Courses - FNS50107 Diploma of Financial Services
Adcom Training Solutions provides training that covers all of this information and we encourage you to Enquire NOW info@adcomtraining.com if you are interested in completing this qualification.
This page provides information collected on 16 May 2010 from http://www.ntis.gov.au/?/trainingpackage/FNS04/qualification/FNS50107/rules
about the FNS50107 Diploma of Financial Services Course.
Qualification notes
To provide maximum flexibility for packaging qualifications and employability, the FNS50107 Diploma of Financial Services has been identified as a root qualification that includes the existing general qualification and seven new specialist qualifications.
The specialist qualifications are in the following areas:
- loss adjusting
- life distribution
- general distribution
- general insurance
- insurance broking
- ASIC accreditation Financial Product Adviser in Life Insurance
FNS50107 Diploma of Financial Services
To attain a Diploma of Financial Services 12 units must be achieved:
- 4 industry core units, plus
- 8 elective units.
Where the industry core units have been demonstrated as a requirement of Certificate IV in Financial Services, exemption is provided.
This qualification is designed to reflect the role of employees working in financial services who perform duties such as:
- managing customer/client service
- managing financial and business process
- managing a branch/section
- managing advisory/distribution services
Note: Several of the core units are common to Certificate III and Certificate IV qualifications from the FNS04 Financial Services Training Package. Those who have previously gained a Certificate III or Certificate IV will have had all or some of these units assessed. If these core units have not been previously assessed they will need to be demonstrated prior to the awarding of a Diploma qualification.
Industry Core Units
Achieve the following 4 industry core units:
FNSICGEN301B Communicate in the workplace
FNSICGEN302B Use technology in the workplace
FNSICGEN304B Apply health and safety practices in the workplace
FNSICIND401B Apply principles of professional practice to work in the financial services industry
These core units are often assessed through recognition of competence or may have been achieved through awarding of a lower level qualification.
Elective Units
Achieve at least 8 elective units. The 8 elective units may be selected as follows:
- all 8 elective units may be selected from the list of units suitable at Diploma level
- of the 8 elective units, up to 2 units may be selected from the list of units suitable at Certificate IV level and up to 2 units may be selected from the list of units suitable at Advanced Diploma level
- of the 8 elective units, up to 2 units may be selected from other endorsed Training Packages in accordance with other packaging guidelines for this qualification
- the choice of electives should be appropriate to the level and integrity of the qualification and to the workplace outcomes it is designed to meet
- see Levels Chart for full list of units available in the FNS04 Financial Services Training Package.
FNS50107 Diploma of Financial Services (Loss Adjusting)
To attain a Diploma of Financial Services (Loss Adjusting) 12 units must be achieved:
- 4 industry core units, plus
- 5 sectoral core units, plus
- 3 elective units (recommended electives have been selected by industry).
Note: Several of the core units are common to Certificate III and Certificate IV qualifications from the FNS04 Financial Services Training Package. Those who have previously gained a Certificate III or Certificate IV will have had all or some of these units assessed. If these core units have not been previously assessed they will need to be demonstrated prior to the awarding of a Diploma qualification.
Industry Core Units
Achieve the following 4 industry core units:
FNSICIND401B Apply principles of professional practice to work in the financial services industry
FNSICGEN301B Communicate in the workplace
FNSICGEN302B Use technology in the workplace
FNSICGEN304B Apply health and safety practices in the workplace
These core units are often assessed through recognition of competence or may have been achieved through the awarding of a lower level qualification.
Sectoral Core Units
Achieve the following 5 sectoral core units:
FNSICORG503B Develop an operational plan
FNSCOMP601B Interpret and manage statutory, legislative and regulatory obligations for organisational compliance
FNSICORG504B Implement an operational plan
FNSLOSS501B Plan and implement loss investigation
FNSLOSS502B Evaluate collected information
Elective Units
Achieve at least 3 elective units. The 3 elective units may be selected as follows:
- all 3 elective units may be selected from the list of units suitable at the Diploma level
- of the 3 elective units, up to 1 elective unit may be selected from the list of units suitable at the Certificate IV level and up to 2 units may be selected from the list of units suitable at the Advanced Diploma level
- of the 3 elective units, 1 unit may be selected from other endorsed Training Packages in accordance with other packaging guidelines for this qualification
- the choice of electives should be appropriate to the level and integrity of the qualification and to the workplace outcomes it is designed to meet
- see Levels Chart for full list of units available in the FNS04 Financial Services Training Package.
Industry Recommended Elective Units
Industry recommends choosing the following elective units:
FNSLOSS503B Report findings and provide guidance to involved parties
FNSLOSS504B Negotiate/effect settlement
FNSLOSS505B Provide ancillary services
FNS50107 Diploma of Financial Services (Life Distribution)
To attain a Diploma of Financial Services (Life Distribution) 12 units must be achieved:
- 4 industry core units, plus
- 5 sectoral core units, plus
- 3 elective units (recommended electives have been selected by industry).
Where the industry core units have been demonstrated as a requirement of Certificate IV in Financial Services exemption is provided.
Note: Several of the core units are common to Certificate III and Certificate IV qualifications from the FNS04 Financial Services Training Package. Those who have previously gained a Certificate III or Certificate IV will have had all or some of these units assessed. If these core units have not been previously assessed they will need to be demonstrated prior to the awarding of a Diploma qualification.
Industry Core Units
Achieve the following 4 industry core units:
FNSICIND401B Apply principles of professional practice to work in the financial services industry
FNSICGEN301B Communicate in the workplace
FNSICGEN302B Use technology in the workplace
FNSICGEN304B Apply health and safety practices in the workplace
These core units are often assessed through recognition of competence or may have been achieved through the awarding of a lower level qualification.
Sectoral Core Units
Achieve the following 5 sectoral core units:
FNSICADV501B Provide appropriate services, advice and products to clients
FNSCOMP501B Comply with financial services legislation, industry and professional codes of practice
FNSICORG518B Implement business practices
FNSICSAM503B Develop a marketing plan
FNSLDIS501B Prepare a distribution plan
Elective Units
Achieve at least 3 elective units. The 3 elective units may be selected as follows:
- all 3 elective units may be selected from the list of units suitable at the Diploma level
- of the 3 elective units, up to 1 elective unit may be selected from the list of units suitable at Certificate IV level and up to 2 units may be selected from the list of units suitable at Advanced Diploma level
- of the 3 elective units, 1 unit may be selected from other endorsed Training Packages in accordance with other packaging guidelines for this qualification
- the choice of electives should be appropriate to the level and integrity of the qualification and to the workplace outcomes it is designed to meet
- see Levels Chart for full list of units available in the FNS04 Financial Services Training Package.
Industry Recommended Elective Units
Industry recommends choosing the following elective units:
FNSLDIS502B Resource the distribution plan
FNSLDIS503B Establish services to provide advice
FNSLDIS504B Implement and manage the distribution plan
FNS50107 Diploma of Financial Services (General Distribution)
To attain a Diploma of Financial Services (General Distribution) 12 units must be achieved:
- 4 industry core units, plus
- 5 sectoral core units, plus
- 3 elective units (recommended electives have been selected by industry).
Where the industry core units have been demonstrated as a requirement of Certificate IV in Financial Services exemption is provided.
Note: Several of the core units are common to Certificate III and Certificate IV qualifications from the FNS04 Financial Services Training Package. Those who have previously gained a Certificate III or Certificate IV will have had all or some of these units assessed. If these core units have not been previously assessed they will need to be demonstrated prior to awarding of a Diploma qualification.
Industry Core Units
Achieve the following 4 industry core units:
FNSICIND401B Apply principles of professional practice to work in the financial services industry
FNSICGEN301B Communicate in the workplace
FNSICGEN302B Use technology in the workplace
FNSICGEN304B Apply health and safety practices in the workplace
These core units are often assessed through recognition of competence or may have been achieved through the awarding of a lower level qualification.
Sectoral Core Units
Achieve the following 5 sectoral core units:
FNSICADV501B Provide appropriate services, advice and products to clients
FNSCOMP501B Comply with financial services legislation, industry and professional codes of practice
FNSICORG518B Implement business practices
FNSICSAM503B Develop a marketing plan
FNSICPRO501B Allocate authorities and guidelines for distribution
Elective Units
Achieve at least 3 elective units. The 3elective units may be selected as follows:
- all 3 elective units may be selected from the list of units suitable at Diploma level
- of the 3 elective units, up to 1 elective unit may be selected from the list of units suitable at Certificate IV level and up to 2 units may be selected from the list of units suitable at Advanced Diploma level
- of the 3 elective units, 1 unit may be selected from other endorsed Training Packages in accordance with other packaging guidelines for this qualification
- the choice of electives should be appropriate to the level and integrity of the qualification and to the workplace outcomes it is designed to meet
- see Levels Chart for full list of units available in the FNS04 Financial Services Training Package.
Industry Recommended Elective Units
Industry recommends choosing the following electives:
FNSICGEN403B Collect, assess and use information
FNSICPRO602B Establish agreements with intermediaries for product distribution
FNSICORG501B Develop a budget
FNS50107 Diploma of Financial Services (General Insurance)
To attain a Diploma of Financial Services (General Insurance) 12 units must be achieved:
- 4 industry core units, plus
- 5 sectoral core units, plus
- 3 elective units (recommended electives have been selected by industry).
Where the industry core units have been demonstrated as a requirement of Certificate IV in Financial Services exemption is provided.
Note: Several of the core units are common to Certificate III and Certificate IV qualifications from the FNS04 Financial Services Training Package. Those who have previously gained a Certificate III or Certificate IV will have had all or some of these units assessed. If these core units have not been previously assessed they will need to be demonstrated prior to awarding of a Diploma qualification.
Industry Core Units
Achieve the following 4 industry core units:
FNSICIND401B Apply principles of professional practice to work in the financial services industry
FNSICGEN301B Communicate in the workplace
FNSICGEN302B Use technology in the workplace
FNSICGEN304B Apply health and safety practices in the workplace
These core units are often assessed through recognition of competence or may have been achieved through the awarding of a lower level qualification.
Sectoral Core Units
Achieve the following 5 sectoral core units:
FNSINSV501B Issue contracts of insurance covering non-routine situations
FNSINSV502B Review operational performance of the portfolio
FNSINSV503B Undertake post loss risk management
FNSINSV507B Implement claim recovery procedures
FNSINSV508B Review claims settlement policies and procedures
Elective Units
Achieve at least 3 elective units. The 3elective units may be selected as follows:
- all 3 elective units may be selected from the list of units suitable at Diploma level
- of the 3 elective units, up to 1 elective unit may be selected from the list of units suitable at Certificate IV level and up to 2 units may be selected from the list of units suitable at Advanced Diploma level
- of the 3 elective units, 1 unit may be selected from other endorsed Training Packages in accordance with other packaging guidelines for this qualification
- the choice of electives should be appropriate to the level and integrity of the qualification and to the workplace outcomes it is designed to meet
- see Levels Chart for full list of units available in the FNS04 Financial Services Training Package.
Industry Recommended Elective Units
Industry recommends choosing the following electives:
FNSICORG604B Provide leadership and motivation in a workplace team
FNSICGEN404B Resolve disputes
FNSINSV512B Settle non-routine, complex claims
FNSINSV504B Negotiate treaty reinsurance
FNS50107 Diploma of Financial Services (Insurance Services)
To attain a Diploma of Financial Services (Insurance Services) 12 units must be achieved:
- 4 industry core units, plus
- 5 sectoral core units, plus
- 3 elective units.
In addition to the generic qualification below, there are five recommended pathway options for people working across the insurance industry in specialist service and support roles at the Diploma level. These options are outlined in the following table 'Recommended Diploma Pathway Options' and cover:
- underwriting and claims management and/or specialist roles within general insurance (e.g. lead a claims team, lead an underwriting team, handle complex claims, underwrite complex risk, surveying risk exposure, claims recovery, portfolio performance etc)
- loss adjusting
- life distribution
- general distribution
- ASIC accreditation - financial product adviser in life insurance.
Core Units
Achieve the following 4 industry core units:
FNSICGEN301B Communicate in the workplace
FNSICGEN302B Use technology in the workplace
FNSICGEN304B Apply health and safety practices in the workplace
FNSICIND401B Apply principles of professional practice to work in the financial services industry
Note: Several of the core units listed above are common to Certificate III and Certificate IV qualifications from the FNS04 Financial Services Training Package. Those who have previously gained a Certificate III or Certificate IV will have had all or some of these units assessed. If these core units have not been previously assessed they will need to be demonstrated prior to awarding of a Diploma qualification.
Sectoral Core Units
For a generic Diploma of Insurance Services achieve 5 of the following sectoral core units:
FNSINSV501B Issue contracts of insurance covering non-routine situations
FNSINSV502B Review operational performance of the portfolio
FNSINSV503B Undertake post loss risk management
FNSINSV504B Negotiate treaty reinsurance
FNSINSV505B Determine risk rating for investment and insurance products
FNSINSV506B Investigate claims
FNSINSV507B Implement claim recovery procedures
FNSINSV508B Review claims settlement policies and procedures
FNSINSV509B Analyse financial, medical and psychological claims assessments
FNSINSV510B Case manage claims rehabilitation
FNSINSV511B Manage non-routine, complex claims
For a specialist Diploma of Insurance Services see the Recommended Diploma Pathway Options table listed on page 111.
Elective Units
Achieve at least 3 elective units. The 3 elective units may be selected as follows:
- all 3 elective units may be selected from the list of units suitable at the Diploma level
- of the 3 elective units, up to 1 elective unit may be selected from the list of units suitable at Certificate IV level and up to 2 units may be selected from the list of units suitable at Advanced Diploma level
- of the 3 elective units, 1 unit may be selected from other endorsed Training Packages in accordance with other packaging guidelines for this qualification
- the remaining sectoral core units may be included as elective units
- the choice of electives should be appropriate to the level and integrity of the qualification and to the workplace outcomes it is designed to meet
- the units listed below are suggested as suitable electives
- see Levels Chart for full list of units available in the FNS04 Financial Services Training Package.
Suggested Elective Units
FNSINSV512B Settle non-routine, complex claims
FNSINSV513B Work with legal teams to resolve complex claims
FNSINSV514B Provide decisions on legal liability and indemnity of a claim
FNSINSV515B Review and update claims reserves in portfolio
FNSLIFE501B Assess extraordinary risks
FNSRISK602B Determine and manage risk exposure strategies
NOTE: When selecting units from above please note that:
*FNSICCUS301B is a prerequisite unit to FNSINSV511B
FNS50107 Diploma of Financial Services (ASIC Accreditation Financial Product Adviser in Life Insurance)
To attain a Diploma of Financial Services (ASIC Accreditation Financial Product Adviser in Life Insurance) 12 units must be achieved:
- 4 industry core units, plus
- 5 sectoral core units, plus
- 3 elective units (recommended electives have been selected by industry).
Where the industry core units have been demonstrated as a requirement of Certificate IV in Financial Services exemption is provided.
Note: Several of the core units are common to Certificate III and Certificate IV qualifications from the FNS04 Financial Services Training Package. Those who have previously gained a Certificate III or Certificate IV will have had all or some of these units assessed. If these core units have not been previously assessed they will need to be demonstrated prior to the awarding of a Diploma qualification.
Industry Core Units
Achieve the following 4 industry core units:
FNSICIND401B Apply principles of professional practice to work in the financial services industry
FNSICGEN301B Communicate in the workplace
F
NSICGEN302B Use technology in the workplace
FNSICGEN304B Apply health and safety practices in the workplace
These core units are often assessed through recognition of competence or may have been achieved through the awarding of a lower level qualification.
Sectoral Core Units
Achieve the following 5 sectoral core units:
FNSASIC503XB Provide advice in Life Insurance
FNSICADV501B Provide appropriate services, advice and products to clients
FNSCOMP501B Comply with financial services legislation, industry and professional codes of practice
FNSICPRO502B Conduct product research to support recommendations
FNSICCUS507B Record and implement client instructions
Elective Units
Achieve at least 3 elective units. The 3 elective units may be selected as follows:
- all 3 elective units may be selected from the list of units suitable at the Diploma level
- of the 3 elective units, up to 1 elective unit may be selected from the list of units suitable at the Certificate IV level and up to 2 units may be selected from the list of units suitable at Advanced Diploma level
- of the 3 elective units, 1 unit may be selected from other endorsed Training Packages in accordance with other packaging guidelines for this qualification
- the choice of electives should be appropriate to the level and integrity of the qualification and to the workplace outcomes it is designed to meet
- see Levels Chart for full list of units available in the FNS04 Financial Services Training Package.
FNS50107 Diploma of Financial Services (Insurance Broking)
To attain a Diploma of Financial Services (Insurance Broking) 12 units must be achieved:
- 4 industry core units (see note below), plus
- 6 sectoral core units, plus
- 2 elective units.
This is the industry qualification pathway for persons typically employed as account executives or broking managers.
If ASIC accreditation as a financial product adviser in insurance broking is sought, the ASIC competency unit FNSASIC503YB Provide advice in Insurance Broking will be required.
Industry Core Units
Achieve the following 4 industry core units:
FNSICGEN301B Communicate in the workplace
FNSICGEN302B Use technology in the workplace
FNSICGEN304B Apply health and safety practices in the workplace
FNSICIND401B Apply principles of professional practice to work in the financial services industry
Note: Several of the core units listed above are common to Certificate III and Certificate IV qualifications from the FNS04 Financial Services Training Package. Those who have previously gained a Certificate III or Certificate IV will have had all or some of these units assessed. If these core units have not been previously assessed they will need to be demonstrated prior to the awarding of a Diploma qualification.
Sectoral Core Units
Achieve 6 of the following sectoral core units:
FNSINBK501B Prepare a new business submission for a broking client
FNSINBK502B Monitor broking clients
FNSINBK503B Implement changes to broking client's insurance program
FNSINBK504B Identify and advise on significant risk changes to broking client insurances
FNSINBK505B Assess and negotiate complex risk portfolio for broker client at renewal
FNSINBK506B Review incidence of loss for broking clients
FNSINBK507B Meet compliance requirements relating to insurance broking
FNSINBK508B Negotiate complex claims settlement for insurance broking client
NOTE: When selecting units from above please note that:
- FNSICGEN501B and FNSICGEN403B must be assessed in conjunction with, or prior to, FNSINBK501B
- FNSICCUS301B and FNSICGEN403B are prerequisite units to FNSINBK502B
- FNSICCUS301B is a prerequisite unit to FNSINBK503B
- FNSINBK503B and FNSICCUS301B are prerequisite units to FNSINBK504B
- FNSINBK301B is a prerequisite unit to FNSINBK505B
- FNSGEN404B is a prerequisite unit to FNSINBK506B
- FNSGEN404B is a possible core sector unit from the Certificate IV in Insurance Services.
Elective Units
Achieve at least 2 elective units. The 2 elective units may be selected as follows:
- both elective units may be selected from the list of units suitable at Diploma level
- both elective units may be selected from the list of units suitable at Advanced Diploma level
- of the 2 elective units, 1 unit may be selected from other endorsed Training Packages in accordance with other packaging guidelines for this qualification
- the choice of electives should be appropriate to the level and integrity of the qualification and to the workplace outcomes it is designed to meet
- the remaining sectoral core units may be included as elective units
- industry recommends choosing the elective listed below
- see Levels Chart for full list of units available in the FNS04 Financial Services Training Package.
Industry Recommended Elective Unit
FNSASIC503YB Provide advice in Insurance Broking
NOTE: When selecting the above unit please note that the following prerequisite units apply:
- FBSINBK501B, FNSINBK502B, FNSINBK503B, and FNSINBK603B
Employability Skills for FNS50107: Diploma of Financial Services
The following table contains a summary of the employability skills for this qualification. This table should be interpreted in conjunction with the detailed requirements of each unit of competency packaged in this qualification. The outcomes described here are broad industry requirements that may vary depending on the packaging options.
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 to meet their needs
- preparing and presenting correspondence in appropriate electronic format
- using effective telephone techniques and having the ability to negotiate solutions with clients and colleagues
- using excellent customer service skills and maintaining an on-going 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 counseling 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
- resolving poor performance issues within scope of responsibility
- identifying OHS hazards and risk control
- 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, 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 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
This table is a summary of employability skills that are typical of this qualification and should not be interpreted as definitive.
Classifications
ASCO 3213-11 Financial Investment Adviser
ASCED4 0811 Banking, Finance and Related Fields
ANZSCO 222311 Financial Investment Adviser
Adcom Training Solutions provides training that covers all of this information and we encourage you to Enquire NOW info@adcomtraining.com if you are interested in completing this qualification.
Last update: 16th May 2010
First published: 13th April 2010
|
