Unit of competency Outline

Date retreived
23/07/2026 6:55 AM AWST

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Provide personal advice on non-relevant financial products

Provide personal advice on non-relevant financial products

Unit of competency
National Code
FNSASIC312
State Code
OEC06
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
15/06/2022
View on TGA
State Implementation and Classification
Approved Date
07/12/2022
Field of Education
081101 - Banking And Finance
Original Release Date
07/12/2022
Nominal Hours
45
Description
This unit describes the skills and knowledge required to provide personal advice on non-relevant financial products. It addresses products according to the requirements of current Australian Securities and Investments Commission (ASIC) and Australian financial services (AFS) licensing.The unit applies to those who use well-developed interpersonal, communication and self-management skills to provide general or wholesale advice about non-relevant financial products according to a client’s requirements.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Develop strategies and solutions
  • 1.1 Determine client’s financial needs and outcome requirements
  • 1.2 Analyse products and client risk profile
  • 1.3 Conduct assessment of client needs
  • 1.4 Conduct research, analysis and product modelling according to client’s needs and outcome requirements
  • 1.5 Draft proposed solution according to ASIC identified generic and specialist knowledge relevant to products being offered
2. Present strategies and solutions to client
  • 2.1 Present proposed solution to client and demonstrate product knowledge required for product offered, according to organisational policies and procedures, legislative and regulatory requirements
  • 2.2 Reinforce all relevant details to client with impacts and possible risks of solution disclosed
  • 2.3 Provide client with written supporting documentation and guide client through key aspects of documentation
3. Negotiate financial plan, policy or transaction with client
  • 3.1 Identify concerns or issues client has regarding proposed plan, policy or transaction
  • 3.2 Seek confirmation to ensure that client understands proposed plan, policy or transaction according to ASIC and AFS licensing requirements
  • 3.3 Determine client requirements to establish formal agreement for a proposed plan, policy or transaction
4. Complete and maintain necessary documentation
  • 4.1 Confirm proposal and required statutory and transactional documents are completed and signed off by client
  • 4.2 Confirm that signed agreement and all copies of appropriate documentation are exchanged between required parties
5. Provide ongoing service, where requested by client
  • 5.1 Confirm that type and form of selected ongoing service, reporting on performance, and review of plan, policy or transaction is agreed with client
  • 5.2 Explain fees and costs for any ongoing and specifically defined services and ensure client understands these expenses
No information
No information
Replaces
State Code National Code Title Type
AUQ31 FNSASIC302 Develop, present and negotiate client solutions Unit of competency