Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSASIC303 Mapping and Delivery Guide
Provide advice on first home saver account deposit products and non-cash payments

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSASIC303 - Provide advice on first home saver account deposit products and non-cash payments
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to assess a client’s financial requirements and accurately advise customers about financial products and services at the Australian Securities and Investments Commission (ASIC) Tier 2 level.It applies to individuals who perform their duties skilfully and who are proficient communicators. They will need to satisfy the training requirements for authorisation by an Australian financial services licence (AFSL) holder to provide advice on first home saver account deposit products at Tier 2 level.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

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

common office equipment, technology, software and consumables

first home saver account deposit product information.

Assessors must satisfy NVR/AQTF assessor requirements

Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Develop appropriate strategies and solutions
  • Determine appropriate strategy to provide for identified needs and outcomes based on analysis of first home saver account deposit product risk profile and assessment of client information
  • Conduct relevant research, analysis and product modelling, and draft appropriate transaction for presentation to client that demonstrates understanding of ASIC identified generic and specialist knowledge relevant to products being offered
       
Element: Present appropriate strategies and solutions to client
  • Explain and discuss proposed transaction with client in clear and unambiguous way, demonstrating product knowledge appropriate for service or product offered
  • Explain and emphasise relevant details, terms and conditions of first home saver account deposit product or service, including impacts and possible risks of proposed solution in clear and concise manner
  • Provide client with written supporting documentation and guide client through key aspects of documentation
       
Element: Negotiate financial transaction with client
  • Discuss and clarify any concerns or issues client has regarding proposed transaction
  • Seek confirmation that client fully understands proposed transaction
       
Element: Coordinate implementation of agreed transaction
  • Gain client’s formal agreement to proposed transaction
  • Clearly explain associated fees, cost structures and timeframes for execution and processing, and confirm client understands these details
       
Element: Complete and maintain necessary documentation
  • Ensure that proposal and all other statutory and transactional documents are completed and signed off by client
  • Exchange signed agreement and copies of appropriate documentation
       
Element: Provide ongoing service where requested by client
  • Agree with client about type and form of ongoing service, including reporting on performance and review of first home saver account deposit product
  • Clearly explain and confirm fees and costs for ongoing and specifically defined services, and confirm client understands these details
  • Ensure ongoing service is provided as required
       


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. Develop appropriate strategies and solutions

1.1 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of first home saver account deposit product risk profile and assessment of client information

1.2 Conduct relevant research, analysis and product modelling, and draft appropriate transaction for presentation to client that demonstrates understanding of ASIC identified generic and specialist knowledge relevant to products being offered

2. Present appropriate strategies and solutions to client

2.1 Explain and discuss proposed transaction with client in clear and unambiguous way, demonstrating product knowledge appropriate for service or product offered

2.2 Explain and emphasise relevant details, terms and conditions of first home saver account deposit product or service, including impacts and possible risks of proposed solution in clear and concise manner

2.3 Provide client with written supporting documentation and guide client through key aspects of documentation

3. Negotiate financial transaction with client

3.1 Discuss and clarify any concerns or issues client has regarding proposed transaction

3.2 Seek confirmation that client fully understands proposed transaction

4. Coordinate implementation of agreed transaction

4.1 Gain client’s formal agreement to proposed transaction

4.2 Clearly explain associated fees, cost structures and timeframes for execution and processing, and confirm client understands these details

5. Complete and maintain necessary documentation

5.1 Ensure that proposal and all other statutory and transactional documents are completed and signed off by client

5.2 Exchange signed agreement and copies of appropriate documentation

6. Provide ongoing service where requested by client

6.1 Agree with client about type and form of ongoing service, including reporting on performance and review of first home saver account deposit product

6.2 Clearly explain and confirm fees and costs for ongoing and specifically defined services, and confirm client understands these details

6.3 Ensure ongoing service is provided as required

Evidence of the ability to:

interpret and comply with industry regulations and codes of practice

analyse client needs relevant to first home saver account deposit products and services, and develop strategies and solutions to meet client requirements

finalise transactions, ensuring all documentation is completed accurately following organisational procedures.

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 satisfy knowledge requirements relevant to the products and activities in which advice is given. They must:

explain the legal environment including disclosure and compliance covering:

role of the representative or adviser

relevant legal principles relating to the Corporations Act, Financial Services Reform Act (FSRA), Competition and Consumer Act, Privacy Amendment (Private Sector) Act and Australian Securities and Investments Commission (ASIC) Act

relationship between ethics and regulatory requirements including good faith and utmost good faith

full disclosure of remuneration and fees and any other conflicts of interest which may influence the adviser's recommendation

relevant industry standards and codes of conduct

complaints resolution procedures (internal and external)

ASIC guidelines on adviser conduct and training

outline the economic environment and characteristics impacting on first home saver account products including:

interest rates

exchange rates

inflation

government monetary and fiscal policy

describe the operation of first home saver market institutions including:

banks

credit unions

building societies

identify taxation issues in relation to first home saver accounts

explain advisory functions including:

role of the representative or adviser

participants in the advisory services market

range of services provided

profile and financial information of the client

appropriateness of a risk assessment

explain first home saver account financial products including:

general definition

age limitations

cooling-off period

interest paid – institution and government

fees and charges

non-cash payments:

direct debit

external funds transfer (EFT)

auto transfer

withdrawal limits and requirements

specific inclusions and exclusions

types of financial risk.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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. Develop appropriate strategies and solutions

1.1 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of first home saver account deposit product risk profile and assessment of client information

1.2 Conduct relevant research, analysis and product modelling, and draft appropriate transaction for presentation to client that demonstrates understanding of ASIC identified generic and specialist knowledge relevant to products being offered

2. Present appropriate strategies and solutions to client

2.1 Explain and discuss proposed transaction with client in clear and unambiguous way, demonstrating product knowledge appropriate for service or product offered

2.2 Explain and emphasise relevant details, terms and conditions of first home saver account deposit product or service, including impacts and possible risks of proposed solution in clear and concise manner

2.3 Provide client with written supporting documentation and guide client through key aspects of documentation

3. Negotiate financial transaction with client

3.1 Discuss and clarify any concerns or issues client has regarding proposed transaction

3.2 Seek confirmation that client fully understands proposed transaction

4. Coordinate implementation of agreed transaction

4.1 Gain client’s formal agreement to proposed transaction

4.2 Clearly explain associated fees, cost structures and timeframes for execution and processing, and confirm client understands these details

5. Complete and maintain necessary documentation

5.1 Ensure that proposal and all other statutory and transactional documents are completed and signed off by client

5.2 Exchange signed agreement and copies of appropriate documentation

6. Provide ongoing service where requested by client

6.1 Agree with client about type and form of ongoing service, including reporting on performance and review of first home saver account deposit product

6.2 Clearly explain and confirm fees and costs for ongoing and specifically defined services, and confirm client understands these details

6.3 Ensure ongoing service is provided as required

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
Determine appropriate strategy to provide for identified needs and outcomes based on analysis of first home saver account deposit product risk profile and assessment of client information 
Conduct relevant research, analysis and product modelling, and draft appropriate transaction for presentation to client that demonstrates understanding of ASIC identified generic and specialist knowledge relevant to products being offered 
Explain and discuss proposed transaction with client in clear and unambiguous way, demonstrating product knowledge appropriate for service or product offered 
Explain and emphasise relevant details, terms and conditions of first home saver account deposit product or service, including impacts and possible risks of proposed solution in clear and concise manner 
Provide client with written supporting documentation and guide client through key aspects of documentation 
Discuss and clarify any concerns or issues client has regarding proposed transaction 
Seek confirmation that client fully understands proposed transaction 
Gain client’s formal agreement to proposed transaction 
Clearly explain associated fees, cost structures and timeframes for execution and processing, and confirm client understands these details 
Ensure that proposal and all other statutory and transactional documents are completed and signed off by client 
Exchange signed agreement and copies of appropriate documentation 
Agree with client about type and form of ongoing service, including reporting on performance and review of first home saver account deposit product 
Clearly explain and confirm fees and costs for ongoing and specifically defined services, and confirm client understands these details 
Ensure ongoing service is provided as required 

Forms

Assessment Cover Sheet

FNSASIC303 - Provide advice on first home saver account deposit products and non-cash payments
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

FNSASIC303 - Provide advice on first home saver account deposit products and non-cash payments

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: