Unit of competency Outline
Date retreived
22/07/2026 9:20 AM AWST
22/07/2026 9:20 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.
Develop and maintain in-depth knowledge of products and services used by an organisation or sector
Develop and maintain in-depth knowledge of products and services used by an organisation or sector
Unit of competency
National Code
FNSINC402A
FNSINC402A
State Code
D4169
D4169
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
40
Description
This unit describes the performance outcomes, skills and knowledge required to develop 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 customer needs.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Notes
Elements and Performance Criteria
1. Identify the products and services the organisation uses
- 1.1. Products and services used by an organisation or sector are identified and the purpose of each determined
- 1.2. The characteristics of products and services are identified and their strengths, weaknesses, terms, and conditions understood so they can be clearly communicated to customers where applicable
- 1.3. The organisation's promotional strategy for products and services are accessed and applied in business activities
2. Identify compliance implications of product
- 2.1. Compliance implications are established and documented
- 2.2. Customer is provided with all necessary information and documentation as per compliance requirements
3. Determine the appropriate users for products and services
- 3.1. The function of each product and service and the customer needs it satisfies are identified and documented and the customer characteristics that best suit each product determined
- 3.2. The products and services used by the organisation or sector are compared with the products of competitors as a basis for selecting the most effective approach to matching products to customer needs
- 3.3. Approaches to selling the products and services in a competitive marketplace are evaluated and effective approaches to meeting customer needs determined
4. Maintain product knowledge
- 4.1. Relevant products and services are reviewed regularly and any changes to terms and conditions identified and applied in daily work
- 4.2. Systems for keeping up with changes and maintaining up-to-date knowledge about relevant products and services are put in place and used
- 4.3. Emerging trends affecting the financial industry are continuously reviewed and applied to product and service knowledge
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.
Organisation products and services may include:
commercial loans
credit cards
debit cards
home loans
other financial service or product that has been developed by and for an organisation
personal loans.
Characteristics of products and services may include:
fees
flexibility
interest rates
time limits
transferability.
Promotional strategy may include:
marketing and promotional plans
strategic plans.
Compliance implications may include:
Financial Services Reform Act (FSRA) requirements
industry code of practice requirements
other relevant Acts and legislation
product disclosure statements.
Customer needs may include:
ability to change services
age considerations
amount of savings and income
family concerns
flexibility of services.
Customer characteristics may include:
age
marital status
income
profession
geographic location.
Systems may include:
database systems
induction programs
seminars
training programs.
Emerging trends may include:
changes in the economic climate
changes in the political or international climate
financial market changes
interest rate changes
new technologies
valuation of currencies.
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.
Organisation products and services may include:
commercial loans
credit cards
debit cards
home loans
other financial service or product that has been developed by and for an organisation
personal loans.
Characteristics of products and services may include:
fees
flexibility
interest rates
time limits
transferability.
Promotional strategy may include:
marketing and promotional plans
strategic plans.
Compliance implications may include:
Financial Services Reform Act (FSRA) requirements
industry code of practice requirements
other relevant Acts and legislation
product disclosure statements.
Customer needs may include:
ability to change services
age considerations
amount of savings and income
family concerns
flexibility of services.
Customer characteristics may include:
age
marital status
income
profession
geographic location.
Systems may include:
database systems
induction programs
seminars
training programs.
Emerging trends may include:
changes in the economic climate
changes in the political or international climate
financial market changes
interest rate changes
new technologies
valuation of currencies.
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:
identify and maintain current knowledge of the financial products and services an organisation uses and provides
identify unique characteristics of financial products, how they rate to competitors, and the type of customers and customer needs they are best suited for.
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
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:
identify and maintain current knowledge of the financial products and services an organisation uses and provides
identify unique characteristics of financial products, how they rate to competitors, and the type of customers and customer needs they are best suited for.
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
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9792 | FNSICPRO401B | Develop and maintain in-depth knowledge of products and services used by your organisation or sector | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR86 | FNSINC402 | Develop and maintain in-depth knowledge of products and services used by an organisation or sector | Unit of competency |