Provide advice on first home saver account deposit products and non-cash payments

Unit of competency Outline

Date retreived
22/07/2026 5:24 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.

Unit of competency

National Code
FNSASIC303

State Code
AUQ34

TGA Status
Deleted

DTWD Status
Deleted

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

081101 - Banking And Finance

Original Release Date

16/09/2015

Nominal Hours

Description

This unit describes the skills and knowledge required to assess a client’s financial requirements and accurately advise customers about financial products and services at the Australian Securities and Investments Commission (ASIC) Tier 2 level.It applies to individuals who perform their duties skilfully and who are proficient communicators. They will need to satisfy the training requirements for authorisation by an Australian financial services licence (AFSL) holder to provide advice on first home saver account deposit products at Tier 2 level.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Notes

Elements and Performance Criteria

1. Develop appropriate strategies and solutions

1.1 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of first home saver account deposit product risk profile and assessment of client information
1.2 Conduct relevant research, analysis and product modelling, and draft appropriate transaction for presentation to client that demonstrates understanding of ASIC identified generic and specialist knowledge relevant to products being offered

2. Present appropriate strategies and solutions to client

2.1 Explain and discuss proposed transaction with client in clear and unambiguous way, demonstrating product knowledge appropriate for service or product offered
2.2 Explain and emphasise relevant details, terms and conditions of first home saver account deposit product or service, including impacts and possible risks of proposed solution in clear and concise manner
2.3 Provide client with written supporting documentation and guide client through key aspects of documentation

3. Negotiate financial transaction with client

3.1 Discuss and clarify any concerns or issues client has regarding proposed transaction
3.2 Seek confirmation that client fully understands proposed transaction

4. Coordinate implementation of agreed transaction

4.1 Gain client’s formal agreement to proposed transaction
4.2 Clearly explain associated fees, cost structures and timeframes for execution and processing, and confirm client understands these details

5. Complete and maintain necessary documentation

5.1 Ensure that proposal and all other statutory and transactional documents are completed and signed off by client
5.2 Exchange signed agreement and copies of appropriate documentation

6. Provide ongoing service where requested by client

6.1 Agree with client about type and form of ongoing service, including reporting on performance and review of first home saver account deposit product
6.2 Clearly explain and confirm fees and costs for ongoing and specifically defined services, and confirm client understands these details
6.3 Ensure ongoing service is provided as required

No information

Replaces

State Code	National Code	Title	Type
D4015	FNSASIC303A	Provide advice on First Home Saver Account Deposit Products and Non-cash Payments	Unit of competency

State Code	National Code	Title	Type
AWA5	FNS30115	Certificate III in Financial Services	Qualification