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

FNSASIC312 Mapping and Delivery Guide
Provide personal advice on non-relevant financial products

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSASIC312 - Provide personal advice on non-relevant financial products
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to provide personal advice on non-relevant financial products. It addresses products according to the requirements of current Australian Securities and Investments Commission (ASIC) and Australian financial services (AFS) licensing.The unit applies to those who use well-developed interpersonal, communication and self-management skills to provide general or wholesale advice about non-relevant financial products according to a client’s requirements.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant regulatory authorities to confirm those requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

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 used to provide personal advice on non-relevant financial products

clients requiring personal advice on non-relevant financial products

non-relevant financial product information.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
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 strategies and solutions
  • Determine client’s financial needs and outcome requirements
  • Analyse products and client risk profile
  • Conduct assessment of client needs
  • Conduct research, analysis and product modelling according to client’s needs and outcome requirements
  • Draft proposed solution according to ASIC identified generic and specialist knowledge relevant to products being offered
       
Element: Present strategies and solutions to client
  • Present proposed solution to client and demonstrate product knowledge required for product offered, according to organisational policies and procedures, legislative and regulatory requirements
  • Reinforce all relevant details to client with impacts and possible risks of solution disclosed
  • Provide client with written supporting documentation and guide client through key aspects of documentation
       
Element: Negotiate financial plan, policy or transaction with client
  • Identify concerns or issues client has regarding proposed plan, policy or transaction
  • Seek confirmation to ensure that client understands proposed plan, policy or transaction according to ASIC and AFS licensing requirements
  • Determine client requirements to establish formal agreement for a proposed plan, policy or transaction
       
Element: Complete and maintain necessary documentation
  • Confirm proposal and required statutory and transactional documents are completed and signed off by client
  • Confirm that signed agreement and all copies of appropriate documentation are exchanged between required parties
       
Element: Provide ongoing service, where requested by client
  • Confirm that type and form of selected ongoing service, reporting on performance, and review of plan, policy or transaction is agreed with client
  • Explain fees and costs for any ongoing and specifically defined services and ensure client understands these expenses
       


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 strategies and solutions

1.1 Determine client’s financial needs and outcome requirements

1.2 Analyse products and client risk profile

1.3 Conduct assessment of client needs

1.4 Conduct research, analysis and product modelling according to client’s needs and outcome requirements

1.5 Draft proposed solution according to ASIC identified generic and specialist knowledge relevant to products being offered

2. Present strategies and solutions to client

2.1 Present proposed solution to client and demonstrate product knowledge required for product offered, according to organisational policies and procedures, legislative and regulatory requirements

2.2 Reinforce all relevant details to client with impacts and possible risks of solution disclosed

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

3. Negotiate financial plan, policy or transaction with client

3.1 Identify concerns or issues client has regarding proposed plan, policy or transaction

3.2 Seek confirmation to ensure that client understands proposed plan, policy or transaction according to ASIC and AFS licensing requirements

3.3 Determine client requirements to establish formal agreement for a proposed plan, policy or transaction

4. Complete and maintain necessary documentation

4.1 Confirm proposal and required statutory and transactional documents are completed and signed off by client

4.2 Confirm that signed agreement and all copies of appropriate documentation are exchanged between required parties

5. Provide ongoing service, where requested by client

5.1 Confirm that type and form of selected ongoing service, reporting on performance, and review of plan, policy or transaction is agreed with client

5.2 Explain fees and costs for any ongoing and specifically defined services and ensure client understands these expenses

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:

provide personal advice on non-relevant financial products to at least two different clients

present suitable non-relevant financial products to each of the above clients and successfully negotiate a plan, policy or transaction.

In the course of the above, the candidate must:

comply with industry-specific legislative and regulatory requirements for non-relevant financial products

explain the characteristics, benefits and impacts of non-relevant financial products.

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:

key features of the following non-relevant financial products:

general insurance

deposit products

non-cash payment facilities

key features of the legal environment, including disclosure and compliance covering:

role of representative and adviser

relevant legal principles relating to key Acts relevant to the performance evidence

relationship between ethics and regulatory requirements, including good faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest that may influence adviser’s recommendation

Australian Securities and Investments Commission (ASIC) regulatory guidelines and industry codes of practice and conduct relating to performance evidence

Australian Financial Services licensing obligations and requirements

resolution procedures for internal and external complaints.

For general insurance the individual must demonstrate knowledge of:

insurance products, and the roles and components that comprise Australian insurance markets, including:

definition of an insurance product

conditions, exclusions and level of coverage of risk transfer products

types of insurance products

pricing of risk products

taxation issues relating to insurance products

explain advisory functions, including:

role of representative, broker and adviser

range of services provided

process of a risk assessment

profile and financial information of the clients described in performance evidence

characteristics of the general insurance products for which advice is given, including:

standard cover (and deviations)

policy wordings

taxes and charges

insurance claims

premium rating and risk selection

reporting

product development

underwriting.

For deposit products and non-cash payment facilities the individual must demonstrate knowledge of:

types of deposit products and non-cash payment products

product characteristics.

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 strategies and solutions

1.1 Determine client’s financial needs and outcome requirements

1.2 Analyse products and client risk profile

1.3 Conduct assessment of client needs

1.4 Conduct research, analysis and product modelling according to client’s needs and outcome requirements

1.5 Draft proposed solution according to ASIC identified generic and specialist knowledge relevant to products being offered

2. Present strategies and solutions to client

2.1 Present proposed solution to client and demonstrate product knowledge required for product offered, according to organisational policies and procedures, legislative and regulatory requirements

2.2 Reinforce all relevant details to client with impacts and possible risks of solution disclosed

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

3. Negotiate financial plan, policy or transaction with client

3.1 Identify concerns or issues client has regarding proposed plan, policy or transaction

3.2 Seek confirmation to ensure that client understands proposed plan, policy or transaction according to ASIC and AFS licensing requirements

3.3 Determine client requirements to establish formal agreement for a proposed plan, policy or transaction

4. Complete and maintain necessary documentation

4.1 Confirm proposal and required statutory and transactional documents are completed and signed off by client

4.2 Confirm that signed agreement and all copies of appropriate documentation are exchanged between required parties

5. Provide ongoing service, where requested by client

5.1 Confirm that type and form of selected ongoing service, reporting on performance, and review of plan, policy or transaction is agreed with client

5.2 Explain fees and costs for any ongoing and specifically defined services and ensure client understands these expenses

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 client’s financial needs and outcome requirements 
Analyse products and client risk profile 
Conduct assessment of client needs 
Conduct research, analysis and product modelling according to client’s needs and outcome requirements 
Draft proposed solution according to ASIC identified generic and specialist knowledge relevant to products being offered 
Present proposed solution to client and demonstrate product knowledge required for product offered, according to organisational policies and procedures, legislative and regulatory requirements 
Reinforce all relevant details to client with impacts and possible risks of solution disclosed 
Provide client with written supporting documentation and guide client through key aspects of documentation 
Identify concerns or issues client has regarding proposed plan, policy or transaction 
Seek confirmation to ensure that client understands proposed plan, policy or transaction according to ASIC and AFS licensing requirements 
Determine client requirements to establish formal agreement for a proposed plan, policy or transaction 
Confirm proposal and required statutory and transactional documents are completed and signed off by client 
Confirm that signed agreement and all copies of appropriate documentation are exchanged between required parties 
Confirm that type and form of selected ongoing service, reporting on performance, and review of plan, policy or transaction is agreed with client 
Explain fees and costs for any ongoing and specifically defined services and ensure client understands these expenses 

Forms

Assessment Cover Sheet

FNSASIC312 - Provide personal advice on non-relevant financial products
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

FNSASIC312 - Provide personal advice on non-relevant financial products

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: