Assessor Resource

FNSCUS506
Record and implement client instructions

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to accurately record and implement instructions regarding financial investments from a range of clients including direct, shareholder, member, organisation, stockbroker, trustee, agent and intermediary, and provide appropriate after sales service.

It applies to individuals who may provide leadership and responsibility for their own and others’ work outcomes.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)



Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Execute instructions to satisfy client requirements

1.1 Identify clients adequately, obtain client requirements and confirm instructions are given in good faith

1.2 Document client instructions promptly and accurately in accordance with organisational policy and guidelines, confidentiality requirements, and with relevant legislation or industry codes of practice

1.3 Action client instructions with relevant personnel or section in accordance with client requirements, organisational policy and guidelines, confidentiality requirements, and relevant legislation or industry codes of practice

2. Review and monitor implementation of client instructions

2.1 Review and monitor terms and conditions of agreed options and investment strategies for consistency with client instructions

2.2 Monitor and review implementation strategies and actions regularly to ensure compliance with client instructions

2.3 Update clients regularly on the implementation and administration of their agreed investment strategies and instructions to ensure no breaches of agreement or anomalies occur

2.4 Advise clients of changes to markets, legislative or organisational requirements or guidelines where appropriate

3. Provide additional/after sales service

3.1 Review client documentation and information periodically to determine areas and extent of additional after sales service that can be provided

3.2 Use identified marketing strategies to communicate potential additional after sales service to clients

3.3 Provide defined additional after sales service with client agreement

3.4 Identify and address areas of client dissatisfaction promptly in a professional and ethical manner, in accordance with organisational policy and guidelines, confidentiality requirements, and relevant legislation or industry codes of practice

Evidence of the ability to:

record and implement client instructions accurately in accordance with organisational, industry and legislative requirements

monitor and review implemented strategies against client instructions

provide after sales or additional service.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

explain the terms and conditions of financial product services offered by the organisation

explain the application of general sales and marketing techniques to provision of after sales service

describe key requirements of organisational policy and procedures relating to documenting client instructions

describe fraud detection and prevention procedures and practices relevant to implementing client instructions

describe the relevant financial association’s business rules

describe key requirements of relevant financial services industry legislation and codes of practice

describe the relevance of the following to reviewing and monitoring client instructions:

key characteristics of local and international financial markets and investments

current economic climate and outlook to the financial services industry

influence of tax factors on financial services clients.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the customer service field of work and include access to:

common office equipment, technology, software and consumables

financial services product information

client information system and data.

Assessors must satisfy NVR/AQTF assessor requirements.


Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)


Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Execute instructions to satisfy client requirements

1.1 Identify clients adequately, obtain client requirements and confirm instructions are given in good faith

1.2 Document client instructions promptly and accurately in accordance with organisational policy and guidelines, confidentiality requirements, and with relevant legislation or industry codes of practice

1.3 Action client instructions with relevant personnel or section in accordance with client requirements, organisational policy and guidelines, confidentiality requirements, and relevant legislation or industry codes of practice

2. Review and monitor implementation of client instructions

2.1 Review and monitor terms and conditions of agreed options and investment strategies for consistency with client instructions

2.2 Monitor and review implementation strategies and actions regularly to ensure compliance with client instructions

2.3 Update clients regularly on the implementation and administration of their agreed investment strategies and instructions to ensure no breaches of agreement or anomalies occur

2.4 Advise clients of changes to markets, legislative or organisational requirements or guidelines where appropriate

3. Provide additional/after sales service

3.1 Review client documentation and information periodically to determine areas and extent of additional after sales service that can be provided

3.2 Use identified marketing strategies to communicate potential additional after sales service to clients

3.3 Provide defined additional after sales service with client agreement

3.4 Identify and address areas of client dissatisfaction promptly in a professional and ethical manner, in accordance with organisational policy and guidelines, confidentiality requirements, and relevant legislation or industry codes of practice

Evidence of the ability to:

record and implement client instructions accurately in accordance with organisational, industry and legislative requirements

monitor and review implemented strategies against client instructions

provide after sales or additional service.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

explain the terms and conditions of financial product services offered by the organisation

explain the application of general sales and marketing techniques to provision of after sales service

describe key requirements of organisational policy and procedures relating to documenting client instructions

describe fraud detection and prevention procedures and practices relevant to implementing client instructions

describe the relevant financial association’s business rules

describe key requirements of relevant financial services industry legislation and codes of practice

describe the relevance of the following to reviewing and monitoring client instructions:

key characteristics of local and international financial markets and investments

current economic climate and outlook to the financial services industry

influence of tax factors on financial services clients.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the customer service field of work and include access to:

common office equipment, technology, software and consumables

financial services product information

client information system and data.

Assessors must satisfy NVR/AQTF assessor requirements.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Identify clients adequately, obtain client requirements and confirm instructions are given in good faith 
Document client instructions promptly and accurately in accordance with organisational policy and guidelines, confidentiality requirements, and with relevant legislation or industry codes of practice 
Action client instructions with relevant personnel or section in accordance with client requirements, organisational policy and guidelines, confidentiality requirements, and relevant legislation or industry codes of practice 
Review and monitor terms and conditions of agreed options and investment strategies for consistency with client instructions 
Monitor and review implementation strategies and actions regularly to ensure compliance with client instructions 
Update clients regularly on the implementation and administration of their agreed investment strategies and instructions to ensure no breaches of agreement or anomalies occur 
Advise clients of changes to markets, legislative or organisational requirements or guidelines where appropriate 
Review client documentation and information periodically to determine areas and extent of additional after sales service that can be provided 
Use identified marketing strategies to communicate potential additional after sales service to clients 
Provide defined additional after sales service with client agreement 
Identify and address areas of client dissatisfaction promptly in a professional and ethical manner, in accordance with organisational policy and guidelines, confidentiality requirements, and relevant legislation or industry codes of practice 

Forms

Assessment Cover Sheet

FNSCUS506 - Record and implement client instructions
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:


Assessment Record Sheet

FNSCUS506 - Record and implement client instructions

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: