Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to establish actions, timings and priorities needed to implement complex loans and supervise the implementation process, and applies to finance brokers working with clients with complex needs.
It applies to individuals who use specialised knowledge and well developed organisational skills to coordinate the implementation of complex financial processes.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Unit Sector
Finance/mortgage broking
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Organise implementation actions |
1.1 Review special or complex features of client situation for implementation implications including high asset, income or expenditure requirements, complex taxation, nature and forms of securities to be taken and other legal or complex issues 1.2 Prioritise implementation actions, plan timing for each action and confirm activities to be consistent with client needs and specifications 1.3 Explain implementation actions required by client clearly, obtain written agreement to actions and establish implementation records 1.4 Implement actions including timing and priority to maximise advantage for client |
2. Establish appropriate procedures for implementation |
2.1 Identify and brief personnel to implement each action for loan structure and complete internal and external documentation requirements 2.2 Coordinate implementation actions that depend on or involve actions by other professionals 2.3 Establish monitoring procedures for critical implementation timing and priorities |
3. Undertake and/or supervise implementation |
3.1 Brief client on actions to be undertaken and provide assistance where needed 3.2 Issue instructions to internal and external personnel as per loan structure 3.3 Maintain consultation and monitoring with other professionals where joint implementation action is required, and check and follow up on lodgement of documentation to ensure plan timings are met 3.4 Obtain and process fees and charges according to organisational and legislative requirements 3.5 Debrief client post-implementation and address any concerns |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.1 |
|
Writing |
1.3, 2.1, 3.1, 3.2, 3.3, 3.5 |
|
Oral Communication |
1.3, 2.1, 3.1, 3.2, 3.3, 3.5 |
|
Numeracy |
1.1, 1.3, 3.2, 3.4 |
|
Navigate the world of work |
1.1, 3.4 |
|
Interact with others |
1.3, 2.1, 3.1, 3.2, 3.3, 3.5 |
|
Get the work done |
1.2-1.4, 2.1, 2.2, 2.3, 3.2, 3.4 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSFMB504 Implement complex loan structures |
FNSFMB504A Implement complex loan structures |
Updated to meet Standards for Training Packages Minor edits to clarify intent of performance criteria |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe