REQUIRED KNOWLEDGEampSKILLS

Knowledge requirements include

Generic knowledge requirements

generic knowledge about the economic environment the characteristics and impact of economic and business cycles including interest rates exchange rates inflation and government monetary and fiscal policies

generic knowledge about the operation of financial markets the roles played by intermediaries and issuers structure and interrelationships within the financial markets and interrelationship between industry sectors

generic knowledge about financial products including the concept of a financial product general definition specific inclusions and exclusions types of financial investment products types of financial risk products

generic knowledge about the taxation issues in relation to the products and markets in which they operate

generic knowledge about advisory functions the role of the representativeadviser participants in the advisory services market range of services provided profile and financial information of the client appropriateness of a risk assessment

generic knowledge about the legal environment and disclosure and compliance the role of the representativeadviser relevant legal principles eg Corporations Act Financial Services Reform Act FSRA Trade Practices Act etc the relationship between ethics and regulatory requirements eg good faith utmost good faith full disclosure of remunerationfees and any other conflicts of interest which may influence the advisers recommendation

knowledge of relevant industry codes of practice and conduct

knowledge of complaints resolution procedures internal and external

knowledge of regulators guidelines including the requirements of ASICs policy statement

Specialist knowledge requirements

specialist knowledge of the specific industry or product in which they are operating For general insurance products this includes

types of general insurance productspolicies

standard cover and deviations

policy wordings

taxes and charges

insurance claims

premium ratingrisk selection

reporting

product development

underwriting

for deposit products and noncash payment facilities this includes

types of productsfacilities

productfacility characteristics

Skills requirements include

ability to perform completed needs analysis

analytical skills

ability to use databases and computerised equipment

presentation skills

customer negotiation skills

ability to analyse information and products to ensure appropriateness to client needs currency and accuracy

effective interpersonal and communication skills

EVIDENCE GUIDE

Assessment of performance requirements in the unit should be undertaken in an industry context The Evidence Guide identifies the critical aspects knowledge and skills to be demonstrated to confirm competency for the unit Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace

Overview of assessment requirements

To achieve competency in this unit a person must be able to demonstrate

knowledge of industry regulations and codes of practice financial products and services financial markets and characteristics roles of other specialist providers and licensees as well as the impacts of taxation on the clients financial requirements for the specific products offered

for insurance products competence in this unit is subject to the staff members approvalauthority to accept the transfer of risk

Critical aspects of evidence

Evidence required for demonstration of consistent performance

Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace environment

Assessment should cover a representative range of clients risk profile and needs and products

Deliveryassessment relationship to other units

This unit should be assessed in conjunction with

FNSASICB Develop present and negotiate client solutions

FNSASIC302B Develop, present and negotiate client solutions.

Assessment requirements

Method of assessment

For valid and reliable assessment of this unit evidence should be gathered through a range of methods to indicate consistent performance

Assessment of this unit of competence will usually include observation of processes and procedures oral andor written questioning on underpinning knowledge and skills and other methods as required

Context of assessment

Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personalfinancial responsibility and accountability

Aspects of competency including the attainment of relevant knowledge and skills may be assessed in a relevant workplace a closely simulated work environment or other appropriate means that clearly meet industry competency requirements

Registered Training Organisations RTOs need to be mindful of the legislative obligations of licensees where ASIC have prescribed the opportunities where recognition of current competence can be undertaken for these units

Resources required for assessment

Unless otherwise specified there are no significant resource implications for assessment of this unit apart from access to a relevant workplace or closely simulated office environment and the use of a range of office equipment technology and consumables These may include standard commercial computer hardware software telephones facsimiles and other relevant office equipment

Adviser may include:

Client's needs, objectives and financial situation may include:

Risk profile might include:

Information gathered from the client might include:

Expectations might include: