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

FNSFMK513 Mapping and Delivery Guide
Undertake assessment of product and advice suitability for non-retail clients

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFMK513 - Undertake assessment of product and advice suitability for non-retail clients
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to assess client needs, determine suitability of appropriate product and advice needs of the client, and monitor and review this periodically.The unit applies to individuals who use analytical skills and systematic approaches to evaluate a client’s business needs, exposures, expertise and knowledge in financial markets before determining whether the product and services that the organisation can provide are suitable for the client and consistent with client expectations.No licensing, legislative or certification requirements apply to this unit at the time of publication.
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 required to produce the performance evidence

regulations and codes of practice required to produce the performance evidence

organisational and industry standards relating to client and product suitability.

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: Research and investigate needs and services required by client
  • Investigate financial needs of client, including objectives, risk tolerance and types of services client is seeking
  • Gather information necessary to assess client knowledge and experience in financial products according to regulatory and organisational requirements
  • Confirm all onboarding requirements have been met, including required organisational and regulatory documentation
       
Element: Assess and provide suitable product
  • Assess client’s financial needs to determine appropriate product and advice consistent with client needs and organisational capability
  • Advise client of applicable product or advice
  • Complete required documentation and tasks to ensure compliance with organisation’s client suitability framework
  • Communicate assessment to required team members and client according to organisational policies and procedures
       
Element: Monitor and review client needs and product suitability
  • Conduct periodic reviews of client needs and product suitability
  • Monitor and record changes to client’s financial needs and objectives relevant to provided product and/or advice
  • Communicate to required team members whether existing product and advice remains fit for purpose
       


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 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:

apply organisation’s product and advice suitability framework to at least one client.

In the course of the above, the candidate must:

evaluate client information to establish client financial situation, knowledge and experience in financial markets

assess client needs and risk profile

determine suitable products or advice for client

conduct review of client product and advice suitability

report on ongoing suitability or unsuitability of the product and advice for the client

comply with organisational practices when assessing client product and advice suitability.

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:

definitions of client suitability and elements of established client suitability frameworks

types of client categorisations and implications on product and advice suitability

organisational processes for assessing client product and suitability of advice

regulatory requirements that may affect assessment of client suitability

range of products available in a particular asset class

documentation required for trading in financial products including ISDA Master Agreements.

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.
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
Investigate financial needs of client, including objectives, risk tolerance and types of services client is seeking 
Gather information necessary to assess client knowledge and experience in financial products according to regulatory and organisational requirements 
Confirm all onboarding requirements have been met, including required organisational and regulatory documentation 
Assess client’s financial needs to determine appropriate product and advice consistent with client needs and organisational capability 
Advise client of applicable product or advice 
Complete required documentation and tasks to ensure compliance with organisation’s client suitability framework 
Communicate assessment to required team members and client according to organisational policies and procedures 
Conduct periodic reviews of client needs and product suitability 
Monitor and record changes to client’s financial needs and objectives relevant to provided product and/or advice 
Communicate to required team members whether existing product and advice remains fit for purpose 

Forms

Assessment Cover Sheet

FNSFMK513 - Undertake assessment of product and advice suitability for non-retail clients
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

FNSFMK513 - Undertake assessment of product and advice suitability for non-retail clients

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: