Elements and Performance Criteria

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.


company reports

industry and economic data

specific investments

types of products

company visits

interviews

The insurance industry should adopt a range of improved consumer protection policies and practices with respect to its use of genetic information (including family history) for underwriting purposes. New laws and practices should ensure that: genetic information is only used in a scientifically reliable and actuarially sound manner; reasons are provided for any unfavourable underwriting decision; industry complaints handling processes are strengthened and extended to cover underwriting decisions; and industry education and training about genetics are improved.


reports (short, long, research, statistical, ad hoc, transaction, other)

legal/government/professional/other documents

official/general/other correspondence

electronic documents (including internet)

CD-ROMs

presentation notes

reference to all evidence/information considered

reasons for adopting/incorporating certain information in preference to other information

meeting notes

records of telephone conversations

memo's

advice

brochures

in-house publications

prospectuses

bills

receipts

quotations

agreements

contracts or policy statements


policies and procedures in relation to client service

advertising and marketing

product or service development

clerical

information technology and administrative systems

complaints and dispute resolution procedures

codes of practice


relevant financial association business rules and codes of conduct

National Guarantee Funds Rules

Taxation Act

Consumer Credit Code

Privacy Act

Corporations Act

Contracts Law

Trade Practices Act

Trust Law

Consumer Affairs Act

Secrecy Laws

industry codes of practice

confidentiality requirements include any requirements under legislation such as the Consumer Affairs Act, Privacy Act, Consumer Credit Code, industry codes of practice, as well as standards set out in company policies and procedures


company directors or managers

advisers

auditors

company accountants


company directors or managers

advisers

auditors

accountants

shareholders

members

consultants

clients

stockbrokers

agents

trustees

banks

Stock Exchange

Australian Securities and Investments Commission (ASIC)

Taxation Office

Stamp Duties Office

Australian Bureau of Statistics (ABS)

other organisations

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

To achieve competency in this unit, a person must be able to demonstrate:

ability to establish and meet required deadlines
basic knowledge of legislative requirements
ability to interpret available information
general understanding of statutory disclosure requirements
ability to document research findings for distribution purposes

Evidence required for demonstration of consistent performance:
Competency is demonstrated by performance of all stated criteria, including the Range Statement applicable to the particular workplace environment and should cover research of a representative range of financial products and/or services.

Delivery/assessment relationship to other units:
This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.
Evidence is most relevant when provided through an integrated activity, which combines the elements of competency for the unit, or a cluster of units of competency.

Method of assessment:
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.
Assessment of this unit of competence will usually include observation of processes and procedures, simulation, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:
Assessment of performance requirements in this unit should be undertaken in an industry context and against industry defined assessment guidelines. Aspects of competency, including attainment of relevant knowledge and skills may be demonstrated through completion of formal training programs.

Resources required for assessment:
This unit may involve simulation equipment such as telephones or computer equipment, facilities for workplace or simulated environment assessment.