What courses do I need to do if I want to become an accredited insurance broker?
As a minimum, you will need to attain RG146 compliance in General Insurance or Insurance Broking. Most insurance products are Tier 2; however, if you intend to provide advice in personal sickness and accident insurance, you will need to attain RG146 compliance at Tier 1 level.
If you want to provide advice in life insurance, RG146 limits you to providing general advice only. To provide personal advice in life insurance to retail clients you may eventually need to meet FASEA standards. You can refer to the FASEA website for details of transition arrangements applicable to existing advisers.
What courses do I need to do if I want to run my own insurance broking business and eventually have staff working under me?
Building on any RG146 compliance you have attained, there are several insurance qualifications you can study, ranging from diplomas of financial services, general insurance and insurance broking to university degrees.
With respect to how your business might operate, there are a couple of options. You can arrange to become a Corporate Authorised Representative under an Australian Financial Services (AFS) licensee authorised to provide insurance and/or insurance broking services. Alternatively, you can apply for your own AFS licence (see RG 1 for guidance). ASIC’s regulatory guidance provides details on how they assess applications for AFS licences, including minimum knowledge and experience requirements for licensees and responsible managers.
We also maintain a list of compliance consultants we can refer you to.
I am already working with an Insurance company and I was thinking to upskill myself. What are my options?
If you are providing advice in only Tier 2 insurance products, you can upgrade to Tier 1 compliance. You can also consider one of the several insurance-oriented qualifications available, ranging from diplomas of financial services, general insurance and insurance broking to university degrees.
Is FEP’s Tier 1 General Insurance Personal Advice course up to date and fully approved so that I will be allowed to work with it? Just wanted to make sure that it’s the latest thing to meet the standards.
Yes, FEP’s specialist knowledge programs are updated at least annually, and more frequently when there are substantial regulatory changes and industry developments. We are a Registered Training Organisation and an ASIC Authorised Assessor, so you can be assured that FEP’s programs comply with ASIC’s requirements.
Our General Insurance courses are nationally recognised training that will allow you to work for a company that provides personal advice in and sells insurance to retail clients.
National Recognised Training means you will be awarded units of competency; these will be familiar to employers nationally and will mean that you won’t have to complete them again if they are included in any qualifications you wish to study.
How many modules do I need to sign up to in order be a qualified General Insurance Adviser?
What you need to study depends on:
- whether you want to become compliant to give insurance advice at Tier 1 or Tier 2 level
- what RG146 compliance you have previously completed.
For Tier 1, complete:
- Generic Knowledge
- General Insurance specialist knowledge, including personal accident and sickness insurance
- Tier 1 Skills assessment (if providing personal advice).
For Tier 2, complete:
- General Insurance specialist knowledge (Tier 2 products only)
- Tier 2 Skills assessment (if providing personal advice).
We have packages at Tier 1 and Tier 2 level that include all the components. We also offer enrolment in individual modules. Therefore, if you are compliant in other RG146 specialist knowledge areas, we may be able to recognise your previous study, in which case you can enrol in just the components you are missing.
Hi, I am a financial planner looking to get my general insurance qualification what do I need to study?
If you are a financial adviser, you are very likely already compliant to give personal advice at Tier 1 level. If that is the case, you will only need to complete a Tier 1 or Tier 2 General Insurance module to add this knowledge area to your advice accreditations.
You’re welcome to contact us via firstname.lastname@example.org so we can assess your eligibility and confirm what you need to study before enrolling. Just attach any relevant academic transcripts – showing completed subjects and units of competency attained – with your enquiry.