Assessor Resource

FNSSAM604A
Establish agreements with intermediaries for product distribution

Assessment tool

Version 1.0
Issue Date: May 2024


This unit may be applied to any sector of the financial services industry.

This unit describes the performance outcomes, skills and knowledge required to establish agreements with intermediaries for distributing financial products.

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:

set up effective agreements with other organisations to deal in the products and services of their organisation

determine the terms of trade and evaluate an intermediary agreement's success.

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.

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

verbal or written questioning on underpinning knowledge and skills

setting and reviewing workplace projects and business simulations or scenarios

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

highly developed communication skills to:

provide comprehensive product and service information to prospective intermediaries, using questioning and active listening as required

negotiate with intermediaries

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

IT skills for:

accessing and using appropriate software such as spreadsheets and databases and using internet information

managing information on financial products and services

well-developed literacy skills to:

prepare selection criteria and provide comprehensive information to intermediaries

document agreements

well-developed analysis and decision making skills

problem solving skills to address product or service issues

organisational skills, including the ability to plan and sequence work

Required knowledge

industry codes of practice

industry legislation and regulations regarding financial products and services

organisation and industry products and services

organisation distribution requirements and channels

organisation income and expenditure forecasting

organisation marketing, administration, systems, performance measures and training techniques

organisation resources and budgeting

relevant commercial and contract law

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.

Legislation may cover

industry codes of practice

Insurance (Agents and Brokers) Act

Insurance Contracts Act

Taxation Act

Trade Practices Act.

Assessment criteria and credentials may include:

credit references

experience

expertise and professionalism

financial viability

individual standing

market niche and penetration

organisation position

product lines

qualifications

technology

trade references

volume requirements.

Agreements may be:

agency agreements

binder agreements

broker agreements

underwriting agreements.

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
Selection criteria are determined to achieve business plan outcomes 
Target intermediaries are identified and matched against the selection criteria and approaches or suitable responses made to enquiries from potential intermediaries 
Information provided with an application is checked to determine reliability, completeness and relevance 
Proposed trading arrangements are assessed for compliance with industry code of practice and relevant legislation 
Credentials are checked through appropriate agencies to ensure acceptability within organisation assessment criteria and recommendations made based on a valid assessment of information against acceptability criteria 
Terms and conditions of trade are determined to reflect the legal and commercial responsibility of the organisation and intermediary 
Terms of trade incorporate method of operation, duties and responsibilities of both parties and defined in compliance with industry code of practice and relevant legislation 
Decision and terms of trade are conveyed in writing using plain language in a concise manner 
Advice is provided in a timely manner to ensure currency of application 
Variations are negotiated within authorities and an acceptance by both parties to outcome evidenced in writing to confirm understanding 
Agreements are prepared in writing using predetermined formats to evidence contractual relationship 
A statement of intent is prepared where appropriate to reflect commercial understandings 
Agreement documentation is filed and system records created and/or updated promptly 

Forms

Assessment Cover Sheet

FNSSAM604A - Establish agreements with intermediaries for product distribution
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

FNSSAM604A - Establish agreements with intermediaries for product distribution

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: