Unit of competency Outline

Date retreived
23/07/2026 12:20 AM 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.

Sell financial products and services

Sell financial products and services

Unit of competency
National Code
FNSSAM401A
State Code
D4316
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
24/11/2010
View on TGA
State Implementation and Classification
Approved Date
24/04/2014
Field of Education
080501 - Sales
Original Release Date
24/04/2014
Nominal Hours
40
Description
This unit describes the performance outcomes, skills and knowledge required to present a sales solution and close a sale in response to a customer enquiry.This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Identify the nature of the enquiry
  • 1.1. Rapport with the customer and the reason for the enquiry are established to allow a suitable response
  • 1.2. Needs of the customer are determined by questioning
  • 1.3. Check is carried out to see whether the enquiry is within personal authorities or should be referred to appropriate personnel
2. Determine the suitability of the customer for the financial product or service
  • 2.1. Products and/or services that might satisfy the customer's needs are identified
  • 2.2. All information required to determine the eligibility of the customer for the product or service is obtained with predetermined risk assessment criteria applied in accordance with product or service requirements
  • 2.3. Business proposal is prepared in compliance with legislation, regulations and codes of practice and personal authorities and if the business proposal is outside the defined guidelines, it is referred to appropriate personnel for further action
3. Provide customer with information about the product or service
  • 3.1. Business proposal is presented to the customer and all product information is supplied
  • 3.2. Customer queries are discussed and proposal clarified if required with follow-up arrangements made
4. Confirm sale and process documentation
  • 4.1. Suitability of product and price are confirmed with the customer and agreement to proceed with the sale is obtained
  • 4.2. Documentation is issued in accordance with organisation policy and procedures
  • 4.3. Payment details are processed without delay and record systems updated promptly and accurately
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.
Products and/or services may include:
banking
insurance
investment
loans
other services
savings
superannuation.
Information may include:
business records
financial status
personal details
previous history with the company or other companies.
Legislation, regulations and codes of practice may include:
anti-discrimination legislation
Australian Prudential Regulation Authority (APRA)
business names legislation
Consumer Credit Code
Corporations Act (including Accounting Standards)
Electronic Funds Transfer (EFT) Code of Conduct
Finance Code
Financial Services Reform Act (FSRA)
Financial Transaction Reports Act
industry codes of practice
Privacy Act
taxation law.
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:
interact with customers, collect the necessary information and match customers' needs to company products or service
sell products and services including matching customers' requirements to company products and services and finalise and record the sale.

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
observing processes and procedures in workplaces or role plays
verbal or written questioning on underpinning knowledge and skills
setting and reviewing business simulations or scenarios
accessing and validating third party reports.

Guidance information for assessment
Replaced By
State Code National Code Title Type
AUT11 FNSSAM401 Sell financial products and services Unit of competency