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Evidence Guide: FNSSAM604A - Establish agreements with intermediaries for product distribution

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

 

FNSSAM604A - Establish agreements with intermediaries for product distribution

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

Identify potential intermediaries

  1. Selection criteria are determined to achieve business plan outcomes
  2. Target intermediaries are identified and matched against the selection criteria and approaches or suitable responses made to enquiries from potential intermediaries
Selection criteria are determined to achieve business plan outcomes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Target intermediaries are identified and matched against the selection criteria and approaches or suitable responses made to enquiries from potential intermediaries

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine acceptability

  1. Information provided with an application is checked to determine reliability, completeness and relevance
  2. Proposed trading arrangements are assessed for compliance with industry code of practice and relevant legislation
  3. Credentials are checked through appropriate agencies to ensure acceptability within organisation assessment criteria and recommendations made based on a valid assessment of information against acceptability criteria
Information provided with an application is checked to determine reliability, completeness and relevance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Proposed trading arrangements are assessed for compliance with industry code of practice and relevant legislation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Credentials are checked through appropriate agencies to ensure acceptability within organisation assessment criteria and recommendations made based on a valid assessment of information against acceptability criteria

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine terms and conditions of trade

  1. Terms and conditions of trade are determined to reflect the legal and commercial responsibility of the organisation and intermediary
  2. Terms of trade incorporate method of operation, duties and responsibilities of both parties and defined in compliance with industry code of practice and relevant legislation
Terms and conditions of trade are determined to reflect the legal and commercial responsibility of the organisation and intermediary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Terms of trade incorporate method of operation, duties and responsibilities of both parties and defined in compliance with industry code of practice and relevant legislation

Completed
Date:

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Convey the decision and terms of trade

  1. Decision and terms of trade are conveyed in writing using plain language in a concise manner
  2. Advice is provided in a timely manner to ensure currency of application
Decision and terms of trade are conveyed in writing using plain language in a concise manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advice is provided in a timely manner to ensure currency of application

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate variations where appropriate and document and confirm arrangements

  1. Variations are negotiated within authorities and an acceptance by both parties to outcome evidenced in writing to confirm understanding
  2. Agreements are prepared in writing using predetermined formats to evidence contractual relationship
  3. A statement of intent is prepared where appropriate to reflect commercial understandings
  4. Agreement documentation is filed and system records created and/or updated promptly
Variations are negotiated within authorities and an acceptance by both parties to outcome evidenced in writing to confirm understanding

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Agreements are prepared in writing using predetermined formats to evidence contractual relationship

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

A statement of intent is prepared where appropriate to reflect commercial understandings

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Agreement documentation is filed and system records created and/or updated promptly

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:

set up effective agreements with other organisations to deal in the products and services of their organisation

determine the terms of trade and evaluate an intermediary agreement's success.

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

Required Skills and Knowledge

Required skills

highly developed communication skills to:

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

negotiate with intermediaries

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:

prepare selection criteria and provide comprehensive information to intermediaries

document agreements

well-developed analysis and decision making skills

problem solving skills to address product or service issues

organisational skills, including the ability to plan and sequence work

Required knowledge

industry codes of practice

industry legislation and regulations regarding financial products and services

organisation and industry products and services

organisation distribution requirements and channels

organisation income and expenditure forecasting

organisation marketing, administration, systems, performance measures and training techniques

organisation resources and budgeting

relevant commercial and contract law

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.

Legislation may cover

industry codes of practice

Insurance (Agents and Brokers) Act

Insurance Contracts Act

Taxation Act

Trade Practices Act.

Assessment criteria and credentials may include:

credit references

experience

expertise and professionalism

financial viability

individual standing

market niche and penetration

organisation position

product lines

qualifications

technology

trade references

volume requirements.

Agreements may be:

agency agreements

binder agreements

broker agreements

underwriting agreements.