This unit may be applied by finance brokers working with clients with complex needs, which may include:

commercial loans

chattel leases

Native Title

heritage issues.

ELEMENT

PERFORMANCE CRITERIA

1. Organise implementation actions

1.1. Special or complex features of the client's situation are reviewed for implementation implications including high asset, income or expenditure requirements, complex taxation, the complex nature of the securities to be taken, forms of security to be taken for complex transactions and other legal or complex issues

1.2. Implementation actions are prioritised, timing for each action is planned, and activities are confirmed to be consistent with client needs and specifications

1.3. Implementation actions required by the client are clearly explained, written agreement to actions is obtained, and implementation records are established

1.4. Implementation actions including timing and priority are carried out to maximum advantage for the client

2. Establish appropriate procedures for implementation

2.1. Personnel to implement each action for the loan structure are identified and briefed and internal and external documentation requirements completed

2.2. Implementation actions that depend on, or involve actions by, other professional such as accountants and lawyers are coordinated with these professionals

2.3. Monitoring procedures are established for critical implementation timing and priorities

3. Undertake and/or supervise implementation

3.1. Client is briefed on actions to be undertaken and assistance is provided where needed

3.2. Instructions are issued to internal and external personnel as per loan structure

3.3. Consultation and monitoring is maintained with other professionals where joint implementation action is required and checks and follow-ups are made on lodgement of documentation to ensure plan timings are met

3.4. Fees and charges are obtained and processed according to organisation and legislative requirements

3.5. Client is debriefed and any concerns are addressed

Required skills

highly developed communication skills to:

determine and confirm complex client requirements, using questioning and active listening as required

develop a rapport with clients and deal with any emotive issues sensitively

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

customer service skills such as:

providing appropriate contact with client throughout the complex broking process

appropriate timing of events

well-developed research and analysis for:

accessing, interpreting and analysing complex information to meet client needs

identifying key issues for implementation actions

well-developed numeracy and IT skills to:

access and use appropriate specialist software, organisational templates, spreadsheets and databases

access internet information

well-developed literacy skills to:

read and interpret organisational and industry information

draft documentation for clients that is comprehensive and clear

draft reports setting out research findings and analysis

organisational skills to supervise others in the implementation process and to plan and sequence work

Required knowledge

environmental legislation impacting on financial services

relevant financial legislation including State and Territory legislation, charges and taxes

forecasting techniques

government financial policies

heritage property issues and requirements

corporations and consumer legislation

methods of presenting financial data

Native Title rights

sources of information on financing such as:

banks

financial advisers

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:

prepare materials and personnel to effectively implement complex loan structures

interpret and comply with industry regulations and codes of practice

work effectively with associated financial advisers

assess impacts of taxation, social security, economic and other government policies on client investment and financial requirements

establish appropriate audit trails and effectively document records and data.

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

access to specialist software and data.

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

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.

The complex nature of the securities to be taken may include:

implications of borrowing against leased premises

multiple securities of differing kinds

rural land

specialised securities such as hotels.

Forms of security to be taken for complex transactions may include:

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 borrower or guarantors.

Documentation may include, but is not limited to:

computer and manual applications

disclaimers

disclosures

insurance policies

prospectus

receipts

written advice.

Relevant legislative requirements may include:

Australian Securities and Investments Commission (ASIC) Act, policy and guidelines

Consumer Affairs Act

Consumer Credit Code

contract law

Corporations Act

industry codes of practice

Privacy Act

State and Territory legislation

Taxation Acts

Trade Practices Act

trust law.

Unit sector

Finance/mortgage broking

This unit contains employability skills.