Frequently Asked Questions
Frequently asked questions (FAQs) provides an in depth response to many of the more common questions raised. Please see the List of Questions on the top part of this webpage that jumps (hyperlinks) directly to the response at a lower position on this webpage
Frequently Asked Questions
About ASIC Policy Statement 146 (PS 146) (now known as Regulatory Guide 146 (RG 146)
1. What does PS146 (RG146) stand for?
2. Why is it necessary to be PS146 (RG146) compliant?
3. What is the meaning of financial product advice?
4. Which units of competency do I need to complete if I want to provide “general advice”?
5. Which units of competency do I need to complete if I want to provide “personal advice”?
6. How do I upgrade from providing “general advice” to “personal advice”?
7. Which specialist unit of competency should I take?
Course Delivery
8. Why enroll in the full Diploma of Financial Services (Financial Planning)?
9. Why study by distance education rather than in a classroom?
10. What is the length of the course by distance education?
11. Why take the face to face classroom-based workshops?
12. What is the length of the face to face classroom-based workshops?
Recognition Pathway
13. What is the Recognition Pathway?
14. How does one access the Recognition Pathway?
PS146 (RG146) in the Financial Services Workplace
17. Does a representative of a Pooled Superannuation Trust require to be PS146 (RG146) compliant?
18. Which unit of competency should I take if I work or want to work in a stock broking company?
20. If I want to provide advice on consumer credit insurance, which unit of competency must I take?
21. If I want to provide advice on travel insurance products, which unit of competency must I take?
22. If I want to provide advice on general insurance, which unit of competency must I take?
26. I am a para-planner must I be PS146 (RG146) qualified?
28. When is an advice provided by a tax agent, a financial product advice?
29. I am a lawyer, when must I be PS146 (RG146) qualified?
30. I am a recognised accountant when must I be PS146 (RG146) qualified?
About the Diploma of Financial Planning and the Units of Competency
33. What the competencies for the Financial Services industry?
34. What are the units of competency for the full Diploma of Financial Planning?
35. What are the units of competency for the Insurance Adviser course?
36. What are the units of competency for the Investment Adviser course?
37. What are the units of competency for the Superannuation Adviser course?
38. How are my competencies assessed?
39. What are the units of competency for the Advanced Diploma of Financial Planning?
40. What qualification should Responsible Officer of an AFSL do?
41. What Government Funding is Available?
Diploma of Quality Auditing
42. Will the course address the specific Quality Standards that are unique to my industry?
43. Does ISO quality auditing meet the standard for 3rd party audits?
44. How long will it take to complete the course?
46. What happens when I am assessed?
47. What is IBI’s refund policy?
48. Can I appeal against my results if I am not satisfied?
Answers - Frequently Asked Questions
1. What does PS146 (RG146) stand for?
PS 146 stands for ASIC Policy Statement 146 which sets out minimum training standards for people who provide financial product advice to retail clients (training standards). The training standards apply to a natural person (if they provide financial product advice to a retail client) who is:
(a) an Australian financial services licensee (licensee); or
(b) a representative of an Australian financial services licensee; or
(c) a securities licensee or futures licensee under the old Corporations Act; or
(d) the representative of a securities licensee or futures licensee under the old Corporations Act;
In general, advisers will meet the training standards by satisfactorily completing training courses listed on the ASIC Training Register relevant to their advisory activities.
From 5 July 2007, Policy Statement 146 is known as Regulatory Guide 146 (RG 146). Paragraphs in the ASIC document is to by their regulatory guide number (e.g. RG 146.1) or their policy statement number (e.g. PS 146.1).
2. Why is it necessary to be PS146 (RG146) compliant?
PS146 (RG146) specified that all natural persons who provide financial product advice to retail clients must meet the training standards. This encompasses natural person licensees and natural person representatives of licensees. It also includes natural persons who are authorised by a corporate authorised representative of a licensee.
You must meet the training standards if you want to provide advice to retail clients in any area or on any financial product.
3. What is the meaning of financial product advice?
Financial product advice means
i. a recommendation or
ii. a statement of opinion, or
iii. report of either of those things,
that is intended to influence a person or persons in making a decision in relation to a particular financial product or class of financial products, or an interest in a particular financial product or class of financial products; or could reasonably be regarded as being intended to have such an influence. Financial product advice can either be “general advice” or “personal advice”.
Persons providing either “general advice” or “personal advice” will need to have the generic knowledge, and specialist knowledge relevant to their activities and the products they advise on in order to provide a competent service.
4. Which units of competency do I need to complete if I want to deliver / provide “general advice”?
If you provide 'general advice' Generic Knowledge (GK) is a mandatory pre-requisite course, which sets the foundation by teaching the integrity, ethics and legislative requirements A person providing “general advice” does not make any recommendation as to the type of financial product that would be suitable for a retail client to purchase.
Therefore if you want to provide ‘general advice’ you must complete our “General Advice” that complies with financial planning Generic Knowledge which also covers basic deposit products and related non-cash payment products and providing advice.
Furthermore, you must also complete at least one of our three specialist units of competency (ie. either Risk Management (Insurance), Investment or Superannuation) in that corresponding specialist area of financial product advice you intend to provide.
5. Which units of competency do I need to complete if I want to deliver / provide “personal advice”?
A person providing “personal advice” can provide financial product advice that is given or directed to a person in circumstances where the personal advisor has considered one or more of the individual client’s personal objectives, financial situation and needs; or a reasonable person might expect the personal advisor to have considered one or more of those matters. If you want to provide ‘personal advice’ you must complete Financial Advice which comprises “Generic Knowledge” and “Financial Planning Skills”. These combined constitute the Financial Advice course,
Furthermore, you must also complete at least one of our three specialist knowledge area (ie either Risk Management (Insurance), Investments, Superannuation) in that corresponding specialist area of financial product advice you intend to provide.
If you choose to take and complete all three of our specialist units of competency, the full Diploma of Financial Services (Financial Planning) will be awarded to you and that would qualify you to provide personal financial product and service advice with most financial services and financial planning companies as our Diploma of Financial Services (Financial Planning) is a nationally recognized diploma within the financial services industry.
6. How do I upgrade from providing “general advice” to “personal advice”?
A person providing “personal advice” can provide financial product advice that is given or directed to a person in circumstances where the personal advisor has considered one or more of the customer’s objectives, financial situation and needs; or a reasonable person might expect the personal advisor to have considered one or more of those matters.
You can upgrade from providing “general advice” (GA) or (Generic Knowledge) to delivering “personal advice” (PA) by simply taking and completing our Financial Planning Skills of our Financial Advice course.
Please note that you must have completed the prerequisite General Advice (Generic Knowledge) course that qualifies you to provide general advice before you can enroll in our Financial Planning Skills.
7. Which specialist knowledge courses should I take?
Upon completing our Financial Advice course, you must also complete at least one of our three ASIC registered specialist knowledge courses, that is, either Risk Management (RM) Insurance, –Investments (INV) that includes securities, managed investment schemes and derivatives, or Superannuation (SUP) before you can provide financial advice in that corresponding specialist knowledge area. Please see below the various qualification combinations that you can select from. To Qualify as: Units of competency you must complete:
Risk Management Adviser (General Advice or Personal Advice) Financial Advice (FA) & Risk Management Investment Adviser (General Advice or Personal Advice) Financial Advice (FA) & Investments (SEC–MIS–DER) Superannuation Adviser (General Advice or Personal Advice) Financial Advice (FA) & Superannuation (SUP) Managed Investments Adviser (General Advice or Personal Advice) Financial Advice (FA) & Investments (MIS) Securities Adviser (General Advice or Personal Advice) Financial Advice (FA) & Investments (SEC) Derivates Adviser (General Advice or Personal Advice) Financial Advice (FA) & Investments (DER)
8. Why enroll in the full Diploma of Financial Services (Financial Planning)?
Our full Diploma of Financial Services (Financial Planning) being a nationally recognized diploma within the financial services industry is the mandate minimum qualification required by ASIC for most careers in the financial services industry. Our full Diploma would qualify you to provide personal financial advice with most financial services and financial planning companies.
9. Why study by distance education rather than in a Face-to-face classroom?
Distance education would suit persons who have the motivation and desire to learn independently. To succeed via distance education, learners should to be effective self time managers and should possess disciplined study habits. Successful distance education learners should also be comfortable with use of the Internet and email and have ready access to a desk-top computer or a laptop.
All our distance education students will be assigned professional Trainers with financial planning experience. In addition, our distance education team will be made available to all our distance education students via email and/or telephone to provide speedy feedback on the assessments.
10. What is the length of the course by distance education?
Our distance education student will be given two years to complete their chosen units of competency. If an extension is required, students can place an extension in writing so long as the application is received within the four years period.
11. Why take the face to face classroom-based workshops?
Our intensive classroom-based workshops would suit persons who prefer to have face to face interactive training from experienced industry Trainers. Our intensive classroom-based workshops are the quickest way to achieve your qualification and to kick-start your financial services career.
Our intensive classroom-based workshops are delivered to small groups of students in capital cities every month. These classroom-based workshops would be ideal for persons that are new to the industry, for persons that require face to face support and for persons who enjoy networking.
Our experienced industry Trainers are skilled professionals in the financial services industry. Our Trainers are trained to conduct the workshops in a highly interactive way to stimulate interests and discussions and would be sharing their own real life industry experiences.
12. What is the length of the face to face classroom-based workshops?
Our face to face classroom-based workshops are held on Tuesdays to Fridays from 8.00am to 6.00 p.m.
Each Course, Financial Advice, Risk Management, Investments and Superannuation is 1 or 2 days in length. Our face to face workshops are generally scheduled every month. Please refer to our classroom workshops’ schedule here.
Students are given the choice to attend the face to face workshops consecutively over a three week period in a given month (eg, a student enrolled in the full Diploma of Financial Services (Financial Planning) may attend consecutively 8 days of workshops spread over 3 weeks Tuesday to Friday in week 1, followed by a 1 week break, Tuesday to Friday in the 3rd week) or attend individual course over several months (eg, attending a two day workshop for each course every week or month).
Reading materials will be provided to all face to face workshop students at least three weeks prior to the commencement date of the workshops. Students are strongly encouraged to read the unit materials in preparation for the workshops.
13. What is recognition of prior learning (RPL)?
RPL is a formal acknowledgement of the skills and knowledge a person has acquired through previous training, work or life experience, which may be used to grant status or credit in a subject or module.
14. How does one receive recognition under the Recognition Pathway?
We recognise all previously attained qualifications (eg certificates and/or statements of attainment) issued by other organisations such as universities, TAFEs or other registered training organisations for subjects listed on the ASIC training register. Note: ASIC requires persons with foreign qualifications to undertake courses on the ASIC training register to become familiar with Australian regulatory requirements (PS 146.5).
The Recognition Pathway applicant will be required to provide a portfolio of evidence to support his claim of competency in that specified area. Please contact us 1300 669 786 for more information.
If, your Recognition Pathway application is not accepted upon receipt of your previously attained qualifications, you will be notified and we will make arrangements for you to enroll for the unit of competency in question.
15. What abbreviations should be used on business stationary (business cards etc) upon successfully completing the Diploma qualification?
Yes you can use a post nominal abbreviation on your business stationary to convey your qualification once you have been awarded the Diploma of Financial Planning. Some examples of abbreviation include
i. Dip.FS (Financial Planning),
ii. Dip.FP,
iii. Dip Fin Plan
16. Does a customer service representative in a financial services firm require to be PS146 (RG146) compliant?
Call centre or front desk staff (customer service representatives) who deal with initial queries from customers may provide financial product advice to customers in the course of their work. Customer service representatives do not need to meet the training standards where the only financial product advice they provide is either:
(a) derived from a script approved by a person who meets the training standards; or
(b) made under the direct supervision of a person who meets the training standards (see [PS 146.15B]).
We however encourage customer service representative to undertake our PS146 (RG146) training as it will provides the general and specialist knowledge they require to successfully perform in their role.
To obtain the necessary competencies to perform their functions including a thorough understanding of the limits of the advice they are allowed to give, customer service representative should consider to undertake our PS146 (RG146) training in Generic Knowledge (general advice) and either Risk Management (general advice) or Superannuation (general advice) or Investment (general advice).
17. Does a representative of a Pooled Superannuation Trust require to be PS146 (RG146) compliant?
Any person who provides financial product advice to retail clients must meet the PS146 (RG146) training standards.
So if a representative of a Pooled Superannuation Trust is to provide personal financial product advice to retail clients, they will need to be PS 146 compliant. They can achieve this by undertaking and completing our PS146 (RG146) training in Superannuation (general advice) and or Superannuation (Personal advice).
18. Which unit of competency should I take if I work or want to work in a stock broking company?
Any person who provides financial product advice to retail clients must meet the PS146 (RG146) training standards. As such if you wish to provide advice on managed investments, securities, derivates or foreign exchange, you will need to be PS146 (RG146) compliant. This can be achieved by undertaking and completing our PS146 (RG146) training in Investment (general advice) or Investment (personal advice).
19. If I wish to provide advise on basic deposit products and related non-cash payment products, which unit of competency must I complete to satisfy PS146 (RG146) compliance?
Any person who provides financial product advice to retail clients must meet the PS146 (RG146) training standards.
Persons wanting to provide advice on basic deposit products and related non-cash payment products can do so by undertaking and completing our PS146 (RG146) training in Generic Knowledge (general advice) and Financial Planning (personal advice).
20. If I want to provide advice on consumer credit insurance, which unit of competency must I take?
Any person who provides financial product advice to retail clients must meet the PS146 (RG146) training standards. Consumer credit insurance is a financial product designed to manage risk in relation to consumer credit.
Persons wanting to provide advice on consumer credit insurance can do so by undertaking and completing our PS146 (RG146) training in Risk Management (general advice) and Risk Management (personal advice)
21. If I want to provide advice on travel products, which unit of competency must I take?
Any person who provides financial product advice to retail clients must meet the PS146 (RG146) training standards. Travel insurance is a financial product designed to manage risk in relation to travel.
Persons wanting to provide advice on travel insurance products can do so by undertaking and completing our PS146 (RG146) training in Risk Management (general advice) and Risk Management (personal advice)
22. If I want to provide advice on general insurance, which unit of competency must I take?
Any person who provides financial product advice to retail clients must meet the PS146 (RG146) training standards.
Persons wanting to provide advice on General insurance (financial products that manages risks in relation to assets and events such as motor vehicles, property and its contents and even marine vessels) can do so by undertaking and completing our PS146 (RG146) training in Risk Management (general advice) and Risk Management (personal advice).
23. If I want to provide advice on self-managed superannuation funds, which unit of competency must I take?
Any person who provides financial product advice to retail clients must meet the PS146 (RG146) training standards.
Persons wanting to provide advice on self-managed superannuation funds should as a minimum undertake and complete our PS146 (RG146) training in Superannuation (general advice) and Superannuation (personal advice).
24. If I want to advise and deal in derivatives and I am an Australian Financial Services licensee, which unit of competency must I take?
Any person who provides financial product advice to retail clients must meet the PS146 (RG146) training standards.
Persons wanting to provide advice and deal in derivatives can do so by undertaking and completing our PS146 (RG146) training in Investment (general advice) and Investment (personal advice).
25. As an issuer of financial products, must the PS146 (RG146) training requirements be met?
Any person who provides financial product advice to retail clients must meet the PS146 (RG146) training standards.
If any employee of a financial product issuer provides general financial product advice, these employees must be PS146 (RG146) compliant and can do so by undertaking and completing our related PS146 (RG146) training in Risk Management (general advice) and/or Superannuation (general advice) and/or Investment (general advice).
26. I am a para-planner must I be PS146 (RG146) qualified?
ASIC Policy Statement 146 states - “Para-planners and trainee advisers perform functions such as collecting information from retail clients about their objectives, financial situation or needs, preparing draft Statements of Advice and assisting in the explanation of financial product advice to retail clients. We will not require para-planners and trainee advisers to meet the training standards provided a person who does meet the training standards plays a material role in, and remains responsible for (together with the licensee), the provision of financial product advice to retail clients.”
We however encourage Para-planners and trainee advisers to undertake our PS146 (RG146) training as it will provides the general and specialist knowledge they require to successfully perform in their role.
To obtain the necessary competencies to perform their functions including a thorough understanding of the limits of the advice they are allowed to give, Para-planners and trainee advisers should consider to undertake our PS146 (RG146) training in Generic Knowledge (general advice) and either Risk Management (general advice) or Superannuation (general advice) or Investment (general advice).
27. Must administrative staff and assistants to financial advisers or insurance brokers be PS146 (RG146) qualified?
While it is not mandatory, we however encourage administrative staff and assistants to undertake our PS146 (RG146) training as it will provides the general and specialist knowledge they require to successfully perform in their role.
To obtain the necessary competencies to perform their functions including a thorough understanding of the limits of the advice they are allowed to give, administrative staff and assistants should consider to undertake our PS146 (RG146) training in Generic Knowledge (general advice) and either Risk Management (general advice) or Superannuation (general advice) or Investment (general advice).
28. When is an advice provided by a tax agent a financial product advice?
Any person who provides financial product advice to retail clients must meet the PS146 (RG146) training standards.
If you are a registered tax agent and the tax advice is given in the ordinary course of activities, that advice is not financial product advice. However, the tax advice may be a financial product advice if it is conducted to influence the decision-making of a client with regards to financial products.
As such, tax agents who wants to provides financial product advice to retail clients should enroll in our Diploma of Financial Services (Financial Planning) so as to benefit from the growth of the financial services industry.
29. I am a lawyer, when must I be PS146 (RG146) qualified?
Any person who provides financial product advice to retail clients must meet the PS146 (RG146) training standards.
If a lawyer provides advice that is conducted to influence the decision-making of a client with regards to a specific financial product or class of financial products, that advice may be a financial product advice.
We encourage lawyers who want to provide financial product advice to retail clients to enroll in our Diploma of Financial Services (Financial Planning) so as to benefit from the growth of the financial services industry.
30. I am a recognised/qualified accountant, when must I be PS146 (RG146) qualified?
Any person who provides financial product advice to retail clients must meet the PS146 (RG146) training standards
As an qualified accountant financial advice should only be given on these subject areas if you are PS146 (RG146) qualified and hold a proper authority from a Australian Financial Services Licensee:
1. Financial Advice in relation to assets or investment strategy of a client’s SMSF, this advice includes whether the trustee should acquire or dispose of certain financial products or classes of financial product.
2. Financial Advice in relation to transfer of financial interests in another type of superannuation fund (such as an employer fund or public offer fund), or any other type of financial product, even if the recommendation is for the client to dispose of that product in order to establish or join a SMSF (an example includes, by rolling over funds from the other superannuation fund to the SMSF).
3. Financial Advice in relation to a change in investment strategies or contribution levels of another type of superannuation fund. Recommendation to a client to stop contributing to an existing superannuation fund and instead make contributions into a SMSF. Another example is advice to switch between investment options.
4. Financial Advice to advise or recommend not to invest in certain types of financial product. 5. Advice to your client to join an existing SMSF unless reasonably necessary to, and an integral part of, advice about the establishment, operation, structuring or valuation of the fund.
31. How is the previous qualification known as the Diploma of Financial Planning different to Diploma of Financial Services (Financial Planning)?
While the Diploma of Financial Planning was a nationally accredited course under the Australian National Qualifications Framework (AQTF), it was not recognised by the Australian National Training Authority (ANTA).The Diploma of Financial Services (Financial Planning) is a nationally recognised AQTF qualification that is recognised by ANTA and meets all ASIC PS146 (RG146) requirements from 1 January 2003.
32. Which unit of competency must I take to be PS146 (RG146) compliant if I have previously completed the Diploma of Financial Planning and some previous industry experience?
We would encourage that you undertake the Diploma of Financial Services (Financial Planning), however recognition of prior learning may be awarded for your previous industry experience and your Diploma of Financial Planning which would accelerate your completion of our Diploma of Financial Services (Financial Planning).
33. What are the units of competency for the Financial Services industry?
Our Diploma of Financial Services (Financial Planning) is part of the nationally recognised Financial Services Training Package (FSTP), tailored to meet the industry specifications of financial planners and is listed on the ASIC Training Register. Our course would give you the practical knowledge and skills to meet the education standards in accordance with ASIC PS 146 for a range of financial advice areas. You will gain the specialist competencies that you need to get started as a financial planner.
34. What are the units of competency for the full Diploma of Financial Planning?
The units of competency of our full Diploma of Financial Services (Financial Planning) include the following units of competency:
Industry Core Competency Units
Communicate in the workplace
Use technology in the workplace
Apply health and safety practices in the workplace
Apply principles of professional practice to work in the financial services industry
Sectoral Core Competency Units
Comply with financial planning practice, ethical and operational guidelines & regulatory requirements
Conduct financial planning analysis and research
Develop and prepare a financial plan
Implement financial plan
Review financial plan and provide ongoing service
ASIC Competency Units
Establish client relationship and analyse needs
Develop, present and negotiate client solutions
Provide advice in Financial Planning
Provide advice in Insurance
Provide advice in Superannuation
Provide advice in Managed Investments
Provide advice in Securities
Provide advice in Derivatives
Elective Competency Units
Meet with client to determine client requirements and expectations
Provide financial planning advice
Provide appropriate services, advice and products to clients
Provide appropriate and timely information to clients
Comply with financial services legislation, industry and professional codes of practice
Conduct product research to support recommendations
Determine client requirements and expectations
Record and implement client instructions
Analyse financial market products for clients
Advise clients on financial risks
35. What are the units of competency for the Risk Management Adviser course?
The units of competency of for the Advisor course include the following units of competency:
Prerequisite Competency Units
Provide appropriate services, advice and products to clients (ASIC Tier 1 Unit)
Comply with financial services legislation, industry and professional codes of practice
Conduct research to support recommendations
Record and implement client instructions
Industry core competecy units
Communicate in the workplace
Use technology in the workplace
Apply health and safety practices in the workplace
Apply principles of professional practice to work in the financial services industry
Sectoral Core Competency Units
Comply with financial planning practice, ethical and operational guidelines & regulatory
requirements Conduct financial planning analysis and research
Develop and prepare a financial plan
Implement financial plan
Review financial plan and provide ongoing service
ASIC Competency Units
Establish client relationship and analyse needs
Develop, present and negotiate client solutions
Provide advice in Financial Planning
Provide advice in Insurance
Elective Competency Units
Meet with client to determine client requirements and expectations
Provide financial planning advice
Upon successful completion of the Risk Management Advisor course which is listed on the ASIC Training Register, you will be issued with Statements of Attainment in partial completion of our nationally recognised qualification of Diploma of Financial Services (Financial Planning).
36. What are the units of competency for the Investment Advisor course?
The units of competency of for the Investment Advisor course include the following units of competency:
Prerequisite Competency Units
Provide appropriate and timely information to clients
Conduct research to support recommendations
Determine clients requirements and expectations
Record and implement client instructions
Analyse financial market products for clients
Advise clients on financial risks
Industry Core Competency Units
Communicate in the workplace
Use technology in the workplace
Apply health and safety practices in the workplace
Apply principles of professional practice to work in the financial services industry
Sectoral Core Competency Units
Comply with financial planning practice, ethical and operational guidelines & regulatory requirements
Conduct financial planning analysis and research
Develop and prepare a financial plan
Implement financial plan
Review financial plan and provide ongoing service
ASIC Competency Units
Establish client relationship and analyse needs
Develop, present and negotiate client solutions
Provide advice in Financial Planning
Provide advice in Managed Investments
Provide advice in Securities Provide advice in Derivative
Elective Competency Units
Meet with client to determine client requirements and expectations
Provide financial planning advice.
Upon successful completion of the Investment Advisor course which is listed on the ASIC Training Register, you will be issued with Statements of Attainment in partial completion of our nationally recognised qualification of Diploma of Financial Services (Financial Planning).
37. What are the units of competency for the Superannuation Advisor course?
The units of competency for the Superannuation Advisor course include the following units of competency:
Prerequisite Competency Units
Determine client requirements and expectations
Provide appropriate and timely information to clients
Conduct product research to support recommendations
Record and implement client instructions
Industry Core Competency Units
Communicate in the workplace
Use technology in the workplace
Apply health and safety practices in the workplace
Apply principles of professional practice to work in the financial services industry
Sectoral Core Competency Units
Comply with financial planning practice, ethical and operational guidelines & regulatory requirements
Conduct financial planning analysis and research
Develop and prepare a financial plan
Implement financial plan
Review financial plan and provide ongoing service
ASIC Competency Units
Establish client relationship and analyse needs
Develop, present and negotiate client solutions
Provide advice in Financial Planning
Provide advice in Superannuation
Elective Competency Units
Meet with client to determine client requirements and expectations
Provide financial planning advice.
Upon successful completion of the Superannuation Advisor course which is listed on the ASIC Training Register, you will be issued with Statements of Attainment in partial completion of our nationally recognised qualification of Diploma of Financial Services (Financial Planning).
38. How is my competency assessed?
Your competency is determined by the successful completion of the Assessments in the Assessment Booklet provided.
Our Assessment Materials consists of
1. Activity Questions (including multiple choice questions);
2. Responses to Activities contained in the Assessment Booklets; and
3. Required Reading.
Assessment means the satisfactory completion of Responses to Activities so that the Student has achieved competency as determined by the assessor and the Required Reading. IBI’s Courses are designed to provide skill-based learning outcomes involving ‘Activities’, which may include multiple choice questions, short answer, case studies and role-plays. The Diploma of Financial Services (Financial Planning) has a number of Assessments incorporating various assessment methods and tools.
Our assessment process allows Students to reinforce knowledge gained throughout the Courses in a practical manner. Our assessment process replaces the formal university style examination method by providing Students with practical real-life learning outcomes.
If You choose to study by Distance Learning, You will be assigned a financial planner / educator who will be available by telephone and email to provide speedy assessment feedback (within 4 days of submission). Upon completion of all Assessments email the Assessment Booklet or keep a photocopy and send the originals to IBI for assessments. Activities are generally assessed within 4 working days. Some activities (e.g. presenting a Statement of Advice to a client) will require You to make an appointment for a telephone assessment.
Each Student is regarded as a Distance Learning Student. The Classroom Workshop option is a supplement that provide an opportunity for Students to have their knowledge and skills assessed as well as develop Responses to Activities in a group setting that supplements learning outcomes under the Distance Learning program and should be seen as a method to assist in the completion of Responses to Activities Students are required to complete one to two Activities each hour to apply and assess knowledge gained. Activities are generally assessed during the Course to provide You with timely feedback. If You are deemed ‘not competent’ in an Activity, You will be provided with personal coaching and given the opportunity to resubmit the Activity.
If You are deemed ‘not competent’ in an Activity, written feedback will be sent back to You to provide with the opportunity to resubmit the Activity. A Statement of Attainment will be awarded once You are deemed competent in all Course Activities.
39. What are the units of competency for the Advanced Diploma of Financial Services (Financial Planning)?
Please see the Student Information Guide.
40. What qualification should Responsible Officer of an AFSL do?
The Diploma of Financial Planning is one of the qualifications recognised by the Australian Securities & Investments Commission (ASIC) as fulfilling the requirements of a Nominated Responsible Officer under Policy Statement 164 as well as at least 3 years relevant experience over the immediate past 5 years.
41. What Government Funding is Available?
"Securing Jobs for the Future" is a Victorian State Government initiative. This funding is available to Victorian based RTO’s only. The training is delivered with Victorian and Commonwealth Government funding.
IBI has received Victorian Government Funding for 2010 &11 for:
FNS50804 Diploma of Financial Services (Financial Planning).
FNS60404 Advanced Diploma of Financial Services (Financial Planning)
in 2012, funding is provided for the FN10 packages
FNS50610/FNS50611 Diploma Financial Planning
FNS60410 Advanced Diploma Financial Planning
FNS60510 Advanced Diploma Superannuation
IBI is the only RTO that can provide both of these qualifications under this Government Funding Program.
42. Will the course address the specific Quality Standards that are unique to my industry?
Yes. The core skills address the mandatory requirements of any quality system and the assessment processes contextualize the skills and knowledge to suit your business.
43. Does ISO quality auditing meet the standard for 3rd party audits?
A third party audit is typically undertaken by an independent auditor firm. With an ISO 9001 audit the independent auditor is the Statutory authority registrar who generally do not possess an commercial interest in the final result of the audit. A third party auditor can the statutory authority itself, government representative, or firm hired by the authority. The outcome of the audit could be a certification, license, acceptance, or an award.
With a second party audit the audit is conducted by those who have a relationship to the final result. This is often suppliers, or your customers auditing the organisation. The name given to these types of audits are surveys or an assessments.
In the case of a first party audits are audits undertaken inhouse. These audits are management tools which emphasise continuous improvement of business practices and processes. The auditor should ideally be independent of the audit area and be strategically aligned with the organisations objectives (goals) and key performance indicators (metrics).
44. How long will it take to complete the course?
The course is run over eight (8) weeks however students are required to undertake further reading, research and project work which will take students different amounts of time depending on industry experience, prior learning and dedication. You have 6 months to complete 50% of the course before having to re-apply.
There are no exams. Assessments are completed through range of activities including project work, presentations, research, demonstrate skills, written assignments, case studies and short answer questions.
46. What happens when I am assessed?
Assignments are submitted by students via email. Assessment of assessments is reported to the student by return email. Students may be required to re-submit. IBI does not charge a re-sitting fee for students.
47. What is IBI’s refund policy?
Refer to the Student Information Guide together with the full terms and conditions.
48. Can I appeal against my results if I am not satisfied?
Yes. Information is available in the Student Information Guide if you want to learn how.
