Assessor Resource

FNSCUS506A
Record and implement client instructions

Assessment tool

Version 1.0
Issue Date: May 2024


This unit applies to a range of job roles in the financial services industry.

This unit describes the performance outcomes, skills and knowledge required to establish direct, shareholder, member, organisation, stockbroker, trustee, agent and intermediary client instructions regarding financial investments, and to accurately record and implement them and provide appropriate after sales service.

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

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

Employability Skills

This unit contains employability skills.



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.

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.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

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

monitor and review implemented strategies against client instructions and provide after sales service

consider and adapt to any special needs of clients, including cultural, language, race, religion, ethnic origin, socioeconomic status and demographic needs.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to financial services product information

access to a client information system and data.

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:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

observing processes and procedures in workplaces

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

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.

Required skills

well-developed communication skills to:

establish client financial service requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research and analysis to access, interpret and manage information on client instructions and match to products and services

problem solving skills to address client needs

judgement skills for forming recommendations in operational situations

IT skills for accessing and using specialised contact databases, client and product information systems and using internet information

well-developed literacy skills for:

reading and interpreting documentation from a variety of sources and recording, gathering and consolidating information

drafting client reports and recording instructions

learning skills to maintain knowledge of industry products and operating environment

organisational skills, including coordinating activities across an organisation, monitoring client satisfaction and planning and sequencing work

Required knowledge

characteristics of local and international financial markets and investments

current economic climate and outlook

financial product service terms and conditions

fraud detection and prevention procedures and practises

general sales and marketing techniques

organisation policy, procedures and requirements

relevant financial association's business rules

relevant financial services industry legislation and codes of practice

tax factors impacting on financial services clients

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.

Clients may include:

agents

companies and organisations

individuals

intermediaries

members

members of the public

shareholders

stockbrokers.

trustees.

Instructions given are in good faith may include:

satisfaction by advisers that the client has been adequately identified

that the adviser has no reason to believe another party is not acting honestly and, where applicable, for the benefit of the client

that the person giving instructions is acting in observance of agreed terms of business.

Client instructions should include:

description and number of securities to be bought/sold

identity of person receiving instruction or order

name of client

person placing the order

time and date of receipt of order

record of client instructions should include:

identity of person receiving instruction or order

time and date of receipt of order

name of client

person placing the order

description and number of securities to be bought/sold

price limit or price related instructions

time limits on order (if any)

discretionary or other relevant instructions such as:

other execution instructions

advice

no advice

settlement instructions.

Documentation may include:

adviser diary

agreements

bills

brochures

contracts or policy statements

day book

electronic order form

electronic trade confirmation

financial services guides

in-house publications

legal, government, professional and other documents

meeting notes

memos

official, general and other correspondence

product disclosure Statements

program recommendations

prospectuses

quotations

reasons for adopting/incorporating certain information in preference to other information

receipts

records of telephone conversations

reference to all evidence and information considered

reports:

research

statistical

ad hoc

transaction

other

statements of advice

written advice.

Additional after sales service may include:

assessment of:

costs

liquidity

flexibility

security

potential capital growth

corporate advice

discretionary accounts

financial planning

investment spread information

margin lending

money market facilities

portfolio management and administration

research

scrip lending

tax factors advice

Organisation policy and guidelines may include:

advertising and marketing

administrative

codes of practice

complaints and dispute resolution procedures

IT and administrative systems

policies and procedures in relation to client service

product or service development.

Relevant legislation or industry codes of practice may include

confidentiality requirements including any requirements under legislation such as:

Consumer Affairs Act

Privacy Act

Consumer Credit Code

contract law

corporations law

industry codes of practice and standards set out in organisation policies and procedures

National Guarantee Fund Rules

relevant financial association's business rules and code of conduct

Taxation Act

Trade Practices Act

trust law.

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
The client is adequately identified and instructions given in good faith are confirmed and requirements sought 
Relevant client instructions are recorded and documented promptly and accurately in accordance with organisation policy and guidelines, confidentiality requirements, and with relevant legislation or industry codes of practice 
Client instructions are actioned with relevant personnel or section in accordance with client requirements, organisation policy and guidelines, confidentiality requirements, and with relevant legislation or industry codes of practice 
Terms and conditions of agreed options and investment strategies are reviewed and monitored for consistency with client instructions 
Implementation strategies and actions are regularly monitored and reviewed to ensure compliance with client instructions 
Clients are regularly updated on the implementation and administration of their agreed investment strategies and instructions to ensure no breaches of agreement or anomalies occur 
Clients are advised of changes to markets, legislative or organisation requirements or guidelines where appropriate 
Client documentation, information and histories are periodically reviewed to determine areas and extent of additional after sales service that can be provided 
Potential areas of additional after sales service are communicated to clients utilising identified marketing strategies 
Defined additional after sales service is agreed with clients and provided as required 
Areas of client dissatisfaction are identified and acted upon in a prompt, professional and ethical manner, and in accordance with organisation policy and guidelines, confidentiality requirements, and with relevant legislation or industry codes of practice 

Forms

Assessment Cover Sheet

FNSCUS506A - 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

FNSCUS506A - 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: