package – FNB99 - ASIC Competency Standards Vol 11 0f 13 Printed for Australian Training Products Ltd by Document Printing Australia Melbourne, Australia AESharenet: P Print Version No: Version 4

8 August 2003

FINANCIAL SERVICES TRAINING PACKAGE – FNB99

Financial Services Training Package FNB99 : Version 4 ASIC Competency Standards © Australian National Training Authority for review by 30/06/2003

3

IMPORTANT Training Packages are living documents. Changes are periodically made to reflect the latest industry practices. As a user of the Training Package, and before commencing any form of training or assessment, you must ensure delivery is from the current version. Ensure you are complying with this requirement by:

Checking the version identifier code of the version you currently have (located on the imprint page, just below the copyright statement)

Accessing the Australian Training Products (ATP) website and comparing the version identifier.

Where the ATP website shows a different version, the modification history, again shown on the ATP website in the training package sample, will display the changes made in all versions. ATP website for version comparison (http://www.atpl.net.au) Changes in units of competency and packaging of qualifications are reflected on the National Training Information Service which only displays current information: http://www.ntis.gov.au

MODIFICATION HISTORY – ENDORSED MATERIALS

Please refer to the National Training Information Service for the latest version of Units of Competency and qualification information (http://www.ntis.gov.au).

Financial Services Training Package – FNB99 Sheet: 1 of 1

Ver

sion

Dat

e of

Rel

ease

Aut

horis

atio

n

Comments

4 July 2003 NTQC Addition of Superannuation Standards. Three new qualifications in Superannuation

3.00 October 2002 NTQC

Update of all Competency Standards; Addition of ASIC Standards, Financial Planning Standards; addition and revision of Accounting Standards; Revision of Qualifications Framework and Core Competency Units.

2.00 July 2001 NTQC

Addition of Conveyancing Standards and changes to general Insurance Standards. Six new qualifications, four in General Insurance and two in Conveyancing sector.

1.00 June 1999 NTFC Primary release

Forms control: All endorsed Training Packages will have a version number displayed on the imprint page of every volume constituting that Training Package. Every Training Package will display an up-to-date copy of this modification history form, to be placed immediately after the contents page of the first volume of the Training Package. Comments on changes will only show sufficient detail to enable a user to identify the nature and location of the change. Changes to Training Packages will generally be batched at quarterly intervals. This modification history form will be included within any displayed sample of that Training Package and will constitute all detail available to identify changes.

CONTENTS

CONTENTS .................................................................................................................. 5 FNBASC02A Develop, present and negotiate client solutions ........................................... 14 FNBASC03TA Provide advice in Managed Investments .................................................. 21 FNBASC03UA Provide advice in Superannuation ............................................................ 28 FNBASC03VA Provide advice in Derivatives.................................................................... 35 FNBASC03WA Provide advice in Securities...................................................................... 42 FNBASC03XA Provide advice in Life Insurance ............................................................... 49 FNBASC03YA Provide advice in Insurance Broking......................................................... 56 FNBASC03ZA Provide advice in Financial Planning ........................................................ 63 FNBLDS89A Provide appropriate services, advice and products to clients....................... 70

ASIC Competency Standards

FNBASC01A - ESTABLISH CLIENT RELATIONSHIP AND ANALYSE NEEDS

Financial Services Training Package FNB99 :Version 4 ASIC Competency Standards © Australian National Training Authority for review by 30/06/2003

8

FNBASC01A Establish client relationship and analyse needs

Stream: Generic

National Code: FNBASC01A

Unit Description: This unit has been specifically designed to, when combined with FNBASC02A, satisfy the skills requirements of current ASIC (Australian Securities and Investment Commission) regulation (Financial Services Reform Act) at Tier 2 level. The unit will be changed in accordance with relevant changes to the legislation.

It specifically relates to those staff advising on Basic Deposit products, General Insurance products and non-cash payment facilities as identified by ASIC as being at Tier 2 level.

ELEMENT PERFORMANCE CRITERIA

1. Establish relationship with client

a) A range of communication and interpersonal skills are used to establish the knowledge level of client.

b) Enquiries in relation to products and services are responded to by explaining the range of products and services available and their relevant fee and charging methodology.

c) Client is informed of the role of the adviser and the licensee/principal responsible for the adviser’s conduct.

d) Familiarity with the procedures for complaints handling and the circumstances in which they should be engaged is demonstrated.

2. Identify clients objectives, needs and financial situation

a) A range of communication and interpersonal skills are used to gather clients’ personal, financial and business details.

b) Clients needs are identified by encouraging expression of their objectives and goals (short, medium and long term goals as relevant to the product).

c) Product risk profile of the client is identified.

d) Clients expectations of cash flow and relevant taxation obligations are obtained.

3. Analyse client objective, needs, financial situation and risk profile

a) An assessment of client needs is undertaken, utilising all information gathered and taking into account clients product expectations and specific needs.

b) Clients are consulted throughout the analysis for further clarification where necessary.

c) The need for specialist advice is analysed and/or client is referred to appropriate adviser for higher level/specialist advice if required.

d) Product risk profile of the client is assessed and agreed.

e) Understanding of the ASIC identified generic and specialist knowledge relevant to the products being offered is demonstrated.



9

RANGE OF VARIABLES

VARIABLE SCOPE

ASIC expects that advisers providing financial services to retail consumers should be able to demonstrate that they have met the skills as well as the generic knowledge and specialist knowledge requirements relevant to their activities. The skill and knowledge requirements should be demonstrated by all advisers. However, we recognise that, depending on the nature of the activities undertaken, the skills and knowledge demonstrated may vary in their level of detail.

Client Client's needs, objectives and financial situation may include:

• debt position

• security

• expectations of income from this product

• family income

• business needs

• expectations of access to product

• expectations of lifecycle and length of product

Adviser May include:

• any representative of a licensee

• employee or owner

• all natural persons who provide financial product advice to retail clients.

Documentation Documentation may include:

• computer and manual applications

• written advice

• disclaimers

• disclosures

• product application forms

Information The type of information to be obtained from the client might include:

• details of the customers needs and objectives for income, security, liquidity, and the time period the customer is planning for

• details of liabilities and potential liabilities of the customer

• individual investment preferences and aversion or tolerance to risk

• other customer details such as employment security, likely events and their impact on the customer, age and other products they have.



10

RANGE OF VARIABLES

VARIABLE SCOPE

Risk profile Risk assessment might include:

• risk factors and return expectations

• volatility of income and capital

• market and sector risks (economic cycle, fixed interest, property, stock market)

• access restrictions on product

• economic

• specific product risk

• borrowing risk/gearing

Customer attitudes and expectations

Customer attitudes and expectations might include:

• beliefs about performance

• security

• conservative

• risk

• fluctuations in income and/or capital

• moderate

• speculator

• passive

• active

• long-term or short-term investor



11

EVIDENCE GUIDE

Critical aspects of evidence will include:

Demonstrated knowledge of industry regulations and codes of practice, financial products and services, financial markets and characteristics, roles of other specialist providers and licensees, as well as the impacts of taxation on the clients financial requirements for the specific products offered.

For insurance products, competence in this unit is subject to the staff members’ approval/authority to accept the transfer of risk.

Interdependent assessment of units:

This unit could be assessed in conjunction with FNBASC02A

Underpinning knowledge should include all the following, relevant to the products and markets in which they operate:

Generic knowledge requirements

• Generic knowledge about the economic environment; the characteristics and impact of economic and business cycles, including interest rates, exchange rates, inflation, and government monetary and fiscal policies.

• Generic knowledge about the operation of financial markets; the roles played by intermediaries and issuers, structure and inter-relationships within the financial markets, and inter-relationship between industry sectors.

• Generic knowledge about financial products; including the concept of a financial product, general definition, specific inclusions and exclusions, types of financial investment products, types of financial risk products.

• Generic knowledge about the taxation issues in relation to the products and markets in which they operate.

• Generic knowledge about advisory functions; the role of the representative/adviser, participants in the advisory services market, range of services provided, profile and financial information of the client, appropriateness of a risk assessment.

• Generic knowledge about the legal environment and disclosure and compliance; the role of the representative/adviser, relevant legal principles (eg Corporations Act, FSRA, Trade Practices Act etc…) the relationship between ethics and regulatory requirements (eg good faith, utmost good faith, full disclosure of remuneration/fees and any other conflicts of interest which may influence the adviser’s recommendation).

• Knowledge of relevant industry Codes of Practice and conduct

• Knowledge of complaints resolution procedures (internal and external)

• Knowledge of regulators guidelines including the requirements of ASIC’s policy statement 146

Specialist knowledge requirements

Specialist knowledge of the specific industry or product in which they are operating. For general insurance products this includes;

• types of general insurance products/policies

• standard cover (and deviations)

• policy wordings

• taxes and charges



12

EVIDENCE GUIDE

• insurance claims

• premium rating/risk selection

• reporting

• product development

• underwriting

For deposit products and non-cash payment facilities this includes;

• types of products/facilities

• product/facility characteristics

Underpinning skills to be demonstrated may include:

• completed needs analysis

• the consistency, reasonableness and appropriateness of solutions/recommendations based on needs analysis and assessment of products available to the adviser

• the quality and appropriateness of information supplied to clients

• the currency and accuracy of documents held including application forms, customer advice records, customer information, brochures, etc.

Resource implications:

Unless otherwise specified, there are no significant resource implications for assessment of this unit, apart from access to a relevant workplace or closely simulated office environment and the use of a range of office equipment, technology and consumables. These may include standard commercial computer hardware, software, telephones, facsimiles, and other relevant office equipment.

Consistency in performance:

Assessment should cover a representative range of clients (risk profile and needs) and products.

Context for assessment:

Assessment of performance requirements in this unit should be undertaken within the Financial Services Industry context and should cover aspects of personal/financial responsibility and accountability. Competency is demonstrated by performance of all stated criteria, including the Range of Variables applicable to the workplace environment. Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.

Registered Training Organisations need to be mindful of the legislative obligations of licensees, where ASIC have prescribed the opportunities where recognition of current competence can be undertaken for these units.

Key competencies:

Utilisation of the key competencies in the performance of this unit. Level of utilisation of key competencies (1 – perform; 2 – administer; 3 – design)

Collecting, analysing

and organising

Communi-cating

ideas and information

Planning and

organising activities

Working with others in a team

Using mathe-matical

ideas and

Solving problems

Using technology



13

EVIDENCE GUIDE

information techniques

2 3 2 2 3 2 3

FNBASC02A - DEVELOP, PRESENT AND NEGOTIATE CLIENT SOLUTIONS


14

FNBASC02A Develop, present and negotiate client solutions

Stream: Generic

National Code: FNBASC02A

Unit Description: This unit has been designed to, when combined with FNBASC01A, satisfy the skills requirements of current ASIC (Australian Securities and Investment Commission) regulation (Financial Services Reform Act) at Tier 2 level. The unit will be changed in accordance with relevant changes to the legislation.

It specifically relates to those staff advising on Basic Deposit products, General Insurance products and non-cash payment facilities as identified by ASIC as being at Tier 2 level.


1. Develop appropriate strategies and solutions

a) An appropriate strategy to provide for identified needs and outcomes is determined from analysis of products, client risk profile and assessment of clients’ needs.

b) Relevant research, analysis and product modelling is conducted.

c) Appropriate solution (plan, policy or transaction) is drafted for presentation to client.

d) Understanding of the ASIC identified generic and specialist knowledge relevant to the products being offered is demonstrated.

2. Present appropriate strategies and solutions to the client

a) Product knowledge appropriate for the service or product offered is demonstrated when presenting the product.

b) The proposed transaction is explained and discussed with the client in a clear and unambiguous way.

c) Relevant details, terms and conditions of product/service are reinforced to client.

d) Impacts and possible risks of the solution are disclosed in a clear and concise manner to the client.

e) Client is provided with written supporting documentation and guided through the key aspects of the documentation.

3. Negotiate financial plan / policy / transaction with client

a) Concerns and/or issues the client has regarding the proposed plan/policy/transaction are discussed and clarified.

b) Confirmation is sought from client that they understand the proposed plan/policy/transaction.



15

4. Co-ordinate implementation of agreed plan/policy/transaction

a) The clients’ formal agreement to the proposed plan/policy/transaction is gained.

b) Associated fee and cost structures are clearly explained and confirmation of understanding gained from the client.

c) Time frames for execution and processing are clearly explained and confirmation of understanding gained from the client.

5. Complete and maintain necessary documentation

a) Proposal and all other statutory and transactional documents are completed and signed off by the client.

b) Copies of appropriate documentation and the signed agreement are exchanged.

6. Provide on going service where requested by client

a) Type and form of ongoing service; including reporting on performance and review of plan/policy/transaction is agreed with the client.

b) Fees and costs for ongoing and specifically defined service are clearly explained and confirmation of understanding gained from the client.

c) On going service is provided as required.



16

RANGE OF VARIABLES

VARIABLE SCOPE

ASIC expects that advisers providing financial services to retail consumers should be able to demonstrate that they have met the skills as well as the generic knowledge and specialist knowledge requirements relevant to their activities. The skill and knowledge requirements should be demonstrated by all advisers. However, we recognise that, depending on the nature of the activities undertaken, the skills demonstrated may vary in their level of detail.


• debt position

• security


• family income

• business needs






• all natural persons who provide financial product advice to retail clients



• written advice

• disclaimers

• disclosures






• other customer details such as employment security, likely events and their impact on the customer, age and other products they have



17

RANGE OF VARIABLES

VARIABLE SCOPE






• economic






• security

• conservative

• risk


• moderate

• speculator

• passive

• active




18

EVIDENCE GUIDE





This unit should be assessed in conjunction with FNBASC01A

Underpinning knowledge should include all the following, relevant to the products and markets in which they operate:











Specialist knowledge requirements

Specialist knowledge of the specific industry or product in which they are operating.

For general insurance products this includes;

• types of general insurance products/policies

• standard cover (and deviations)

• policy wordings

• taxes and charges



19

EVIDENCE GUIDE

• insurance claims

• premium rating/risk selection

• reporting

• product development

• underwriting

For deposit products and non-cash payment facilities this includes;

• types of products/facilities

• product/facility characteristics











Assessment of performance requirements in this unit should be undertaken within the Financial Services Industry context and should cover aspects of personal/financial responsibility and accountability. Competency is demonstrated by performance of all stated criteria, including the Range of Variables applicable to the workplace environment. Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.




20

Key competencies:



and organising information

Communi-cating

ideas and information

Planning and



Using mathe-matical

ideas and techniques

Solving problems

Using technology

2 3 2 2 3 2 3

FNBASC03TA - PROVIDE ADVICE IN MANAGED INVESTMENTS


21

FNBASC03TA Provide advice in Managed Investments

Stream: Generic

National Code: FNBASC03TA

Unit Description: This unit has been specifically designed to, when combined with industry specified units, satisfy the skills requirements of current ASIC (Australian Securities and Investment Commission) regulation (Financial Services Reform Act) at Tier 1 (Diploma) level in the Managed Investments specialist and generic knowledge areas. The unit will be changed in accordance with relevant changes to the legislation.

This unit is a co-requisite unit that cannot be assessed or issued without first satisfying the industry specific units identified in the evidence guide.

















e) Understanding of the ASIC identified generic and specialist knowledge relevant to the products being offered, as detailed in the Evidence Guide, is demonstrated.



22




























23

RANGE OF VARIABLES

VARIABLE SCOPE

ASIC expects that advisers providing financial services to retail consumers should be able to demonstrate that they have met the skills as well as the generic and specialist knowledge requirements relevant to their activities. The skill and knowledge requirements should be demonstrated by all advisers. However, we recognise that, depending on the nature of the activities undertaken, the skills demonstrated may vary in their level of detail.


• debt position

• security


• family income

• business needs









• written advice

• disclaimers

• disclosures









24

RANGE OF VARIABLES

VARIABLE SCOPE






• economic






• security

• conservative

• risk


• moderate

• speculator

• passive

• active




25

EVIDENCE GUIDE





Pre-requisites for this unit have been obtained from standards within the securities industry sector, with generic advise provisions. Customisation of these units should reflect managed investments products.

Industry requirements to satisfy Tier 1 requirements are as follows:

Managed Investments

FNBASX01A Determine client requirements and expectations

FNBASX02A Provide appropriate and timely information and advice to clients

FNBASX03A (civ unit) Conduct research to support recommendations

FNBASX04A Record and implement client instructions

Generic Knowledge Requirements:

ASIC have identified generic knowledge applicable to the entire industry:

For successful assessment of this unit, participants need to demonstrate understanding of the generic knowledge, as well as understanding of the specialist knowledge in relation to managed investments products and markets.









26

EVIDENCE GUIDE





Managed Investments – Specialist Knowledge Types of products • concept of managed investments

• specialist knowledge of the range of products offered under managed investment schemes, or a specific product offered under a scheme

— property trusts, real estate investment strategies, valuation techniques, property management

— equity trusts, fixed interest trusts — serviced strata schemes — primary production schemes — film schemes — time-sharing schemes)

• identification of types of risks Taxation • awareness of relevant taxation issues Legal environment – disclosure and compliance

• the role of the representative/adviser • relevant legal principles (eg Corporations Act, ASIC Act, Privacy

Amendment (Private Sector) Act) • the relationship between ethics and regulatory requirements (eg good

faith, utmost good faith, full disclosure of remuneration/fees and any other conflicts of interest which may influence the adviser)

• relevant industry standards and codes of conduct • regulators’ guidelines including our requirements in this policy • complaints resolution procedures (external and, if relevant, internal)











27

EVIDENCE GUIDE



Assessment of performance requirements in this unit must be undertaken within the Financial Services Industry context and should cover aspects of personal/financial responsibility and accountability. Competency is demonstrated by performance of all stated criteria, including the Range of Variables applicable to the workplace environment. Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.


Key competencies:


Communi-cating ideas

and information



Planning and



Using mathe-matical


Solving problems

Using technology

3 3 3 3 3 3 3

FNBASC03UA - PROVIDE ADVICE IN SUPERANNUATION


28

FNBASC03UA Provide advice in Superannuation

Stream: Generic

National Code: FNBASC03UA

Unit Description: This unit has been specifically designed to, when combined with industry specified units, satisfy the skills requirements of current ASIC (Australian Securities and Investment Commission) regulation (Financial Services Reform Act) at Tier 1 (Diploma) level in the Superannuation specialist and generic knowledge areas. The unit will be changed in accordance with relevant changes to the legislation.





















29




























30

RANGE OF VARIABLES

VARIABLE SCOPE



• debt position

• security


• family income

• business needs









• written advice

• disclaimers

• disclosures









31

RANGE OF VARIABLES

VARIABLE SCOPE






• economic






• security

• conservative

• risk


• moderate

• speculator

• passive

• active




32

EVIDENCE GUIDE





Pre-requisites for this unit have been obtained from standards within the securities industry sector, with generic advise provisions. Customisation of these units should reflect superannuation products.


Superannuation







For successful assessment of this unit, participants need to demonstrate understanding of the generic knowledge, as well as understanding of the specialist knowledge in relation to superannuation products and markets.









33

EVIDENCE GUIDE


• Knowledge of relevant industry Codes of Practice and conduct.

• Knowledge of complaints resolution procedures (internal and external).

• Knowledge of regulators guidelines including the requirements of ASIC’s policy statement 146.

Superannuation – Specialist Knowledge Operation and management of the superannuation industry

• characteristics and structure of a superannuation product • roles played by intermediaries and issuers • types of superannuation products • fee structures/administration and management costs • types of contribution • annuities/pensions, allocated pensions and income stream products • associated risks • structure of superannuation plans management and administration of

superannuation products • preservation rules • investment strategies within superannuation funds (ie investment concepts

and strategies) • restrictions on investment strategies

Taxation • impact on investment earnings • employer and employee contributions • benefit payments and expenses • tax deductions • capital gains tax treatment • roll-overs • reasonable benefit limits • superannuation surcharge • social security pension eligibility • retirement planning • death benefits • franking credits

Legal environment – disclosure and compliance

• the role of the representative/adviser • relevant legal principles (eg Corporations Act, ASIC Act, Privacy Amendment

(Private Sector) Act) • the relationship between ethics and regulatory requirements (eg good faith,

utmost good faith, full disclosure of remuneration/fees and any other conflicts of interest which may influence the adviser)

• relevant industry standards and codes of conduct • regulators’ guidelines including our requirements in this policy • complaints resolution procedures (external and, if relevant, internal)



34

EVIDENCE GUIDE


• completed needs analysis.

• the consistency, reasonableness and appropriateness of solutions/recommendations based on needs analysis and assessment of products available to the adviser.

• the quality and appropriateness of information supplied to clients.









Key competencies:



and information



Planning and



Using mathe-matical ideas

and techniques

Solving problems

Using technology

3 3 3 3 3 3 3

FNBASC03VA - PROVIDE ADVICE IN DERIVATIVES


35

FNBASC03VA Provide advice in Derivatives

Stream: Generic

National Code: FNBASC03VA

Unit Description: This unit has been specifically designed to, when combined with industry specified units, satisfy the skills requirements of current ASIC (Australian Securities and Investment Commission) regulation (Financial Services Reform Act) at Tier 1 (Diploma) level in the Derivatives specialist and generic knowledge areas. The unit will be changed in accordance with relevant changes to the legislation.



1. Establish Relationship with client


















36




























37

RANGE OF VARIABLES

VARIABLE SCOPE



• debt position

• security


• family income

• business needs









• written advice

• disclaimers

• disclosures









38

RANGE OF VARIABLES

VARIABLE SCOPE






• economic






• security

• conservative

• risk


• moderate

• speculator

• passive

• active




39

EVIDENCE GUIDE





Pre-requisites for this unit have been obtained from standards within the related securities industry sector. Customisation of these units should reflect derivatives products.


Derivatives







For successful assessment of this unit, participants need to demonstrate understanding of the generic knowledge, as well as understanding of the specialist knowledge in relation to derivatives products and markets.









40

EVIDENCE GUIDE





Derivatives – Specialist Knowledge Operation of securities markets

• market participants • roles played by intermediaries • structure and inter-relationships within and between the

securities/derivatives sectors Types of products • range of derivatives

• associated risks • investment options using derivatives product

Theories of investment, portfolio management and management of investment and risk

• investment concepts • investment strategies • identification of types of risk • client risk profile

Taxation • awareness of taxation issues relating to derivatives Legal environment – disclosure and compliance

• the role of the representative/adviser • relevant legal principles (eg Corporations Act, ASIC Act, Privacy

Amendment (Private Sector) Act) • the relationship between ethics and regulatory requirements (eg good

faith, utmost good faith, full disclosure of remuneration/fees and any other conflicts of interest which may influence the adviser’s recommendation)

• relevant industry standards and codes of conduct • regulators’ guidelines including our requirements in this policy • complaints resolution procedures (external and, if relevant, internal) • elements of the Registered Representatives Examination (relevant) • SFE (Sydney Futures Exchange) or ASX (Australian Stock

Exchange) Operating Rules (where relevant)







Unless otherwise specified, there are no significant resource implications for assessment of this unit, apart from access to a relevant workplace or closely simulated office environment and the use



41

EVIDENCE GUIDE

of a range of office equipment, technology and consumables. These may include standard commercial computer hardware, software, telephones, facsimiles, and other relevant office equipment.






Key competencies:



and information



Planning and



Using mathe-matical


Solving problems

Using technology

3 3 3 3 3 3 3

FNBASC03WA - PROVIDE ADVICE IN SECURITIES


42

FNBASC03WA Provide advice in Securities

Stream: Generic

National Code: FNBASC03WA

Unit Description: This unit has been specifically designed to, when combined with industry specified units, satisfy the skills requirements of current ASIC (Australian Securities and Investment Commission) regulation (Financial Services Reform Act) at Tier 1 (Diploma) level in the Securities specialist and generic knowledge areas. The unit will be changed in accordance with relevant changes to the legislation.





















43

4. Develop appropriate

strategies and solutions


























44

RANGE OF VARIABLES

VARIABLE SCOPE



• debt position

• security


• family income

• business needs









• written advice

• disclaimers

• disclosures









45

RANGE OF VARIABLES

VARIABLE SCOPE






• economic





• beliefs about

financial services training package – fnb99 ......australian national training authority level 11,...

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