Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to satisfy the training requirements for authorisation by an Australian ASIC registered License (AFSL) holder to provide advice on deposit products, non-cash payment facilities and general insurance products at Tier 2 level. This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by ASIC. |
Application of the Unit
Application of the unit |
This unit applies to job roles involving provision of advice on financial products and services at ASIC Tier 2 level. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
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Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
1. Develop appropriate strategies and solutions |
1.1. An appropriate strategy to provide for identified needs and outcomes is determined from analysis of products, client risk profile and assessment of their needs 1.2. Relevant research, analysis and product modelling is conducted and an appropriate solution, plan, policy or transaction is drafted for presentation to the client demonstrating understanding of the ASIC identified generic and specialist knowledge relevant to the products being offered |
2. Present appropriate strategies and solutions to client |
2.1. The proposed transaction is explained and discussed with the client in a clear and unambiguous way demonstrating product knowledge appropriate for the service or product offered 2.2. Relevant details, terms and conditions of product or service are reinforced to client with impacts and possible risks of the solution disclosed in a clear and concise manner 2.3. Client is provided with written supporting documentation and guided through the key aspects of the documentation |
3. Negotiate financial plan, policy or transaction with client |
3.1. Concerns or issues the client has regarding the proposed plan, policy or transaction are discussed and clarified 3.2. Confirmation is sought from client that they understand the proposed plan, policy or transaction |
4. Coordinate implementation of agreed plan, policy or transaction |
4.1. The client's formal agreement to the proposed plan, policy or transaction is gained 4.2. Associated fee and cost structures and timeframes for execution and processing are clearly explained and confirmation of understanding gained from the client |
5. Complete and maintain necessary documentation |
5.1. Proposal and all other statutory and transactional documents are completed and signed off by the client 5.2. Copies of appropriate documentation and the signed agreement are exchanged |
6. Provide ongoing service where requested by client |
6.1. Type and form of ongoing service including reporting on performance and review of plan, policy or transaction is agreed with the client 6.2. Fees and costs for ongoing and specifically defined service are clearly explained and confirmation of understanding gained from the client 6.3. Ongoing service is provided as required |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
Generic knowledge requirements
Specialist knowledge requirements
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Evidence Guide
EVIDENCE GUIDE |
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The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
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Context of and specific resources for assessment |
Assessment must ensure:
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Method of assessment |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
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Guidance information for assessment |
Range Statement
RANGE STATEMENT |
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The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. |
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Identified needs and outcomes may include: |
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Risk profile might include: |
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Documentation might include: |
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Client concerns and issues might include: |
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Unit Sector(s)
Unit sector |
ASIC units |
Competency field
Competency field |
Co-requisite units
Co-requisite units |
FNSASIC301C |
Establish client relationship and analyse needs |