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

FNSFMB502 Mapping and Delivery Guide
Identify and develop broking options for clients with complex needs

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFMB502 - Identify and develop broking options for clients with complex needs
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to identify complex or special financial needs for a client, and consider complicated issues such as economic and legislative requirements to develop broking strategies and solutions for a client.It applies to individuals who apply research and analytical skills to complex and multifaceted scenarios to develop customised solutions for clients.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 finance and mortgage broking field of work and include access to:

office equipment, technology, software and consumables

economic and financial services product information

specialist software and data.

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: Identify complex broking needs of client
  • Discuss, review and clarify special or complex features of a client’s situation and needs
  • Explore and comprehensively and ethically discuss risk issues and tolerance with the client, including unusual risks or requirements, and interdependencies and implications
  • Assess impact of risks to the client or organisation according to legislative requirements and organisational guidelines and procedures, engaging in further questioning and information gathering as required
       
Element: Research and consider broking solutions based on client needs
  • Analyse current client situation to determine opportunities and constraints
  • Research loan structures or options including those which are new or non-standard products
  • Analyse complex financial issues in terms of economics, legislation, taxation and insurance
  • Model, analyse and prioritise options, comparing features, fees and charges, and risks, and reject inappropriate options
  • Check preliminary options to ensure compliance with relevant legislation and regulatory and ethical guidelines, and assess ability to successfully meet client needs
       
Element: Select and gather appropriate options and information for client review
  • Select broking options for review with client and develop or obtain explanatory material
  • Consider referrals to an accountant, financial adviser or lawyer where required in broking solution
  • Develop recommendations on risk management strategies and incorporate into materials for client, and include description of anticipated fees and charges
  • Include information on complaints resolution procedures (internal and external) in client materials
  • Document broking recommendations and loan structures that will be presented to client according to organisational guidelines and procedures
       


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. Identify complex broking needs of client

1.1 Discuss, review and clarify special or complex features of a client’s situation and needs

1.2 Explore and comprehensively and ethically discuss risk issues and tolerance with the client, including unusual risks or requirements, and interdependencies and implications

1.3 Assess impact of risks to the client or organisation according to legislative requirements and organisational guidelines and procedures, engaging in further questioning and information gathering as required

2. Research and consider broking solutions based on client needs

2.1 Analyse current client situation to determine opportunities and constraints

2.2 Research loan structures or options including those which are new or non-standard products

2.3 Analyse complex financial issues in terms of economics, legislation, taxation and insurance

2.4 Model, analyse and prioritise options, comparing features, fees and charges, and risks, and reject inappropriate options

2.5 Check preliminary options to ensure compliance with relevant legislation and regulatory and ethical guidelines, and assess ability to successfully meet client needs

3. Select and gather appropriate options and information for client review

3.1 Select broking options for review with client and develop or obtain explanatory material

3.2 Consider referrals to an accountant, financial adviser or lawyer where required in broking solution

3.3 Develop recommendations on risk management strategies and incorporate into materials for client, and include description of anticipated fees and charges

3.4 Include information on complaints resolution procedures (internal and external) in client materials

3.5 Document broking recommendations and loan structures that will be presented to client according to organisational guidelines and procedures

Evidence of the ability to:

develop detailed broking options and recommendations designed to maximise client outcomes and meet client needs

provide detailed analysis of research strategies and findings, and risk analysis

test and make appropriate checks on a proposed recommendation for integrity and compliance with legislative requirements, and organisational guidelines and 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:

identify and explain complex features of a client situation and needs including:

commercial loans

chattel leases

native title rights

heritage issues

contaminated sites or properties near noxious industries

outline the legislation, regulations and codes of practice affecting the broking industry

explain risk issues relevant to:

borrowing risk and gearing

economic risk

specific product risk

institutional risk

risk factors and return expectations of the client

volatility of income and capital

detail organisational guidelines and procedures on assessing impact of risks and documenting broking recommendations

discuss complaint handling and dispute resolution procedures

explain key products available in the broking industry

research methods on gathering information on new or non-standard products.

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. Identify complex broking needs of client

1.1 Discuss, review and clarify special or complex features of a client’s situation and needs

1.2 Explore and comprehensively and ethically discuss risk issues and tolerance with the client, including unusual risks or requirements, and interdependencies and implications

1.3 Assess impact of risks to the client or organisation according to legislative requirements and organisational guidelines and procedures, engaging in further questioning and information gathering as required

2. Research and consider broking solutions based on client needs

2.1 Analyse current client situation to determine opportunities and constraints

2.2 Research loan structures or options including those which are new or non-standard products

2.3 Analyse complex financial issues in terms of economics, legislation, taxation and insurance

2.4 Model, analyse and prioritise options, comparing features, fees and charges, and risks, and reject inappropriate options

2.5 Check preliminary options to ensure compliance with relevant legislation and regulatory and ethical guidelines, and assess ability to successfully meet client needs

3. Select and gather appropriate options and information for client review

3.1 Select broking options for review with client and develop or obtain explanatory material

3.2 Consider referrals to an accountant, financial adviser or lawyer where required in broking solution

3.3 Develop recommendations on risk management strategies and incorporate into materials for client, and include description of anticipated fees and charges

3.4 Include information on complaints resolution procedures (internal and external) in client materials

3.5 Document broking recommendations and loan structures that will be presented to client according to organisational guidelines and procedures

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
Discuss, review and clarify special or complex features of a client’s situation and needs 
Explore and comprehensively and ethically discuss risk issues and tolerance with the client, including unusual risks or requirements, and interdependencies and implications 
Assess impact of risks to the client or organisation according to legislative requirements and organisational guidelines and procedures, engaging in further questioning and information gathering as required 
Analyse current client situation to determine opportunities and constraints 
Research loan structures or options including those which are new or non-standard products 
Analyse complex financial issues in terms of economics, legislation, taxation and insurance 
Model, analyse and prioritise options, comparing features, fees and charges, and risks, and reject inappropriate options 
Check preliminary options to ensure compliance with relevant legislation and regulatory and ethical guidelines, and assess ability to successfully meet client needs 
Select broking options for review with client and develop or obtain explanatory material 
Consider referrals to an accountant, financial adviser or lawyer where required in broking solution 
Develop recommendations on risk management strategies and incorporate into materials for client, and include description of anticipated fees and charges 
Include information on complaints resolution procedures (internal and external) in client materials 
Document broking recommendations and loan structures that will be presented to client according to organisational guidelines and procedures 

Forms

Assessment Cover Sheet

FNSFMB502 - Identify and develop broking options for clients with complex needs
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

FNSFMB502 - Identify and develop broking options for clients with complex needs

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: