Application
This unit describes the skills and knowledge required to establish actions, timings and priorities needed to implement complex loans and supervise the implementation process, and applies to finance brokers working with clients with complex needs.
It applies to individuals who use specialised knowledge and well developed organisational skills to coordinate the implementation of complex financial processes.
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.
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Organise implementation actions | 1.1 Review special or complex features of client situation for implementation implications including high asset, income or expenditure requirements, complex taxation, nature and forms of securities to be taken and other legal or complex issues 1.2 Prioritise implementation actions, plan timing for each action and confirm activities to be consistent with client needs and specifications 1.3 Explain implementation actions required by client clearly, obtain written agreement to actions and establish implementation records 1.4 Implement actions including timing and priority to maximise advantage for client |
2. Establish appropriate procedures for implementation | 2.1 Identify and brief personnel to implement each action for loan structure and complete internal and external documentation requirements 2.2 Coordinate implementation actions that depend on or involve actions by other professionals 2.3 Establish monitoring procedures for critical implementation timing and priorities |
3. Undertake and/or supervise implementation | 3.1 Brief client on actions to be undertaken and provide assistance where needed 3.2 Issue instructions to internal and external personnel as per loan structure 3.3 Maintain consultation and monitoring with other professionals where joint implementation action is required, and check and follow up on lodgement of documentation to ensure plan timings are met 3.4 Obtain and process fees and charges according to organisational and legislative requirements 3.5 Debrief client post-implementation and address any concerns |
Evidence of Performance
Evidence of the ability to:
prepare materials, personnel and other professionals to effectively implement complex loan structures
interpret and comply with legislation, industry regulations, organisational requirements and codes of practice
review impacts of high asset, income or expenditure requirements, complex taxation, complex nature of and forms of securities, and other legal or complex requirements
establish appropriate monitoring to track progress of implementation.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Evidence of Knowledge
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
explain the complex nature of the securities to be taken including:
implications of borrowing against leased premises
multiple securities of differing kinds
rural land
specialised securities such as hotels
identify forms of security to be taken for complex loan structures:
assignment of rental income to the lender
joint and several personal or related company guarantees
multiple mortgages
registered company charges
second mortgages
the involvement of unit or family trusts as either borrowers or guarantors
discuss documentation requirements relating to:
disclaimers
disclosures
insurance policies
prospectuses
receipts
written advice
outline key features of relevant legislation including state and territory legislation, charges and taxes
discuss time management techniques and tools to support implementation process.
Assessment Conditions
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
financial services product information
specialist software and data.
Assessors must satisfy NVR/AQTF assessor requirements.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.1 | Reviews information from a range of sources and interprets key aspects to determine implementation actions |
Writing | 1.3, 2.1, 3.1, 3.2, 3.3, 3.5 | Prepares correspondence and documentation using clear and unambiguous language to convey complex information appropriate for audience and purpose |
Oral Communication | 1.3, 2.1, 3.1, 3.2, 3.3, 3.5 | Uses language, tone and pace appropriate to audience and purpose when issuing instructions and explaining information Uses active listening and questioning skills in verbal exchanges to clarify information and build relationships |
Numeracy | 1.1, 1.3, 3.2, 3.4 | Interprets numerical and financial information to determine required actions, timings and sequences Performs mathematical equations to check calculations |
Navigate the world of work | 1.1, 3.4 | Recognises and applies legislative requirements and workplace protocols, and meets expectations associated with role |
Interact with others | 1.3, 2.1, 3.1, 3.2, 3.3, 3.5 | Identifies the information requirements and selects the appropriate communication format when responding to routine and non-routine exchanges Recognises the importance of building rapport to establish and maintain effective working relationships Collaborates with others to achieve joint and desired outcomes Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others |
Get the work done | 1.2-1.4, 2.1, 2.2, 2.3, 3.2, 3.4 | Organises, plans and sequences own workload, and schedules work activities of others Uses digital technologies and systems for accessing information and developing, implementing and monitoring plans |
Sectors
Finance/mortgage broking