Unit of competency Outline
Date retreived
23/07/2026 9:40 PM AWST
23/07/2026 9:40 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Conduct product research to support recommendations
Conduct product research to support recommendations
Unit of competency
National Code
FNSINC501A
FNSINC501A
State Code
D4170
D4170
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
31/07/2014
Nominal Hours
80
Description
This unit describes the performance outcomes, skills and knowledge required to carry out research by interpreting available information, analysing and reviewing research findings and activities to enable the determination of financial investment strategies and options.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Notes
Elements and Performance Criteria
1. Interpret available information and conduct research
- 1.1. Timelines are established to meet research requirement deadlines
- 1.2. Relevant sources of information are identified accurately and consistently, and required information can be sourced and retrieved readily and promptly
- 1.3. Sources of research information and documentation are constantly reviewed to ensure currency and accuracy
- 1.4. Research findings logically flow from the interpretation of information available and are prepared in a detailed, clear, accurate and timely format
2. Analyse and review research findings and activities
- 2.1. Research activities and outcomes are consistent with organisation policy and guidelines, confidentiality requirements, and with relevant legislation or industry codes of practice
- 2.2. Research findings and activities are analysed and reviewed to ensure accuracy and thoroughness
- 2.3. The adequacy of statutory disclosures is reviewed to maintain consistency and compliance
- 2.4. Feedback is regularly sought to monitor the effectiveness and appropriateness of research activities
3. Document research and distribute to relevant parties
- 3.1. All research is checked to ensure compliance with organisation policy and guidelines, and with relevant legislation or industry codes of practice, and is authorised before release
- 3.2. Research is distributed to all relevant parties as required in a timely manner
- 3.3. Confirmation of receipt of research information is obtained where relevant in order to complete organisation records of compliance
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.
Relevant sources of information may include:
industry and economic data
interviews
organisation reports
organisation visits
specific investments
types of products.
Research information and documentation may include:
advice
agreements
bills
brochures
CDs
contracts or policy statements
electronic documents (including internet)
in-house publications
legal, government, professional and other documents
meeting notes
memos
official, general and other correspondence
presentation notes
prospectuses
quotations
reasons for adopting and incorporating certain information in preference to other information
receipts
records of telephone conversations
reference to all evidence and information considered
reports:
short
long
research
statistical
ad hoc
transaction
other.
Organisation policy and guidelines may include:
advertising and marketing
clerical
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 and codes of practice may include:
Consumer Affairs Act
Consumer Credit Code
contract law
Corporations Act
industry codes of practice
National Guarantee Fund rules
Privacy Act
relevant financial association business rules and codes of conduct
secrecy laws
Taxation Act
Trade Practices Act
trust law.
Authorisation may include:
advisers
auditors
organisation accountants
organisation directors or managers.
Relevant parties may include:
accountants
advisers
agents
auditors
Australian Bureau of Statistics (ABS)
Australian Securities and Investments Commission (ASIC)
Australian Securities Exchange (ASX)
Australian Taxation Office (ATO)
banks
clients
consultants
members
organisation directors or managers
other organisations
shareholders
Stamp Duties Office
stockbrokers
trustees.
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.
Relevant sources of information may include:
industry and economic data
interviews
organisation reports
organisation visits
specific investments
types of products.
Research information and documentation may include:
advice
agreements
bills
brochures
CDs
contracts or policy statements
electronic documents (including internet)
in-house publications
legal, government, professional and other documents
meeting notes
memos
official, general and other correspondence
presentation notes
prospectuses
quotations
reasons for adopting and incorporating certain information in preference to other information
receipts
records of telephone conversations
reference to all evidence and information considered
reports:
short
long
research
statistical
ad hoc
transaction
other.
Organisation policy and guidelines may include:
advertising and marketing
clerical
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 and codes of practice may include:
Consumer Affairs Act
Consumer Credit Code
contract law
Corporations Act
industry codes of practice
National Guarantee Fund rules
Privacy Act
relevant financial association business rules and codes of conduct
secrecy laws
Taxation Act
Trade Practices Act
trust law.
Authorisation may include:
advisers
auditors
organisation accountants
organisation directors or managers.
Relevant parties may include:
accountants
advisers
agents
auditors
Australian Bureau of Statistics (ABS)
Australian Securities and Investments Commission (ASIC)
Australian Securities Exchange (ASX)
Australian Taxation Office (ATO)
banks
clients
consultants
members
organisation directors or managers
other organisations
shareholders
Stamp Duties Office
stockbrokers
trustees.
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:
establish and meet required research deadlines
interpret andcomply with relevant legislative requirements
access and interpret available information accurately and comprehensively
comply with statutory disclosure requirements
document research findings concisely and clearly for distribution purposes.
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 business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
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:
establish and meet required research deadlines
interpret andcomply with relevant legislative requirements
access and interpret available information accurately and comprehensively
comply with statutory disclosure requirements
document research findings concisely and clearly for distribution purposes.
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 business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9796 | FNSICPRO502B | Conduct product research to support recommendations | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR89 | FNSINC501 | Conduct product research to support recommendations | Unit of competency |