The InstituteThe Australian and New Zealand Institute of Insurance and Finance

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
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

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