Unit of competency Outline
Date retreived
22/07/2026 6:01 PM AWST
22/07/2026 6:01 PM 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 knowledge of financial markets products
Develop and maintain knowledge of financial markets products
Unit of competency
National Code
FNSFMK402A
FNSFMK402A
State Code
D4121
D4121
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
081101 - Banking And Finance
Original Release Date
29/07/2014
Nominal Hours
35
Description
This unit describes the performance outcomes, skills and knowledge required to identify the financial markets products provided by an organisation or those from other vendors or organisations which are used and determine their unique characteristics, purpose and requirements for processing transactions.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 an organisation provides or uses
- 1.1. Organisation products used by an organisation are identified and the purpose of each determined
- 1.2. The characteristics of the products and services and their use are identified
- 1.3. Processes for operational transactions involving organisation products are applied effectively
2. Identify compliance implications of the product
- 2.1. Compliance implications of transactions for organisational products are known and applied
- 2.2. All necessary documentation is produced consistent with organisational compliance requirements
3. Determine user expectations for financial markets products
- 3.1. The function of each product and the customer needs it satisfies are identified as the basis for providing operational services
- 3.2. User expectations of the products and the level of operational service provided in operational transactions are determined and applied
4. Maintain financial markets product knowledge
- 4.1. Organisational financial markets products are reviewed regularly and any changes to terms and conditions identified and applied
- 4.2. Systems for keeping up with changes and maintaining up-to-date knowledge about financial markets products are put in place
- 4.3. Emerging trends affecting the financial industry are continuously reviewed and applied to product knowledge and operational practices
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 may include:
bonds
cash
debt and equity instruments
derivatives
equities
foreign exchange
loans and deposits.
Product and service characteristics may include:
interest rates
flexibility
time limits
fees
transferability
risk capital guarantee
risk management capability.
Compliance implications may include:
Australian Financial Markets Association (AFMA)
Financial Services Reform Act (FSRA) requirements
industry code of practice requirements
International Swaps and Derivatives Association (ISDA)
product disclosure statements
relevant Acts and legislation.
Customer needs may include:
ability to change services
clear documentation
flexibility of services
speed of transactions.
Systems may include:
database systems
induction programs
internal systems
seminars
training programs.
Emerging trends may include:
changes in the economic climate
changes in the political/international climate
financial market changes
interest rate changes
new technologies
valuation of currency.
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 may include:
bonds
cash
debt and equity instruments
derivatives
equities
foreign exchange
loans and deposits.
Product and service characteristics may include:
interest rates
flexibility
time limits
fees
transferability
risk capital guarantee
risk management capability.
Compliance implications may include:
Australian Financial Markets Association (AFMA)
Financial Services Reform Act (FSRA) requirements
industry code of practice requirements
International Swaps and Derivatives Association (ISDA)
product disclosure statements
relevant Acts and legislation.
Customer needs may include:
ability to change services
clear documentation
flexibility of services
speed of transactions.
Systems may include:
database systems
induction programs
internal systems
seminars
training programs.
Emerging trends may include:
changes in the economic climate
changes in the political/international climate
financial market changes
interest rate changes
new technologies
valuation of currency.
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 the financial products an organisation and the market uses and providers
interpret the unique characteristics of a range of financial products
rate competitive products
determine the type of customers and customer needs financial products 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
a range of financial products 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
setting and reviewing workplace projects and business simulations or scenarios
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 the financial products an organisation and the market uses and providers
interpret the unique characteristics of a range of financial products
rate competitive products
determine the type of customers and customer needs financial products 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
a range of financial products 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
setting and reviewing workplace projects and business simulations or scenarios
accessing and validating third party reports.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUX19 | FNSFMK402 | Develop and maintain knowledge of financial markets products | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S710 | FNS41110 | Certificate IV in Financial Markets Operations | Qualification |
| D715 | FNS41811 | Certificate IV in Financial Services | Qualification |