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 candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
apply organisation’s product and advice suitability framework to at least one client.
In the course of the above, the candidate must:
evaluate client information to establish client financial situation, knowledge and experience in financial markets
assess client needs and risk profile
determine suitable products or advice for client
conduct review of client product and advice suitability
report on ongoing suitability or unsuitability of the product and advice for the client
comply with organisational practices when assessing client product and advice suitability.
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
definitions of client suitability and elements of established client suitability frameworks
types of client categorisations and implications on product and advice suitability
organisational processes for assessing client product and suitability of advice
regulatory requirements that may affect assessment of client suitability
range of products available in a particular asset class
documentation required for trading in financial products including ISDA Master Agreements.
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
office equipment, technology, software and consumables required to produce the performance evidence
regulations and codes of practice required to produce the performance evidence
organisational and industry standards relating to client and product suitability.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.