Record and implement client instructions Evidence Guide

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Evidence Guide: FNSCUS506A - Record and implement client instructions

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

FNSCUS506A - Record and implement client instructions

What evidence can you provide to prove your understanding of each of the following citeria?

Execute instructions to satisfy client requirements

The client is adequately identified and instructions given in good faith are confirmed and requirements sought
Relevant client instructions are recorded and documented promptly and accurately in accordance with organisation policy and guidelines, confidentiality requirements, and with relevant legislation or industry codes of practice
Client instructions are actioned with relevant personnel or section in accordance with client requirements, organisation policy and guidelines, confidentiality requirements, and with relevant legislation or industry codes of practice

The client is adequately identified and instructions given in good faith are confirmed and requirements sought

Completed
Date:

Teacher:

Evidence:

Relevant client instructions are recorded and documented promptly and accurately in accordance with organisation policy and guidelines, confidentiality requirements, and with relevant legislation or industry codes of practice

Completed
Date:

Teacher:

Evidence:

Client instructions are actioned with relevant personnel or section in accordance with client requirements, organisation policy and guidelines, confidentiality requirements, and with relevant legislation or industry codes of practice

Completed
Date:

Teacher:

Evidence:

Review and monitor implementation of client instructions

Terms and conditions of agreed options and investment strategies are reviewed and monitored for consistency with client instructions
Implementation strategies and actions are regularly monitored and reviewed to ensure compliance with client instructions
Clients are regularly updated on the implementation and administration of their agreed investment strategies and instructions to ensure no breaches of agreement or anomalies occur
Clients are advised of changes to markets, legislative or organisation requirements or guidelines where appropriate

Terms and conditions of agreed options and investment strategies are reviewed and monitored for consistency with client instructions

Completed
Date:

Teacher:

Evidence:

Implementation strategies and actions are regularly monitored and reviewed to ensure compliance with client instructions

Completed
Date:

Teacher:

Evidence:

Clients are regularly updated on the implementation and administration of their agreed investment strategies and instructions to ensure no breaches of agreement or anomalies occur

Completed
Date:

Teacher:

Evidence:

Clients are advised of changes to markets, legislative or organisation requirements or guidelines where appropriate

Completed
Date:

Teacher:

Evidence:

Provide additional/after sales service

Client documentation, information and histories are periodically reviewed to determine areas and extent of additional after sales service that can be provided
Potential areas of additional after sales service are communicated to clients utilising identified marketing strategies
Defined additional after sales service is agreed with clients and provided as required
Areas of client dissatisfaction are identified and acted upon in a prompt, professional and ethical manner, and in accordance with organisation policy and guidelines, confidentiality requirements, and with relevant legislation or industry codes of practice

Client documentation, information and histories are periodically reviewed to determine areas and extent of additional after sales service that can be provided

Completed
Date:

Teacher:

Evidence:

Potential areas of additional after sales service are communicated to clients utilising identified marketing strategies

Completed
Date:

Teacher:

Evidence:

Defined additional after sales service is agreed with clients and provided as required

Completed
Date:

Teacher:

Evidence:

Areas of client dissatisfaction are identified and acted upon in a prompt, professional and ethical manner, and in accordance with organisation policy and guidelines, confidentiality requirements, and with relevant legislation or industry codes of practice

Completed
Date:

Teacher:

Evidence:

Assessed

Teacher: ___________________________ Date: _

Signature: ________________________________________________

Comments:

Instructions to Assessors

Evidence Guide


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: accurately record and implement client instructions in accordance with organisation, industry and legislative requirements monitor and review implemented strategies against client instructions and provide after sales service consider and adapt to any special needs of clients, including cultural, language, race, religion, ethnic origin, socioeconomic status and demographic needs.
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 a client information system 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 observing processes and procedures in workplaces verbal or written questioning on underpinning knowledge and skills evaluating samples of work accessing and validating third party reports.
Guidance information for assessment

Required Skills and Knowledge

Required skills

well-developed communication skills to:

establish client financial service requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research and analysis to access, interpret and manage information on client instructions and match to products and services

problem solving skills to address client needs

judgement skills for forming recommendations in operational situations

IT skills for accessing and using specialised contact databases, client and product information systems and using internet information

well-developed literacy skills for:

reading and interpreting documentation from a variety of sources and recording, gathering and consolidating information

drafting client reports and recording instructions

learning skills to maintain knowledge of industry products and operating environment

organisational skills, including coordinating activities across an organisation, monitoring client satisfaction and planning and sequencing work

Required knowledge

characteristics of local and international financial markets and investments

current economic climate and outlook

financial product service terms and conditions

fraud detection and prevention procedures and practises

general sales and marketing techniques

organisation policy, procedures and requirements

relevant financial association's business rules

relevant financial services industry legislation and codes of practice

tax factors impacting on financial services clients

Range Statement


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.
Clients may include:	agents companies and organisations individuals intermediaries members members of the public shareholders stockbrokers. trustees.
Instructions given are in good faith may include:	satisfaction by advisers that the client has been adequately identified that the adviser has no reason to believe another party is not acting honestly and, where applicable, for the benefit of the client that the person giving instructions is acting in observance of agreed terms of business.
Client instructions should include:	description and number of securities to be bought/sold identity of person receiving instruction or order name of client person placing the order time and date of receipt of order record of client instructions should include: identity of person receiving instruction or order time and date of receipt of order name of client person placing the order description and number of securities to be bought/sold price limit or price related instructions time limits on order (if any) discretionary or other relevant instructions such as: other execution instructions advice no advice settlement instructions.
Documentation may include:	adviser diary agreements bills brochures contracts or policy statements day book electronic order form electronic trade confirmation financial services guides in-house publications legal, government, professional and other documents meeting notes memos official, general and other correspondence product disclosure Statements program recommendations prospectuses quotations reasons for adopting/incorporating certain information in preference to other information receipts records of telephone conversations reference to all evidence and information considered reports: research statistical ad hoc transaction other statements of advice written advice.
Additional after sales service may include:	assessment of: costs liquidity flexibility security potential capital growth corporate advice discretionary accounts financial planning investment spread information margin lending money market facilities portfolio management and administration research scrip lending tax factors advice
Organisation policy and guidelines may include:	advertising and marketing administrative codes of practice complaints and dispute resolution procedures IT and administrative systems policies and procedures in relation to client service product or service development.
Relevant legislation or industry codes of practice may include	confidentiality requirements including any requirements under legislation such as: Consumer Affairs Act Privacy Act Consumer Credit Code contract law corporations law industry codes of practice and standards set out in organisation policies and procedures National Guarantee Fund Rules relevant financial association's business rules and code of conduct Taxation Act Trade Practices Act trust law.

NTISthis.com

Evidence Guide: FNSCUS506A - Record and implement client instructions

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

FNSCUS506A - Record and implement client instructions

Execute instructions to satisfy client requirements

Review and monitor implementation of client instructions

Provide additional/after sales service

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

Instructions to Assessors

Teacher: ___________________________ Date: _