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 identify legislative and organisational boundaries on the provision of general advice on financial products and services, and take appropriate approaches to providing such advice.
It applies to individuals who undertake the provision of financial services and products advice which is NOT specified in accordance with Australian Securities and Investments Commissions (ASIC) regulations and does not require Tier 1 or 2 status.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Industry advice
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. Establish relationship with customers |
1.1 Attend to customer enquiries in a timely and courteous manner 1.2 Demonstrate active listening skills in dealing with customer enquiries and provide help and assistance to ensure full and accurate completion of initial documentation, where required |
2. Identify customer needs |
2.1 Examine, where applicable, initial documentation to determine products and services of interest to customers 2.2 Undertake clear and unambiguous communication with customers to determine and clarify products and services of interest to them 2.3 Inform customers clearly of the regulatory restrictions on providing financial products advice 2.4 Request information from customers to determine their needs, ensuring that information gathered is for the purposes of provision of general advice only 2.5 Identify requests for information, advice, products or services that fall outside the organisation’s scope of operation and inform customers where such information, advice, products or services can be obtained, where possible 2.6 Explain the range of products and services available to customers in a clear and unambiguous way, avoiding jargon and in language appropriate to receiver |
3. Identify general advice boundaries of product and service |
3.1 Analyse the range of products and services of interest to customers to determine their categorisation is general advice, in line with legislation and organisational policy 3.2 Refer customers to appropriate specialist personnel where requested advice is deemed to fall outside category of general advice |
4. Provide general advice to customers |
4.1 Assist customers to make informed choices on products and services using relevant documentation 4.2 Provide general advice to customers in strict accordance with regulatory restrictions, organisational policy and organisational tools 4.3 Demonstrate product knowledge appropriate for service or advice offered when providing advice to customers 4.4 Explain and discuss recommendations with customers in a clear and unambiguous way |
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 |
2.1, 3.1 |
|
Writing |
1.2, 4.2 |
|
Oral Communication |
1.1, 1.2, 2.2-2.6, 3.2, 4.3, 4.4 |
|
Numeracy |
2.4 |
|
Navigate the world of work |
3.1, 4.2, 4.3, 4.4 |
|
Interact with others |
1.1, 1.2, 2.2-2.6, 3.2, 4.3, 4.4 |
|
Get the work done |
1.1, 3.1, 3.2, 4.2-4.4 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSIAD301 Provide general advice on financial products and services |
FNSIAD301A Provide general advice on financial products and services |
Updated to meet Standards for Training Packages |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe