Application
This unit describes the skills and knowledge required to implement and confirm investment instructions from fund members. The unit encompasses determining and documenting member investment instructions, implementing member instructions and confirming investment arrangements with the member and the fund.
It applies to individuals who, within their level of authority, apply specialised organisational knowledge and follow defined procedures to process and update information.
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. Determine and document member investment instructions | 1.1 Accurately and promptly document all member investment instructions, whether via authorised form or verbal authority 1.2 Clarify instructions with members when necessary and check they are in accordance with trust deed |
2. Implement member instructions | 2.1 Implement instructions without amendment or interpretation according to company procedures 2.2 Fulfil requirements according to company procedures and within required timeframes 2.3 Accurately maintain all investment documentation according to company procedures |
3. Confirm investment arrangements with member | 3.1 Confirm and document member investment instructions 3.2 Prepare regular reports on investments in accordance with instructions and relevant legislative requirements 3.3 Communicate change or amendment of member instructions according to organisational procedures |
Evidence of Performance
Evidence of the ability to:
determine and document member instructions
implement member instructions
confirm investment arrangements with member
prepare relevant reports and documentation.
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:
explain how to source information about product terms and conditions
describe the key features of company policy, procedures, guidelines and authorities
outline the key features of superannuation fund structures
describe the key features of legislative requirements
explain a range of investment and finance terminology
outline the key features of computerised superannuation systems and procedures.
Assessment Conditions
Gather evidence to demonstrate consistent performance in Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the superannuation field of work and include access to:
common office equipment, technology, software and consumables
financial services product information
workplace policy and procedures.
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, 1.2, 3.1 | Interprets, consolidates and checks information from a range of sources against relevant criteria and requirements |
Writing | 1.1, 1.2, 2.3, 3.1-3.3 | Prepares organisational documents and correspondence, accurately using clear language, and correct concepts and terminology |
Oral Communication | 1.1, 1.2, 3.1, 3.3 | Participates effectively in verbal exchanges, using active listening and questioning to convey and clarify information with a range of personnel from diverse backgrounds |
Numeracy | 1.1, 1.2, 2.3, 3.1, 3.2 | Performs mathematical calculations to analyse financial and numerical data, and prepare reports |
Navigate the world of work | 2.1, 2.2, 2.3, 3.2, 3.3 | Understands roles and responsibilities for task and makes basic decisions on work completion parameters Complies with explicit policies and procedures, and explores and implements where identified the implicit expectations of policies and procedures Understands rights and responsibilities, and complies with legal and regulatory requirements |
Get the work done | 2.1, 2.2, 2.3 | Plans and implements routine tasks and workload, making limited decisions on sequencing, timing and collaboration, and seeks assistance in setting priorities Responds to predictable routine problems and implements standard or logical solutions Makes low-impact decisions within familiar situations, based on a range of predefined or routine solutions, and evaluates the effectiveness of the outcome Uses a range of digitally based technologies to enter, access or update information to achieve required outcomes |
Sectors
Superannuation