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Training Policy & Procedures An Overview for Staff Prepared by MSM Compliance Services Pty Ltd.

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Presentation on theme: "Training Policy & Procedures An Overview for Staff Prepared by MSM Compliance Services Pty Ltd."— Presentation transcript:

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2 Training Policy & Procedures An Overview for Staff Prepared by MSM Compliance Services Pty Ltd

3 Who Are MSM Compliance? MSM is a national professional services business focused on the general insurance industry. Your company has engaged MSM to assist in the management of its obligations as a holder of an Australian Financial Services Licence. MSM helps to ensure that you and your company comply with your AFS Licence obligations with the least disruption to your core business.

4 Why Are You Reading This? To provide you with an introduction to our Training Policy and Procedures. It will present you with a synopsis, but not the detail. You should still take the time to read the full Training Policy & Procedures.

5 Why Do We Have A Training Policy & Procedures? As an AFS Licensee our staff that provide advice must achieve and maintain a minimum education standards – Regulatory Guide 146 (RG146). Training of staff ensures our clients receive appropriate service and relevant products to meet their needs. Failure to train staff can lead to poor service, potential for claims for compensation, loss of clients and loss of ability to operate in the industry.

6 Our Attitude To Training We believe in continuous education & development of our staff. We encourage & support ongoing training because it is beneficial to our staff and therefore our business, not only to meet legislative requirements. Financial support and study leave will be provided.

7 RG146 Training Standards The training standard required for staff is dependent on the type of products and clients that staff are dealing with. The following is a summary of RG146 Type of ClientType of ProductTraining Level Direct Retail (Individual or small business) Home/Motor/Personal Property/Travel/Consumer Credit Tier 2 equivalent to a Certificate III course Direct Retail (individual or small business) Personal AccidentTier 1 equivalent to a Diploma/Degree course Direct WholesaleAll ProductsCompetent, no specific requirements. Broker sourced businessAll ProductsCompetent, no specific requirements.

8 Our Training Levels The training levels required for our staff are ; RoleTarget Training Junior staffCertificate III in Financial Services, ANZIIF Tier 2 Compliance program Clerical & Support staffCertificate III in Financial Services, ANZIIF Tier 2 Compliance program Internal operational staff including claims staff.Certificate IV in Financial Services, ANZIIF Tier 1 Compliance Program Sales, supervisor, managerial staff and staff handling Personal Accident business direct with Individuals. Diploma/Degree in Financial Services, Insurance Institute Tier 1 Compliance Program

9 Ongoing Training Once a staff member has met the RG146 training requirements for the roles they are performing there is no need for the ongoing training and development programs to be approved by ASIC We require staff and representatives to engage themselves in ongoing self-development: –Responsible Managers - 30 hours per annum –Other advisory staff - 15 hours per annum Examples of ongoing training & development:  Formal Insurance Institute, university or distance education courses.  QPIB & CIP programs.  Industry related conferences, seminars & discussion groups  In-house training.  Workshops & presentations provided by underwriters, industry associations or buying groups.  Reading industry magazines, journals & newsletters.  Reading or other material that is relevant to the business such as reports from FOS, NIBA, ICA, Insurance Institute, APRA, ASIC.  Web based training such as Insite (ANZIIF) and Nero (NIBA)

10 Who Is Responsible For Training? The Responsible Manager(s) is ultimately responsible for the implementation and effectiveness of these Policy and Procedures. The Training Officer is responsible for the day to day management and monitoring of out training.

11 Who is the Training Officer? The Training Officer is indicated on our Organisation Chart by the Code TO under their name. The specific tasks of the Training Officer include; Developing an initial Training Plan for each staff member. Ensuring that Training Plans are followed. Updating Training Plans as training occurs. Maintenance of documentation for any training undertaken. Addressing training needs for new staff. Promote training within the business. Ensuring training plans are updated annually.

12 Review & Updates Our Training Policy & Procedures will be reviewed and updated on a regular basis as well as part of our the annual Business Planning process. Any changes will be advised to you either via or at our regular Staff meetings. If you see an opportunity to improve these procedures make the suggestion known to the TO or your manager/supervisor.

13 In summary You should read the full Policy & Procedures. ensure you have the required training & skills to competently undertake your role. ensure your Training Plan is kept up to date. continually seek to develop yourself through further education.

14 Where To From Here? Please take the time to read our full Training Policy and Procedures and if you require further clarification discuss with our Training Officer. If you provide advice to clients ensure you have a Training Plan and follow it as directed.


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