Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, 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 customer needs. No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement. |
Application of the Unit
Application of the unit |
This unit applies to various financial services industry job roles and a wide range of financial products or services. |
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. Identify the products and services the organisation uses |
1.1. Products and services used by an organisation or sector are identified and the purpose of each determined 1.2. The characteristics of products and services are identified and their strengths, weaknesses, terms, and conditions understood so they can be clearly communicated to customers where applicable 1.3. The organisation's promotional strategy for products and services are accessed and applied in business activities |
2. Identify compliance implications of product |
2.1. Compliance implications are established and documented 2.2. Customer is provided with all necessary information and documentation as per compliance requirements |
3. Determine the appropriate users for products and services |
3.1. The function of each product and service and the customer needs it satisfies are identified and documented and the customer characteristics that best suit each product determined 3.2. The products and services used by the organisation or sector are compared with the products of competitors as a basis for selecting the most effective approach to matching products to customer needs 3.3. Approaches to selling the products and services in a competitive marketplace are evaluated and effective approaches to meeting customer needs determined |
4. Maintain product knowledge |
4.1. Relevant products and services are reviewed regularly and any changes to terms and conditions identified and applied in daily work 4.2. Systems for keeping up with changes and maintaining up-to-date knowledge about relevant products and services are put in place and used 4.3. Emerging trends affecting the financial industry are continuously reviewed and applied to product and service knowledge |
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 |
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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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Organisation products and services may include: |
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Characteristics of products and services may include: |
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Promotional strategy may include: |
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Compliance implications may include: |
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Customer needs may include: |
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Customer characteristics may include: |
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Systems may include: |
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Emerging trends may include: |
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Unit Sector(s)
Unit sector |
Industry capability |
Competency field
Competency field |
Co-requisite units
Co-requisite units |
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