Release 

Comments 

Release 1

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

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify products organisation provides or uses

1.1 Identify organisational products used by organisation and determine purpose of each

1.2 Identify characteristics of products and services and their use

1.3 Effectively apply processes for operational transactions involving organisational products

2. Identify compliance implications of products

2.1 Identify compliance implications of transactions for organisational products

2.2 Produce all necessary documentation consistent with organisational compliance requirements

3. Determine user expectations for financial markets products

3.1 Identify function of each product and customer needs it satisfies as basis for providing operational services

3.2 Determine and apply user expectations of products and level of operational service provided in operational transactions

4. Maintain financial markets product knowledge

4.1 Regularly review organisational financial markets products and identify and apply any changes to terms and conditions

4.2 Implement systems for keeping up with changes and maintaining up-to-date knowledge about financial markets products

4.3 Review emerging trends affecting the financial industry and apply to product knowledge and operational practices

Skill 

Performance Criteria 

Description 

Learning

4.1-4.3

• Develops and uses personal organisational systems to gather and organise information
• Systematically and proactively sources and incorporates new information to improve own work practices

Reading

1.1, 1.2, 3.1, 3.2, 4.1, 4.3

• Researches and analyses information from a variety of sources to identify key details and trends, and determine requirements

Writing

2.2, 3.2

• Completes workplace documentation accurately using appropriate vocabulary

Oral Communication

3.1, 3.2

• Participates in verbal exchanges using active listening and questioning techniques to elicit the views and opinions of others and convey information

Numeracy

1.1, 1.3, 2.1

• Uses mathematical equations to perform calculations and comparisons of financial and numerical information

Navigate the world of work

1.1, 2.1, 2.2, 3.2, 4.3

• Accepts responsibility for developing and updating product knowledge
• Takes personal responsibility for following explicit and implicit policies and procedures about compliance requirements

Interact with others

3.1, 3.2

• Selects and uses appropriate conventions and protocols when conducting research to establish client needs

Get the work done

1.3, 2.2, 3.1, 3.2, 4.1-4.3

• Plans, organises and implements tasks, aiming to achieve them efficiently and effectively
• Makes decisions by referring to standard procedures for routine tasks and formal decision-making processes for more complex and non-routine situations
• Uses the main features and functions of digital tools to complete work tasks and find information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSFMK402 Develop and maintain knowledge of financial markets

FNSFMK402A Develop and maintain knowledge of financial markets

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

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