Elements and Performance Criteria

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.
Clients may include:
agents
companies and organisations
individuals
intermediaries
members
members of the public
shareholders
stockbrokers.
trustees.
Instructions given are in good faith may include:
satisfaction by advisers that the client has been adequately identified
that the adviser has no reason to believe another party is not acting honestly and, where applicable, for the benefit of the client
that the person giving instructions is acting in observance of agreed terms of business.
Client instructions should include:
description and number of securities to be bought/sold
identity of person receiving instruction or order
name of client
person placing the order
time and date of receipt of order
record of client instructions should include:
identity of person receiving instruction or order
time and date of receipt of order
name of client
person placing the order
description and number of securities to be bought/sold
price limit or price related instructions
time limits on order (if any)
discretionary or other relevant instructions such as:
other execution instructions
advice
no advice
settlement instructions.
Documentation may include:
adviser diary
agreements
bills
brochures
contracts or policy statements
day book
electronic order form
electronic trade confirmation
financial services guides
in-house publications
legal, government, professional and other documents
meeting notes
memos
official, general and other correspondence
product disclosure Statements
program recommendations
prospectuses
quotations
reasons for adopting/incorporating certain information in preference to other information
receipts
records of telephone conversations
reference to all evidence and information considered
reports:
research
statistical
ad hoc
transaction
other
statements of advice
written advice.
Additional after sales service may include:
assessment of:
costs
liquidity
flexibility
security
potential capital growth
corporate advice
discretionary accounts
financial planning
investment spread information
margin lending
money market facilities
portfolio management and administration
research
scrip lending
tax factors advice
Organisation policy and guidelines may include:
advertising and marketing
administrative
codes of practice
complaints and dispute resolution procedures
IT and administrative systems
policies and procedures in relation to client service
product or service development.
Relevant legislation or industry codes of practice may include
confidentiality requirements including any requirements under legislation such as:
Consumer Affairs Act
Privacy Act
Consumer Credit Code
contract law
corporations law
industry codes of practice and standards set out in organisation policies and procedures
National Guarantee Fund Rules
relevant financial association's business rules and code of conduct
Taxation Act
Trade Practices Act
trust law.

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:
accurately record and implement client instructions in accordance with organisation, industry and legislative requirements
monitor and review implemented strategies against client instructions and provide after sales service
consider and adapt to any special needs of clients, including cultural, language, race, religion, ethnic origin, socioeconomic status and demographic needs.

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
access to a client information system and data.

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
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports.

Guidance information for assessment