Unit of competency Outline

Date retreived
22/07/2026 7:08 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.

Apply and maintain knowledge of financial products and services

Apply and maintain knowledge of financial products and services

Unit of competency
National Code
FNSINC412
State Code
OCZ44
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
02/02/2021
View on TGA
State Implementation and Classification
Approved Date
22/04/2021
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
22/04/2021
Nominal Hours
40
Description
This unit describes the skills and knowledge required to apply and maintain an in-depth knowledge of the financial products and services provided by an organisation, or those an organisation uses, and how they may be applied to client needs.The unit applies to those who work in various financial services industry job roles, with a wide range of financial products or services.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 state and territory regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Identify and communicate characteristics of financial products and services to clients
  • 1.1 Identify products and services used by organisation and their characteristics and purpose
  • 1.2 Identify key terms and conditions of products and services and how they affect consumer use of them
  • 1.3 Communicate characteristics of products and services to clients
2. Identify compliance obligations for products and services
  • 2.1 Determine compliance requirements in the provision, sale and use of products and services and communicate to clients
  • 2.2 Identify compliance reporting requirements and complete documentation as identified
3. Match products and services to clients
  • 3.1 Identify organisational promotional strategies for products and services in business activities
  • 3.2 Identify clients whose needs match products and services according to promotional strategies
  • 3.3 Provide information and documentation for products and services to client according to organisational policies and procedures and legislative and regulatory requirements
4. Maintain product knowledge
  • 4.1 Access information regarding updates to products and services using workplace systems
  • 4.2 Review updated product and service terms and conditions to maintain currency of product knowledge
  • 4.3 Review and apply updates to compliance requirements as required
No information
No information