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	FNS10 Training Package

FNS10 Training Package: Transition Advice

Background

Every five years a major review of the competency framework for the Financial Services training package is undertaken and as a result, the training package is updated to reflect changes requested by the industry. The recent review was conducted by Innovation and Business Skills Australia (IBSA). Moving forward, the training package will be subject to an ongoing review through a continuous improvement process so the training package is kept up to date with the needs and changing circumstances of the industry.

The Institute actively participates in this process, as do a number of other industry associations and training providers.

As a result of the review and subsequent endorsement of the training package, the Institute is required to update all courses on our scope of registration from Financial Services Training Package FNS07 to the new Financial Services Training Package FNS10.

The updates are to reflect the changes required by the new training package and are not necessarily to change all the course content, but to ensure the new competencies are appropriately covered to meet the new guidelines.

Transition

The Institute will officially switch over to the new training package from 1 May 2012. Any students (both continuing and new) enrolling into a study period that commences after 1 May will be enrolling into courses covered by the new training package.

As a result, students continuing their studies beyond May will receive direct credits from their previous studies under the FNS07 training package into the new courses.

To assist in readily identifying the modules that are part of the new training package, the modules for each course have been recoded (eg. FSI401 is now GI401).

For the purpose of appreciating the impact to our students, the award courses have been grouped by the following three categories:

1. Courses with additional qualification requirements
1.1. Certificate IV in General Insurance
1.2. Diploma of General Insurance
1.3. Diploma of Loss Adjusting
1.4. Diploma of Personal Injury Management

2. Courses with only module code changes
2.1. Diploma of Insurance Broking
2.2. Diploma of Financial Planning
2.3. Advanced Diploma of Financial Planning
2.4. Diploma of Integrated Risk Management
2.5. Tier 2 and Accelerated Broking Compliance
2.6. Bridging modules

3. Courses with no changes at this time

The following courses have not been finalised by IBSA and therefore we cannot confirm what the implications for students will be.

• Certificate IV in Financial Services – Life Insurance
• Diploma of Financial Services – Life Insurance

1. Courses with Additional Qualification Requirements

1.1. CERTIFICATE IV IN GENERAL INSURANCE

Previously known as the Certificate IV in Financial Services – General Insurance

FNS07 Training Package		FNS10 Training Package Equivalent
FSI401	Serving the Customer	GI401	Serving the Customer
FSI402/06	Insurance Law and Regulation (or NZ Equivalent)	GI402/06	Insurance Law and Regulation (or NZ Equivalent)
FSI403	Insurance Products	GI403	Insurance Products
FSI404	Introduction to Underwriting	GI404	Introduction to Underwriting
FSI405	Introduction to Claims Handling	GI405	Introduction to Claims Handling
		*GIBF41 *GIBF42	Business Fundamentals for General Insurance - Level 4 or Business Fundamentals for General Insurance - Level 4

Students enrolling to complete the qualification in a study period which commences after 1 May will also be required to successfully complete the Business Fundamentals module, in accordance with the FNS10 training package.

*Students who have previously completed both FSI401 and FSI402/FSI406 can receive a partial credit for GIBF41 and need only complete GIBF42 to satisfy the remaining components of the Business Fundamentals unit.

1.2. DIPLOMA OF GENERAL INSURANCE

Previously known as the Diploma of Financial Services – General Insurance

FNS07 Training Package		FNS10 Training Package Equivalent
FSI501	Liability Claims Management	GI501	Liability Claims Management
FSI502	Liability Underwriting Management	GI502	Liability Underwriting Management
FSI503	Personal Lines Claims Management	GI503	Personal Lines Claims Management
FSI504	Personal Lines Underwriting Management	GI504	Personal Lines Underwriting Management
FSI505	Commercial Lines Claims Management	GI505	Commercial Lines Claims Management
FSI506	Commercial Lines Underwriting Management	GI506	Commercial Lines Underwriting Management
FSI507	Marine Claims Management	GI507	Marine Claims Management
FSI508	Marine Underwriting Management	GI508	Marine Underwriting Management
FSI509	Statutory Classes Claims Management	GI509	Statutory Classes Claims Management
FSI510	Statutory Classes Underwriting Management	GI510	Statutory Classes Underwriting Management
FSI511	Reinsurance	GI511	Reinsurance
FSI512	Risk Management	GI512	Risk Management

Students enrolling to complete the qualification in a study period which commences after 1 May will also be required required to complete GI512 Risk Management as part of their four modules. Therefore to complete the Diploma students must complete:
• One class of insurance (one claims and one underwriting module)
• Any other module of the Diploma, and
• Risk Management module.

1.3. DIPLOMA OF LOSS ADJUSTING

Previously known as the Diploma of Financial Services – Loss Adjusting

FNS07 Training Package		FNS10 Training Package Equivalent
FSA501	Introduction to Loss Adjusting	LA501	Introduction to Loss Adjusting
FSA502	Loss Adjusting Practice	LA502	Loss Adjusting Practice
FSA503	Negotiating Effective Settlements	LA503	Property and Casualty Loss Adjustment
FSA504	Loss Adjusting Law and Regulation	LA504	Loss Adjusting Law and Regulation
FSA505	Managing Operations	LA505	Managing Operations
FSA506	Property and Casualty Loss Adjustment	LA506	Negotiating Effective Settlements
FSA507	Business Interruption Loss Adjustment	LA507	Business Interruption Loss Adjustment
FSA508	Liability Loss Adjustment	LA508	Liability Loss Adjustment
FSA509	Building Loss Adjustment	LA509	Building Loss Adjustment
FSA510	Theft, Money and Fidelity Loss Adjustment	LA510	Theft, Money and Fidelity Loss Adjustment
FSA511	Construction Loss Adjustment	LA511	Construction Loss Adjustment
		LABF51	Business Fundamentals for Loss Adjusting - Level 5

The order of modules has been slightly altered (FSA503 & FSA506), so sequentially the first four modules of the Diploma now constitute membership entry requirements with AICLA. Students enrolling to complete the qualification in a study period which commences after 1 May will also be required to successfully complete the Business Fundamentals module, in accordance with the FNS10 training package.

1.4. DIPLOMA OF PERSONAL INJURY MANAGMEMENT

Previously known as the Diploma of Personal Injury Management – Workers Compensation

FNS07 Training Package		FNS10 Training Package Equivalent
FSW501	Workers Compensation Framework	PIM501	Personal Injury Statutory Framework
FSW502	Workers Compensation Law and Regulation	PIM502	Personal Injury Law & Regulation
FSW503	Workers Compensation Claims Processes	PIM503	Personal Injury Claims Management
FSW504	Workers Compensation Case Management	PIM504	Personal Injury Case Management
		PIBF51	Business Fundamentals for Personal Injury Management - Level 5**

Students enrolling to complete the qualification in a study period which commences after 1 May will also be required to successfully complete the Business Fundamentals module, in accordance with the FNS10 training package.

** If you have completed FSW501, you are exempt from PIBF51.

2. Courses with Only Module Code Changes

2.1. DIPLOMA OF INSURANCE BROKING

Previously known as the Diploma of Financial Services – Insurance Broking

FNS07 Training Package		FNS10 Training Package Equivalent
FSB501	Providing Customer Advice	IB501	Providing Customer Advice
FSB502/06	Insurance Law and Regulation for Brokers (or NZ Equivalent)	IB502/06	Insurance Law and Regulation for Brokers (or NZ Equivalent)
FSB503	Claims Handling for Insurance Brokers	IB503	Claims Handling for Insurance Brokers
FSB504	Risk Assessment and Management	IB504	Risk Assessment and Management
FSB505	Managing Insurance Broking Operations	IB505	Managing Insurance Broking Operations
FSB507	Insurance Products	IB507	Insurance Products

There are no Business Fundamental competencies contained within the Broking Diploma, so no additional Business Fundamental module is required to be undertaken for the Diploma of Insurance Broking.

2.2. DIPLOMA OF FINANCIAL PLANNING

Previously known as the Diploma of Financial Services (Financial Planning)

FNS07 Training Package		FNS10 Training Package Equivalent
FSP511	Financial Planning Compliance	FP501	Financial Planning Compliance
FSP512	Managed Investments	FP502	Managed Investments
FSP513	Securities	FP503	Securities
FSP514	Derivatives	FP504	Derivatives
FSP515	Superannuation	FP505	Superannuation
BFU001	Business Fundamentals	FPBF51	Business Fundamentals for Financial Planning - Level 5

2.3. ADVANCED DIPLOMA OF FINANCIAL PLANNING

Previously known as the Advanced Diploma of Financial Services (Financial Planning)

FNS07 Training Package		FNS10 Training Package Equivalent
FSP601	Understanding Your Client	FP601	Understanding Your Client
FSP602	Innovative Financial Planning Strategies	FP602	Innovative Financial Planning Strategies
FSP603	Providing Professional Guidance	FP603	Providing Professional Guidance

There are no Business Fundamental competencies required for the Advanced Diploma, as they are covered in the Diploma of Financial Planning, which is a prerequisite for the Advanced Diploma.

2.4. DIPLOMA OF INTEGRATED RISK MANAGEMENT

Previously known as the Diploma of Financial Services (Risk Management)

FNS07 Training Package		FNS10 Training Package Equivalent
FSR501	Introduction to the Management of Risk	RM501	Introduction Risk Management
FSR502	Integrated Management	RM502	Integrated Risk Management
FSR503	Operational Management of Risk	RM503	Operational Management of Risk
FSR504	Management of Specific Risk Exposures	RM504	Management of Specific Risk Exposures
BFU001	Business Fundamentals	RMBF51	Business Fundamentals for Integrated Risk Management - Level 5

2.5. TIER 2 AND ACCELERATED BROKING COMPLIANCE

FNS07 Training Package		FNS10 Training Package Equivalent
FSB500	Tier 1 Insurance Broking Compliance	IB500	Tier 1 Insurance Broking Compliance
FSI014	Tier 2 Compliance - General Advice (General Insurance) (no skills assessment)	T2014	Tier 2 Compliance - General Advice (General Insurance) (no skills assessment)
FSI015	Tier 2 Compliance - General Advice (General Insurance)	T2015	Tier 2 Compliance - General Advice (General Insurance)
FSI020	Tier 2 Compliance - General & Personal Advice (General Insurance)	T2020	Tier 2 Compliance - General & Personal Advice (General Insurance)
FSI020B	Specialised Broking Advice (with Tier 2 GPA)	T2020B	Specialised Broking Advice (with Tier 2 GPA)

2.6. BRIDGING MODULES

FNS07 Training Package		FNS10 Training Package Equivalent
FSB011	Providing Insurance Advice for Broking Clients	IB011	Providing Insurance Advice for Broking Clients
FSB510	Diploma Progression from Tier 1 Accelerated Broking Compliance	IB510	Diploma Progression from Tier 1 Accelerated Broking Compliance
FSI011	Providing General Insurance Personal Accident and Sickness Advice	GI011	Providing General Insurance Personal Accident and Sickness Advice
FSI012	General Insurance Personal Accident and Sickness Advice	GI012	General Insurance Personal Accident and Sickness Advice