Unit of competency Outline

Date retreived
22/07/2026 5:56 PM AWST

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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
FNSINC402
State Code
AUR86
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
16/09/2015
Nominal Hours
40
Description
This unit describes the 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 client needs.It applies to individuals who work in various financial services industry job roles and with a wide range of financial products or services.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Identify products and services organisation uses
  • 1.1 Identify products and services used by organisation or sector and determine their purpose
  • 1.2 Identify characteristics of products and services and their strengths, weaknesses, terms and conditions
  • 1.3 Communicate clearly to clients the characteristics of products and services
  • 1.4 Access and apply organisation’s promotional strategy for products and services in business activities
2. Identify compliance implications of product
  • 2.1 Establish and document compliance implications
  • 2.2 Provide client with all necessary information and documentation as per compliance requirements
3. Determine appropriate users for products and services
  • 3.1 Identify and document function of each product and service, and client needs it satisfies
  • 3.2 Determine client characteristics that best suit each product
  • 3.3 Compare products and services used by organisation or sector with products of competitors
  • 3.4 Determine most effective approach to matching products to client needs
  • 3.5 Evaluate approaches to selling products and services in competitive marketplace
  • 3.6 Determine effective approaches to meeting client needs
4. Maintain product knowledge
  • 4.1 Review relevant products and services regularly and apply any changes to terms and conditions in daily work
  • 4.2 Establish and use systems for keeping up with changes and maintaining up-to-date knowledge about relevant products and services
  • 4.3 Review emerging trends affecting the financial services industry and apply to product and service knowledge
No information
No information
Replaces
State Code National Code Title Type
D4169 FNSINC402A Develop and maintain in-depth knowledge of products and services used by an organisation or sector Unit of competency
Replaced By
State Code National Code Title Type
OCZ44 FNSINC412 Apply and maintain knowledge of financial products and services Unit of competency