Unit of competency details

FNSINC402 - Develop and maintain in-depth knowledge of products and services used by an organisation or sector (Release 1)

Summary

Releases:
ReleaseStatusRelease date
1 1 (this release)Current 25/Mar/2015

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSINC402A - Develop and maintain in-depth knowledge of products and services used by an organisation or sectorUpdated to meet Standards for Training Packages. Minor edits and reordering to clarify intent of performance criteria. 24/Mar/2015


Training packages that include this unit

Qualifications that include this unit

CodeTitleSort Table listing Qualifications that include this unit by the Title columnRelease
FNS51815 - Diploma of Financial ServicesDiploma of Financial Services 1-3 
FNS51615 - Diploma of SecuritisationDiploma of Securitisation 1-2 
FNS51215 - Diploma of Insurance BrokingDiploma of Insurance Broking 1-2 
FNS51115 - Diploma of General InsuranceDiploma of General Insurance 1-2 
FNS50715 - Diploma of SuperannuationDiploma of Superannuation 1-2 
FNS42015 - Certificate IV in Banking ServicesCertificate IV in Banking Services 1-2 
FNS41815 - Certificate IV in Financial ServicesCertificate IV in Financial Services 1-4 
FNS41415 - Certificate IV in General InsuranceCertificate IV in General Insurance 1-2 
FNS40915 - Certificate IV in SuperannuationCertificate IV in Superannuation 1-3 
FNS40815 - Certificate IV in Finance and Mortgage BrokingCertificate IV in Finance and Mortgage Broking 1-2 
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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 081103 Insurance And Actuarial Studies  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 081103 Insurance And Actuarial Studies  30/Jul/2015 
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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 develop and maintain an in-depth knowledge of the financial products and services provided by an organisation, or those an organisation uses, and how they may be applied to client needs.

It applies to individuals who work in various financial services industry job roles and with a wide range of financial products or services.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Industry capability

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. Identify products and services organisation uses

1.1 Identify products and services used by organisation or sector and determine their purpose

1.2 Identify characteristics of products and services and their strengths, weaknesses, terms and conditions

1.3 Communicate clearly to clients the characteristics of products and services

1.4 Access and apply organisation’s promotional strategy for products and services in business activities

2. Identify compliance implications of product

2.1 Establish and document compliance implications

2.2 Provide client with all necessary information and documentation as per compliance requirements

3. Determine appropriate users for products and services

3.1 Identify and document function of each product and service, and client needs it satisfies

3.2 Determine client characteristics that best suit each product

3.3 Compare products and services used by organisation or sector with products of competitors

3.4 Determine most effective approach to matching products to client needs

3.5 Evaluate approaches to selling products and services in competitive marketplace

3.6 Determine effective approaches to meeting client needs

4. Maintain product knowledge

4.1 Review relevant products and services regularly and apply any changes to terms and conditions in daily work

4.2 Establish and use systems for keeping up with changes and maintaining up-to-date knowledge about relevant products and services

4.3 Review emerging trends affecting the financial services industry and apply to product and service knowledge

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 

Learning

4.2

  • Identifies, plans and implements strategies to manage gaps in personal knowledge

Reading

1.1, 1.2, 1.4, 2.1, 3.1, 3.3, 4.1, 4.3

  • Evaluates information and products from a variety of sources to ensure appropriateness to client needs

Writing

2.1, 2.2, 3.1, 4.2

  • Prepares documentation using clear language, and correct spelling and terminology

Oral Communication

1.3, 2.2

  • Employs appropriate language for the target audience and uses active listening techniques to confirm own understanding

Navigate the world of work

1.1, 1.2, 3.2, 3.6, 4.1, 4.3

  • Ensures knowledge of products, legislation, regulations and standards relevant to role is accurate, comprehensive and current

Interact with others

1.3, 2.2

  • Selects and uses appropriate conventions and protocols when communicating with clients in a range of work contexts

Get the work done

1.3, 3.3, 3.5, 4.2, 4.3

  • Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes
  • Contributes to continuous improvement of current work practices by applying basic principles of analytical and lateral thinking
  • Uses digital tools to access information

Unit Mapping Information

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSINC402 Develop and maintain in-depth knowledge of products and services used by an organisation or sector

FNSINC402A Develop and maintain in-depth knowledge of products and services used by an organisation or sector

Updated to meet Standards for Training Packages.

Minor edits and reordering to clarify intent of performance criteria.

Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.education.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

  • develop and use systems to maintain currency of knowledge of financial products, compliance and client characteristics.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • explain systems that can be accessed to obtain up-to-date information on products, services and competition
  • describe the products and services used by the organisation or sector and their purpose
  • describe products and services used by competitors that are similar to those of the organisation
  • explain different marketing methods and approaches to promoting or selling financial products and services
  • identify organisational policy in terms of promotional and marketing strategies
  • describe ethical and regulatory conditions that must be adhered to in promoting products and services to clients
  • outline general client characteristics and needs for the organisation or sector.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the industry capability field and include access to:

  • common office equipment, technology, software and consumables
  • financial services product information.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.education.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

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