Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with FNS Financial Services Training Package Version 6.0. |
Application
This unit describes the skills and knowledge required to apply 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 client needs.
The unit applies to those who work in various financial services industry job roles, with a wide range of financial products or services.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Unit Sector
Industry capability
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. Identify and communicate characteristics of financial products and services to clients |
1.1 Identify products and services used by organisation and their characteristics and purpose 1.2 Identify key terms and conditions of products and services and how they affect consumer use of them 1.3 Communicate characteristics of products and services to clients |
2. Identify compliance obligations for products and services |
2.1 Determine compliance requirements in the provision, sale and use of products and services and communicate to clients 2.2 Identify compliance reporting requirements and complete documentation as identified |
3. Match products and services to clients |
3.1 Identify organisational promotional strategies for products and services in business activities 3.2 Identify clients whose needs match products and services according to promotional strategies 3.3 Provide information and documentation for products and services to client according to organisational policies and procedures and legislative and regulatory requirements |
4. Maintain product knowledge |
4.1 Access information regarding updates to products and services using workplace systems 4.2 Review updated product and service terms and conditions to maintain currency of product knowledge 4.3 Review and apply updates to compliance requirements as required |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
SKILL |
DESCRIPTION |
Learning |
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Reading |
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Writing |
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Oral communication |
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Initiative and enterprise |
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Self-management |
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Technology |
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Unit Mapping Information
Supersedes and is equivalent to FNSINC402 Develop and maintain in-depth knowledge of products and services used by an organisation or sector.
Links
Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe