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

FNSSAM603A Mapping and Delivery Guide
Tailor financial products to meet customer needs

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSSAM603A - Tailor financial products to meet customer needs
Description This unit describes the performance outcomes, skills and knowledge required to match financial products on offer to customer requirements based on an in-depth knowledge of the products and a comprehensive knowledge of customers' characteristics and their financial requirements.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit applies in a range of industry sectors in which financial products are provided to individuals and organisations to meet their financial needs.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
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: Access the information needed to determine the fit between the financial product and the customer
  • Information on customer profile and requirements, characteristics, financial status, timelines and other needs are gathered and assessed
  • Most appropriate products and services used or provided by the organisation are considered and, if necessary, researched based on customer stated requirements in terms of features, benefits, terms and conditions, and other factors
       
Element: Determine most suitable options to meet customer requirements
  • The most suitable option, or a number of options, are determined for discussion and recommendation with customer
  • Customer negotiation periods are established and documented in line with organisation policy and relevant legislation
  • Options are discussed with manager or other appropriate personnel, if necessary
       
Element: Present the selected options to customer
  • Options are presented to the customer and all features, benefits, negotiation periods and terms and conditions are explained
  • Customer is given further information if requested and all questions are answered
  • Customer is provided with all the support needed to clarify the information presented
  • If relevant, additional information is taken to see whether there are other needs that could be met by the organisation
       


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 Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

assess a wide range of financial services, products and features to suit customer requirements

present product or service options to customers and negotiate sales.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to financial services product information.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills

setting and reviewing workplace projects and business simulations or scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

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.

Required skills

highly developed communication skills to:

provide comprehensive product and service information to customers, using questioning and active listening as required

present product options and negotiate with customers

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

IT skills for:

accessing and using appropriate software such as spreadsheets and databases and using internet information

managing information on financial products and services

well-developed literacy skills to:

analyse information and products to suit customer needs

document sales outcomes

well-developed analysis and decision making skills

problem solving skills to address market product or service issues

organisational skills, including the ability to plan and sequence work

Required knowledge

organisation policies and procedures and terms and conditions

how to access and interpret support information, materials, relevant brochures and other appropriate information

products and services offered by the financial services industry as a whole

products and services offered by the organisation, including specific benefits and features of products and services

regulatory documents, industry requirements and legislation applicable to specific products, services and situations

requirement for negotiation periods in line with relevant legislation

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Most appropriate products and services may include:

products and services developed and offered by the organisation

products and services developed by other vendors, lenders, and organisations that are used by or contracted out by the organisation.

Negotiation periods may include:

application valid period

cooling-off period

negotiation period.

Support may include:

all relevant regulatory documents

organisation brochures and annual reports

product and service information, printed or in electronic formats

relevant contacts and referrals.

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
Information on customer profile and requirements, characteristics, financial status, timelines and other needs are gathered and assessed 
Most appropriate products and services used or provided by the organisation are considered and, if necessary, researched based on customer stated requirements in terms of features, benefits, terms and conditions, and other factors 
The most suitable option, or a number of options, are determined for discussion and recommendation with customer 
Customer negotiation periods are established and documented in line with organisation policy and relevant legislation 
Options are discussed with manager or other appropriate personnel, if necessary 
Options are presented to the customer and all features, benefits, negotiation periods and terms and conditions are explained 
Customer is given further information if requested and all questions are answered 
Customer is provided with all the support needed to clarify the information presented 
If relevant, additional information is taken to see whether there are other needs that could be met by the organisation 

Forms

Assessment Cover Sheet

FNSSAM603A - Tailor financial products to meet customer 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

FNSSAM603A - Tailor financial products to meet customer 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: