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 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

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

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

Release 

Comments 

Release 1

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