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Elements and Performance Criteria
Performance Evidence
Knowledge Evidence
To complete the unit requirements safely and effectively, the individual must satisfy the knowledge requirements relevant to the products and activities in which advice is given.
For general insurance, deposit products and non-cash payments and relevant first home saver account products the individual must:explain the legal environment including disclosure and compliance covering:role of the representative or adviserrelevant legal principles including the Corporations Act, Financial Services Reform Act (FSRA), Competition and Consumer Act, Insurance Contracts Act and Australian Securities and Investments Commission (ASIC) Actthe relationship between ethics and regulatory requirements including good faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest which may influence the adviser’s recommendationname relevant industry codes of practice and conductidentify complaints resolution procedures (internal and external)outline relevant ASIC regulatory guidelines.For general insurance the individual must:summarise the characteristics and participants of Australian insurance markets and the roles played by intermediaries, and identify insurance products including:definition of an insurance productconditions, exclusions and level of coverage of risk transfer productstypes of insurance productspricing of risk productsidentify taxation issues relating to insurance products explain advisory functions including:role of the representative, broker or adviserparticipants in the insurance advisory services marketrange of services provided profile and financial information of the clientappropriateness of a risk assessmentsummarise the specific product knowledge for the general insurance products in which advice is given including:standard cover (and deviations)policy wordingstaxes and chargesinsurance claimspremium rating and risk selectionreportingproduct developmentunderwriting.For deposit products and non-cash payment facilities the individual must:name the types of deposit products and non-cash payment products summarise the product characteristics.For first home saver accounts the individual must:name the types of first home saver account products including the range of accounts, associated risks and alternative productssummarise the product characteristics – eligibility and withdrawal, and government conditionsexplain the taxation issues relating to first home saver accounts.