Unit of competency Outline

Date retreived
22/07/2026 8:11 AM AWST

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Monitor clients' financial requirements

Monitor clients' financial requirements

Unit of competency
National Code
FNSCUS512
State Code
OCI56
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
04/11/2020
View on TGA
State Implementation and Classification
Approved Date
11/03/2021
Field of Education
080501 - Sales
Original Release Date
11/03/2021
Nominal Hours
40
Description
This unit describes the skills and knowledge required to collect and analyse client information and to use it as the basis for determining and reviewing the required level of service to achieve clients’ financial needs. It addresses the level of contact required to monitor and maintain the quality of service provided.The unit applies to those who use a range of specialised managerial techniques to plan, monitor and review their work in any sector of the financial services industry. The information required to monitor clients’ financial requirements may come from authorised representatives, including financial advisers, shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Determine client financial needs
  • 1.1 Obtain all available information on client required to perform work task from authorised representative according to organisational procedures and industry compliance requirements
  • 1.2 Review records and confirm currency of client information according to organisational procedures
  • 1.3 Assess client risks and take required action according to organisational procedures
  • 1.4 Maintain records of assessed risks and action taken according to organisational procedures
2. Establish communication with authorised representative
  • 2.1 Apply service guidelines to determine level of required contact
  • 2.2 Establish communication with authorised representative according to agreed service guidelines and based on client need
  • 2.3 Formalise communication where interests of organisation and client need to be protected
  • 2.4 Monitor effectiveness of service guidelines according to organisational policies and procedures and adjust as required
3. Identify and review information required to service client’s financial needs
  • 3.1 Identify and gather information relevant to service provided according to organisational procedures
  • 3.2 Monitor business environment and identify need to amend information services
  • 3.3 Establish mechanisms to select and filter information according to organisational policies and procedures
  • 3.4 Review and maintain information to ensure its effectiveness in meeting client requirements according to organisational procedures
No information
No information
Replaces
State Code National Code Title Type
AUQ82 FNSCUS502 Monitor client requirements Unit of competency