FNS04 Financial Services Training Package...FNS04 Financial Services Training Package Volume 2 of 3...

FNS04 Financial Services TrainingPackage

Volume 2 of 3

Version Number: 2Review Date: 31 October 2007

FNS04Financial Services Training Package

Volume 2 of 3Financial Services Training Package (Volume 2 - Accounting Competency

Standards - National Codes FNSACCT401A - FNSACCT614A)

Volume 2 contains Competency Standards for:

• Accounting• Bookkeeping• Conveyancing• Credit/Lending Services and Debt Management• Finance/Mortgage Broking• Financial Literacy• Financial Markets• Financial Planning• General Insurance• Insurance Sectors

Volume 1 contains:

• Introduction• Qualifications Framework• Assessment Guidelines• Competency Standards - Industry Capability

Volume 3 contains Competency Standards for:

• Insurance Services• Mercantile Agents• Personal Trustee• Practice Management• Risk Management and Compliance• Retail Financial Services and Banking• Superannuation

This volume should not be used in isolation but in the context of the complete set for theFNS04 Financial Services Training Package.

The material contained within this volume is part of the endorsed component of the FNS04Financial Services Training Package endorsed by the National Training Quality Council(NTQC) on 7 October 2004 and agreed by the Ministers. This Training Package is to bereviewed by 31 October 2007

FNS04 Financial Services Training Package (Version 2) Date this PDF was generated: 28 September 2007Title Page

Volume 2 of 3 Page 1 of 898© Commonwealth of Australia, 2007 To be reviewed by: 31 October 2007

FNS04 - Financial Services Training Package

© Commonwealth of Australia 2007

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While care has been taken in the preparation of this Training Package, DEST and theoriginal developer do not warrant that any licensing or registration requirements specifiedhere are either complete or up-to-date for your State or Territory. DEST and the originaldeveloper do not accept any liability for any damage or loss (including indirect andconsequential loss) incurred by any person as a result of relying on the information containedin this Training Package.

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FNS04 Financial Services Training Package (Version 2) Date this PDF was generated: 28 September 2007Imprint Page


TABLE OF CONTENTS

Version Modification History............................................................................................................................... 8

Qualifications Framework.................................................................................................................................. 10

The Australian Qualifications Framework..........................................................................................................10New Qualifications in the Australian Qualifications Framework........................................................................ 15Recommended FNS50904 Diploma of Financial Services (Superannuation) Pathway Options...................... 15Skill Sets............................................................................................................................................................17Skill Sets............................................................................................................................................................17Skill sets for corporate superannuation fund trustee work................................................................................ 18Skill sets for self managed superannuation fund trustee work.......................................................................... 18

Assessment Guidelines......................................................................................................................................20

Introduction........................................................................................................................................................20Assessment System Overview..........................................................................................................................20Australian Quality Training Framework Assessment Requirements................................................................. 20Licensing/Registration Requirements................................................................................................................21Requirements for Registered Training Organisations (RTOs).......................................................................... 21Requirements for Candidates............................................................................................................................22Pathways...........................................................................................................................................................22

Designing Assessment Tools............................................................................................................................ 25

Use of Assessment Tools..................................................................................................................................25Using Prepared Assessment Tools................................................................................................................... 25Developing Assessment Tools.......................................................................................................................... 25Conducting Assessment....................................................................................................................................26

Employability Skills in the Financial Services Training Package context.....................................................27

Licensing/Registration Requirements................................................................................................................27Requirements for Registered Training Organisations (RTOs).......................................................................... 27Requirements for Candidates............................................................................................................................28Access and Equity.............................................................................................................................................29Futher Sources of Information...........................................................................................................................29General Resources........................................................................................................................................... 29Assessment Resources.....................................................................................................................................30Assessment Tool Design and Conducting Assessment....................................................................................30Assessor Training..............................................................................................................................................31Assessment System Design and Management.................................................................................................31

Units

FNSACCT401B Process business tax requirements........................................................................................ 32FNSACCT402B Produce job costing information..............................................................................................35FNSACCT403B Prepare operational budgets...................................................................................................39FNSACCT404B Make decisions in a legal context........................................................................................... 43FNSACCT405B Prepare financial statements.................................................................................................. 47FNSACCT406B Maintain asset and inventory records..................................................................................... 51FNSACCT407B Set up and operate a computerised accounting system......................................................... 56FNSACCT501B Provide financial and business performance information....................................................... 61FNSACCT502B Prepare income tax returns.....................................................................................................68FNSACCT503B Manage budgets and forecasts...............................................................................................73FNSACCT504B Prepare financial reports for a reporting entity........................................................................78FNSACCT505B Establish and maintain accounting information systems........................................................ 82FNSACCT506B Implement and maintain internal control procedures.............................................................. 88FNSACCT507B Provide management accounting information.........................................................................93FNSACCT601B Prepare complex tax returns and lodgements........................................................................ 97FNSACCT602B Audit and report on financial systems and records............................................................... 101FNSACCT603B Implement tax plans and evaluate tax compliance............................................................... 107FNSACCT604B Monitor corporate governance activities............................................................................... 112FNSACCT605B Implement organisational improvement programs................................................................117FNSACCT606B Conduct internal audit........................................................................................................... 123FNSACCT607B Evaluate business performance............................................................................................128FNSACCT608B Evaluate organisation's financial performance......................................................................132

FNS04 Financial Services Training Package (Version 2) Date this PDF was generated: 28 September 2007Table of Contents


FNSACCT609B Evaluate financial risk........................................................................................................... 137FNSACCT610B Develop and implement financial strategies......................................................................... 142FNSACCT611B Implement an insolvency program........................................................................................ 147FNSACCT612B Implement reconstruction plan..............................................................................................151FNSACCT613B Prepare and analyse management accounting information..................................................156FNSACCT614B Prepare complex corporate financial reports........................................................................ 161FNSCONV501B Take instructions in relation to a transaction........................................................................ 165FNSCONV502B Prepare and/or analyse and execute documents.................................................................171FNSCONV503B Establish, manage and administer trust accounts................................................................177FNSCONV504B Finalise conveyancing transactions......................................................................................182FNSCONV601B Obtain and analyse all information for the transaction......................................................... 189FNSCRDT301B Process applications for credit..............................................................................................195FNSCRDT302B Assess applications for debt finance.................................................................................... 199FNSCRDT303B Monitor and control accounts................................................................................................203FNSCRDT401B Evaluate credit applications.................................................................................................. 207FNSCRDT402B Settle application and arrangements for debt finance.......................................................... 212FNSCRDT403B Determine and establish appropriate securities to minimise risk..........................................216FNSCRDT404B Manage and recover errant debts.........................................................................................221FNSCRDT501B Assess personal and corporate insolvency.......................................................................... 227FNSCRDT502B Sell debts.............................................................................................................................. 231FNSDMGT501B Promote understanding of the role and effective use of consumer credit............................ 235FNSDMGT502B Assist clients to identify, address and monitor own financial situation................................. 240FNSFBRK401B Prepare and present loan application to lender on behalf of finance or mortgage brokingclient................................................................................................................................................................ 245FNSFBRK402B Provide finance and/or mortgage broking services............................................................... 250FNSFBRK403B Present broking options to client........................................................................................... 256FNSFBRK404B Manage self in finance and/or mortgage broking industry.................................................... 261FNSFBRK501B Settle application and loan arrangements in the finance/mortgage broking industry............265FNSFBRK502B Identify and develop complex broking options for client........................................................270FNSFBRK503B Present broking options to client with complex needs.......................................................... 276FNSFBRK504B Implement complex loan structures...................................................................................... 281FNSFLIT201B Develop and use a personal budget........................................................................................286FNSFLIT202B Develop and use a savings plan............................................................................................. 291FNSFLIT203B Develop understanding of debt and consumer credit..............................................................296FNSFLIT204B Develop understanding of superannuation..............................................................................301FNSFLIT205B Develop understanding of the Australian financial system and markets................................. 306FNSFLIT501B Assist customers to budget and manage own finances.......................................................... 311FNSFLIT502B Facilitate customer awareness of the Australian financial system and markets..................... 315FNSFLIT503B Promote basic financial literacy skills...................................................................................... 319FNSFLIT504B Facilitate customer understanding of personal financial statements.......................................324FNSFLIT505B Facilitate customer or employee understanding of superannuation as an investment tool.....329FNSBKPG401A Develop and implement policies and practices relevant to bookkeeping activities...............334FNSBKPG402A Establish and maintain a cash accounting system............................................................... 338FNSBKPG403A Establish and maintain an accrual accounting system......................................................... 344FNSBKPG404A Carry out business activity and instalment activity statement tasks..................................... 349FNSBKPG405A Establish and maintain a payroll system...............................................................................354FNSASIC301B Establish client relationship and analyse needs.....................................................................360FNSASIC302B Develop, present and negotiate client solutions.....................................................................366FNSASIC503SB Provide advice in Foreign Exchange................................................................................... 372FNSASIC503TB Provide advice in Managed Investments............................................................................. 379FNSASIC503UB Provide advice in Superannuation....................................................................................... 386FNSASIC503VB Provide advice in Derivatives...............................................................................................395FNSASIC503WB Provide advice in Securities................................................................................................403FNSASIC503XB Provide advice in Life Insurance.......................................................................................... 411FNSASIC503YB Provide advice in Insurance Broking....................................................................................419FNSASIC503ZB Provide advice in Financial Planning................................................................................... 427FNSICACC301B Administer accounts payable...............................................................................................435FNSICACC302B Administer financial accounts.............................................................................................. 439FNSICACC303B Prepare, match and process receipts..................................................................................443FNSICACC304B Prepare and bank receipts.................................................................................................. 448FNSICACC305B Process payment documentation........................................................................................ 452FNSICACC306B Process journal entries........................................................................................................ 456FNSICACC307B Reconcile and monitor accounts receivable........................................................................ 460FNSICACC401B Evaluate and authorise payment requests.......................................................................... 465FNSICCUS301B Respond to customer enquiries...........................................................................................469FNSICCUS302B Process customer complaints..............................................................................................473



FNSICCUS303B Provide inbound telephone service..................................................................................... 477FNSICCUS304B Provide outbound telephone customer solutions.................................................................482FNSICCUS305B Maintain customer database............................................................................................... 487FNSICCUS401B Deliver a professional service to customers........................................................................ 491FNSICCUS402B Maintain customer relationship............................................................................................495FNSICCUS403B Coordinate, evaluate and improve customer service.......................................................... 498FNSICCUS404B Implement a service support system................................................................................... 502FNSICCUS501B Develop and nurture relationships with clients, other professionals and third party referrers507FNSICCUS502B Monitor client requirements................................................................................................. 512FNSICCUS503B Review service performance............................................................................................... 516FNSICCUS504B Manage business customer relationships........................................................................... 520FNSICCUS505B Manage premium customer relationships............................................................................525FNSICCUS506B Determine client requirements and expectations................................................................ 529FNSICCUS507B Record and implement client instructions............................................................................534FNSICCUS601B Establish, supervise and monitor key relationships.............................................................540FNSICCUS602B Implement customer service strategy..................................................................................545FNSICADV301B Provide general advice on financial products and services................................................. 548FNSICADV501B Provide appropriate services, advice and products to clients..............................................553FNSICADV502B Provide appropriate and timely information and advice to clients........................................560FNSICGEN301B Communicate in the workplace........................................................................................... 565FNSICGEN302B Use technology in the workplace.........................................................................................569FNSICGEN303B Work with others..................................................................................................................573FNSICGEN304B Apply health and safety practices in the workplace.............................................................577FNSICGEN305B Maintain daily financial/business records............................................................................ 581FNSICGEN401B Participate in formal communication processes.................................................................. 585FNSICGEN402B Participate in negotiations................................................................................................... 588FNSICGEN403B Collect, assess and use information....................................................................................592FNSICGEN404B Resolve disputes................................................................................................................. 596FNSICGEN501B Produce research reports and make presentations............................................................ 600FNSICGEN502B Solve workplace problems.................................................................................................. 604FNSICIND301B Work in the financial services industry..................................................................................608FNSICIND401B Apply principles of professional practice to work in the financial services industry.............. 612FNSICORG301B Administer fixed asset register............................................................................................617FNSICORG302B Prepare reports for management........................................................................................621FNSICORG401B Contribute to resource planning..........................................................................................625FNSICORG402B Work with specialist and outsourced services.................................................................... 629FNSICORG501B Develop a budget................................................................................................................633FNSICORG502B Manage a budget................................................................................................................ 636FNSICORG503B Develop an operational plan............................................................................................... 639FNSICORG504B Implement an operational plan............................................................................................644FNSICORG505B Manage staff performance to achieve strategic targets...................................................... 648FNSICORG506B Develop and monitor policy and procedures.......................................................................653FNSICORG507B Develop a resource plan..................................................................................................... 658FNSICORG508B Manage a project................................................................................................................ 662FNSICORG509B Maintain integrity of financial systems................................................................................ 667FNSICORG510B Manage own professional development............................................................................. 671FNSICORG511B Manage the staff training function.......................................................................................677FNSICORG512B Act as a formal complaints officer....................................................................................... 681FNSICORG513B Implement quality systems within work area.......................................................................687FNSICORG514B Supervise work within a financial services context............................................................. 692FNSICORG515B Provide mentoring and coaching within the workplace....................................................... 698FNSICORG516B Prepare financial reports to meet statutory requirements................................................... 702FNSICORG517B Prepare financial forecasts and projections........................................................................ 706FNSICORG518B Implement business practices.............................................................................................711FNSICORG519B Analyse and comment on management reports................................................................. 716FNSICORG601B Prepare strategic plans....................................................................................................... 719FNSICORG602B Recruit, select and induct staff............................................................................................724FNSICORG603B Negotiate to achieve goals and manage disputes.............................................................. 728FNSICORG604B Provide leadership and motivation in a workplace team.....................................................732FNSICORG605B Draw up and execute employment contracts......................................................................736FNSICORG606B Manage flow of information.................................................................................................740FNSICORG607B Develop systems.................................................................................................................745FNSICORG608B Control a budget................................................................................................................. 750FNSICORG609B Develop and manage financial systems............................................................................. 754FNSICORG610B Manage infrastructure......................................................................................................... 759FNSICORG611B Manage the selection and implementation of information technology systems.................. 764



FNSICORG612B Establish and prepare operational guidelines in a financial services organisation............. 769FNSICORG613B Establish outsourced services and monitor performance................................................... 775FNSICPRO401B Develop and maintain in-depth knowledge of products and services used by yourorganisation or sector......................................................................................................................................781FNSICPRO402B Match financial products to customer needs....................................................................... 785FNSICPRO403B Tailor a product/service to meet customer needs............................................................... 789FNSICPRO501B Allocate authorities and guidelines for distribution.............................................................. 793FNSICPRO502B Conduct product research to support recommendations.................................................... 798FNSICPRO601B Develop a financial product................................................................................................. 803FNSICPRO602B Establish agreements with intermediaries for product distribution...................................... 807FNSICPRO603B Develop a business plan for a financial product..................................................................811FNSICPRO604B Coordinate implementation of product/fund support systems............................................. 816FNSICSAM301B Identify opportunities for cross selling products and services............................................. 820FNSICSAM401B Sell financial products and services.................................................................................... 824FNSICSAM402B Implement a sales plan....................................................................................................... 828FNSICSAM403B Prospect for new clients...................................................................................................... 832FNSICSAM501B Develop a sales plan........................................................................................................... 836FNSICSAM502B Apply advanced selling techniques to selling of financial products and services................840FNSICSAM503B Develop a marketing plan....................................................................................................843FNSICSAM504B Implement, monitor and evaluate a marketing plan............................................................ 847FNSICSAM505B Assess market needs.......................................................................................................... 850FNSICSAM506B Monitor market opportunities...............................................................................................854FNSICSAM601B Monitor performance in sales of financial products or services...........................................858FNSICSAM602B Identify and evaluate marketing opportunities in the financial services industry................. 861BSBADM308A Process payroll....................................................................................................................... 866BSBADM404A Develop and use complex spreadsheets................................................................................871BSBADM408A Prepare financial reports.........................................................................................................878BSBCMN214A Create and use simple spreadsheets..................................................................................... 883BSBCMN308A Maintain financial records.......................................................................................................889BSBCMN406A Maintain business technology................................................................................................ 894



Version Modification HistoryThe version details of this endorsed Training Package are in the table below. The latest information isat the top of the table.

Version Release Date Comments

2 21/09/2007 Employability Skills mandatory text included in the introduction,qualification guidelines and assessment guidelines.

Employability Skills explicitly expressed in 140 unitsnecessitating a change in the unit version identifier andqualification requirements. These changes have not altered theoutcomes of individual units of competency.

Changes to Insurance Services nomenclature.

Insurance Services specialisations identified in existingCertificate III in Financial Services:

• FNS30107 - Certificate III in Financial Services (InsuranceServices)

• Insurance Services specialisations identified in existingCertificate IV in Financial Services:

• FNS40107 - Certificate IV in Financial Services(Insurance Assessment Services)

• FNS40107 - Certificate IV in Financial Services(Insurance Services)

Insurance Services specialisations identified in existingDiploma of Financial Services:

• FNS50107 - Diploma of Financial Services (ASICAccreditation Financial Product Advice in Life Insurance)

• FNS50107 - Diploma of Financial Services (GeneralDistribution)

• FNS50107 - Diploma of Financial Services (GeneralInsurance)

• FNS50107 - Diploma of Financial Services (InsuranceBroking)

• FNS50107 - Diploma of Financial Services (InsuranceServices)

• FNS50107 - Diploma of Financial Services (LifeDistribution)

• FNS50107 - Diploma of Financial Services (LossAdjusting)

New qualification in Bookkeeping

• FNS40207 - Certificate IV in Financial Services(Bookkeeping)

New qualifications in Workers Compensation:

• FNS30507 - Certificate III in Financial Services (WorkersCompensation)

• FNS41007 - Certificate IV in Financial Services (WorkersCompensation)

FNS04 Financial Services Training Package (Version 2) Date this PDF was generated: 28 September 2007Version Modification History


Version Release Date Comments

• FNS51407 - Diploma of Personal Injury Management(Workers Compensation)

Skill sets for Superannuation Trustees included to meet theneeds of people working within Corporate/large funds and SelfManaged Superannuation Fund trustees.

1 22/11/2004 Version 1 replaced the fully revised FNB99 Financial ServicesTraining Package

FNS04 Financial Services Training Package (Version 2) Date this PDF was generated: 28 September 2007Version Modification History


Qualifications Framework

The Australian Qualifications Framework

What is the Australian Qualifications Framework?

A brief overview of the Australian Qualifications Framework (AQF) follows. For a fullexplanation of the AQF see the AQF Implementation Handbook, 3rd Edition 2002. You candownload it from the Australian Qualifications Advisory Board (AQFAB) website (www.aqf.edu.au) or obtain a hard copy by contacting AQFAB on phone 03 9639 1606 or byemailing AQFAB on [email protected]

The AQF provides a comprehensive, nationally consistent framework for all qualifications inpost-compulsory education and training in Australia. In the vocational education and training(VET) sector it assists national consistency for all trainees, learners, employers and providersby enabling national recognition of qualifications and Statements of Attainment.

Training Package qualifications in the VET sector must comply with the titles and guidelines ofthe AQF. Endorsed Training Packages provide a unique title for each AQF qualification whichmust always be reproduced accurately.

Qualifications

Training Packages can incorporate the following eight AQF qualifications.

• Certificate I in ...• Certificate II in ...• Certificate III in ...• Certificate IV in ...• Diploma of ...• Advanced Diploma of ...• Vocational Graduate Certificate of ...• Vocational Graduate Diploma of ...

On completion of the requirements defined in the Training Package, a Registered TrainingOrganisation (RTO) may issue a nationally recognised AQF qualification. Issuance of AQFqualifications must comply with the advice provided in the AQF Implementation Handbookand the Australian Quality Training Framework Standards for Registered TrainingOrganisations, particularly Standard 10.

Statement of Attainment

Where an AQF qualification is partially achieved through the achievement of one or moreendorsed units of competency, an RTO may issue a Statement of Attainment. Issuance ofStatements of Attainment must comply with the advice provided in the AQF ImplementationHandbook and the Australian Quality Training Framework Standards for Registered TrainingOrganisations, particularly Standard 10.

Under the Standards for Registered Training Organisations, RTOs must recognise theachievement of competencies as recorded on a qualification or Statement of Attainmentissued by other RTOs. Given this, recognised competencies can progressively build towardsa full AQF qualification.

AQF Guidelines and Learning Outcomes

The AQF Implementation Handbook provides a comprehensive guideline for each AQFqualification. A summary of the learning outcome characteristics and their distinguishingfeatures for each VET related AQF qualification is provided below.

FNS04 Financial Services Training Package (Version 2) Date this PDF was generated: 28 September 2007Qualifications Framework


http://www.aqf.edu.au

Certificate I

Characteristics of Learning Outcomes

Breadth, depth and complexity of knowledge and skills would prepare a person to perform adefined range of activities most of which may be routine and predictable.

Applications may include a variety of employment related skills including preparatory accessand participation skills, broad-based induction skills and/or specific workplace skills. Theymay also include participation in a team or work group.

Distinguishing Features of Learning Outcomes

Do the competencies enable an individual with this qualification to:

• demonstrate knowledge by recall in a narrow range of areas;• demonstrate basic practical skills, such as the use of relevant tools;• perform a sequence of routine tasks given clear direction• receive and pass on messages/information.

Certificate II


Breadth, depth and complexity of knowledge and skills would prepare a person to perform ina range of varied activities or knowledge application where there is a clearly defined range ofcontexts in which the choice of actions required is usually clear and there is limitedcomplexity in the range of operations to be applied.

Performance of a prescribed range of functions involving known routines and proceduresand some accountability for the quality of outcomes.

Applications may include some complex or non-routine activities involving individualresponsibility or autonomy and/or collaboration with others as part of a group or team.



• demonstrate basic operational knowledge in a moderate range of areas;• apply a defined range of skills;• apply known solutions to a limited range of predictable problems;• perform a range of tasks where choice between a limited range of options is required;• assess and record information from varied sources;• take limited responsibility for own outputs in work and learning.

Certificate III


Breadth, depth and complexity of knowledge and competencies would cover selecting,adapting and transferring skills and knowledge to new environments and providing technicaladvice and some leadership in resolution of specified problems. This would be appliedacross a range of roles in a variety of contexts with some complexity in the extent and choiceof options available.

Performance of a defined range of skilled operations, usually within a range of broaderrelated activities involving known routines, methods and procedures, where some discretionand judgement is required in the section of equipment, services or contingency measures



and within known time constraints.

Applications may involve some responsibility for others. Participation in teams includinggroup or team co-ordination may be involved.



• demonstrate some relevant theoretical knowledge• apply a range of well-developed skills• apply known solutions to a variety of predictable problems• perform processes that require a range of well-developed skills where some discretion

and judgement is required• interpret available information, using discretion and judgement• take responsibility for own outputs in work and learning• take limited responsibility for the output of others.

Certificate IV


Breadth, depth and complexity of knowledge and competencies would cover a broad rangeof varied activities or application in a wider variety of contexts most of which are complex andnon-routine. Leadership and guidance are involved when organising activities of self andothers as well as contributing to technical solutions of a non-routine or contingency nature.

Performance of a broad range of skilled applications including the requirement to evaluateand analyse current practices, develop new criteria and procedures for performing currentpractices and provision of some leadership and guidance to others in the application andplanning of the skills. Applications involve responsibility for, and limited organisation of,others.



• demonstrate understanding of a broad knowledge base incorporating some theoreticalconcepts

• apply solutions to a defined range of unpredictable problems• identify and apply skill and knowledge areas to a wide variety of contexts, with depth in

some areas• identify, analyse and evaluate information from a variety of sources• take responsibility for own outputs in relation to specified quality standards• take limited responsibility for the quantity and quality of the output of others.

Diploma


Breadth, depth and complexity covering planning and initiation of alternative approaches toskills or knowledge applications across a broad range of technical and/or managementrequirements, evaluation and co-ordination.

The self directed application of knowledge and skills, with substantial depth in some areaswhere judgement is required in planning and selecting appropriate equipment, services andtechniques for self and others.

Applications involve participation in development of strategic initiatives as well as personal



responsibility and autonomy in performing complex technical operations or organising others.It may include participation in teams including teams concerned with planning and evaluationfunctions. Group or team co-ordination may be involved.

The degree of emphasis on breadth as against depth of knowledge and skills may varybetween qualifications granted at this level.


Do the competencies or learning outcomes enable an individual with this qualification to:

• demonstrate understanding of a broad knowledge base incorporating theoreticalconcepts, with substantial depth in some areas

• analyse and plan approaches to technical problems or management requirements• transfer and apply theoretical concepts and/or technical or creative skills to a range of

situations• evaluate information, using it to forecast for planning or research purposes• take responsibility for own outputs in relation to broad quantity and quality parameters• take some responsibility for the achievement of group outcomes.

Advanced Diploma


Breadth, depth and complexity involving analysis, design, planning, execution and evaluationacross a range of technical and/or management functions including development of newcriteria or applications or knowledge or procedures.

The application of a significant range of fundamental principles and complex techniquesacross a wide and often unpredictable variety of contexts in relation to either varied or highlyspecific functions. Contribution to the development of a broad plan, budget or strategy isinvolved and accountability and responsibility for self and others in achieving the outcomes isinvolved.

Applications involve significant judgement in planning, design, technical orleadership/guidance functions related to products, services, operations or procedures.

The degree of emphasis on breadth as against depth of knowledge and skills may varybetween qualifications granted at this level.


Do the competencies or learning outcomes enable an individual with this qualification to:

• demonstrate understanding of specialised knowledge with depth in some areas• analyse, diagnose, design and execute judgements across a broad range of technical

or management functions• generate ideas through the analysis of information and concepts at an abstract level• demonstrate a command of wide-ranging, highly specialised technical, creative or

conceptual skills• demonstrate accountability for personal outputs within broad parameters• demonstrate accountability for personal and group outcomes within broad parameters.

Vocational Graduate Certificate

Characteristics of competencies or learning outcomes

• The self-directed development and achievement of broad and specialised areas ofknowledge and skills, building on prior knowledge and skills.



• Substantial breadth and complexity involving the initiation, analysis, design, planning,execution and evaluation of technical and management functions in highly varied andhighly specialised contexts.

• Applications involve making significant, high-level, independent judgements in majorbroad or planning, design, operational, technical and management functions in highlyvaried and specialised contexts. They may include responsibility and broad rangingaccountability for the structure, management and output of the work or functions ofothers.

• The degree of emphasis on breadth, as opposed to depth, of knowledge and skills mayvary between qualifications granted at this level.

Distinguishing features of learning outcomes

• Demonstrate the self-directed development and achievement of broad and specialisedareas of knowledge and skills, building on prior knowledge and skills.

• Initiate, analyse, design, plan, execute and evaluate major broad or technical andmanagement functions in highly varied and highly specialised contexts.

• Generate and evaluate ideas through the analysis of information and concepts at anabstract level.

• Demonstrate a command of wide-ranging, highly specialised technical, creative orconceptual skills in complex contexts.

• Demonstrate responsibility and broad-ranging accountability for the structure,management and output of the work or functions of others.

Vocational Graduate Diploma

Characteristics of competencies or learning outcomes

• The self-directed development and achievement of broad and specialised areas ofknowledge and skills, building on prior knowledge and skills.

• Substantial breadth, depth and complexity involving the initiation, analysis, design,planning, execution and evaluation of major functions, both broad and highlyspecialised, in highly varied and highly specialised contexts.

• Further specialisation within a systematic and coherent body of knowledge.• Applications involve making high-level, fully independent, complex judgements in broad

planning, design, operational, technical and management functions in highly varied andhighly specialised contexts. They may include full responsibility and accountability forall aspects of work and functions of others, including planning, budgeting and strategydevelopment.

• The degree of emphasis on breadth, as opposed to depth, of knowledge and skills mayvary between qualifications granted at this level.

Distinguishing features of learning outcomes

• Demonstrate the self-directed development and achievement of broad and highlyspecialised areas of knowledge and skills, building on prior knowledge and skills.

• Initiate, analyse, design, plan, execute and evaluate major functions, both broad andwithin highly varied and highly specialised contexts.

• Generate and evaluate complex ideas through the analysis of information and conceptsat an abstract level.

• Demonstrate an expert command of wide-ranging, highly specialised, technical,creative or conceptual skills in complex and highly specialised or varied contexts.

• Demonstrate full responsibility and accountability for personal outputs.• Demonstrate full responsibility and accountability for all aspects of the work or functions

of others, including planning, budgeting and strategy.



New Qualifications in the Australian Qualifications Framework

Two new vocational education and training qualifications are now available: the VocationalGraduate Certificate and the Vocational Graduate Diploma.

The following information about these two qualifications has been sourced from the AustralianQualifications Framework publication: New Qualifications - Vocational Graduate Certificateand Vocational Graduate Diploma.

Contact the Australian Qualifications Framework website for further details (http://www.aqf.edu ).

Recommended FNS50904 Diploma of Financial Services (Superannuation)Pathway Options

All Diploma qualifications must comprise all core units. Elective pathways may be tailoredaccording to the needs of the individual or organisation. The pathway options recommendedbelow target the main industry areas of focus at this level and are intended as arecommendation only. Remaining elective units must be different from those alreadyrecommended.

SECTORAL CORE UNITS (4):

FNSCOMP602B Develop and implement compliance systems

FNSICORG513B Implement quality systems within work area

FNSICORG514B Supervise work within a financial services context

FNSSUPR501B Supervise complaints procedures

ELECTIVE UNITS (4 TO BE SELECTED):

Pathway option1:

Team leading

Pathway option2:

Fieldrepresentation

Pathway option3:

Businessdevelopment

Pathway option4:

Customer service

(ASIC compliantfor individualsworking within thesuperannuationindustry)

Pathway option5:

Specialisedservices

FNSICCUS501BDevelop andnurturerelationships withclients, otherprofessionals andthird partyreferrers

FNSICORG511BManage the stafftraining function

FNSICORG604B

FNSICSAM402BImplement asales plan

FNSICSAM504BImplement,monitor andevaluate amarketing plan

FNSSUPR504BProvideadvancedcustomer service

FNSICORG508BManage a project

FNSSUPR506BSupervise andmonitoroperationalguidelines in asuperannuationorganisation

BSBFLM409BImplementContinuous

FNSASIC503UB*Provide advice inSuperannuation

*Note this unit haspre-requisite unitsof competency.Refer to Summaryof Units ofCompetency andtheir Pre-requisiteRequirements

FNSSUPR504B

FNSICORG613BEstablishoutsourcedservices andmonitorperformance

FNSSUPR505BProduce reportsforsuperannuation



http://www.aqf.edu

Provideleadership andmotivation in aworkplace team

tosuperannuationclients

BSBSLS304ASecure prospectcommitment

Improvement Provide advancedcustomer serviceto superannuationclients

• remaining units to be selected from suggested elective units listed below or from otherareas of relevance in Financial Services

• see Levels Chart for full list of units available in the FNS04 Financial Services TrainingPackage.

SUGGESTED ELECTIVE UNITS

FNSASIC503UB Provide advice in Superannuation

FNSICCUS501B Develop and nurture relationships with clients, other professionals and thirdparty referrers

FNSICGEN501B Produce research reports and make presentations

FNSICORG507B Develop a resource plan

FNSICORG508B Manage a project

FNSICORG511B Manage the staff training function

FNSICORG512B Act as formal complaints officer

FNSICORG604B Provide leadership and motivation in a workplace team

FNSICORG613B Establish outsourced services and monitor performance

FNSICSAM402B Implement a sales plan

FNSICSAM504B Implement, monitor and evaluate a marketing plan

FNSSUPR403B Work within a defined benefit fund

FNSSUPR502B Supervise insurer liaison

FNSSUPR503B Develop client relationships with employers and establish superannuationsystems

FNSSUPR504B Provide advanced customer service to superannuation clients

FNSSUPR505B Produce reports for superannuation

FNSSUPR506B Supervise and monitor operational guidelines in a superannuationorganisation

BSBFLM409B Implement continuous improvement

BSBSLS304A Secure prospect commitment



Skill Sets

Definition

Skill sets are defined as single units of competency, or combinations of units of competencyfrom an endorsed Training Package, which link to a licence or regulatory requirement, ordefined industry need.

Wording on Statements of Attainment

Skill sets are a way of publicly identifying logical groupings of units of competency which meetan identified need or industry outcome. Skill sets are not qualifications.

Where skill sets are identified in a Training Package, the Statement of Attainment can set outthe competencies a person has achieved in a way that is consistent and clear for employersand others. This is done by including the wording 'these competencies meet [the relevant skillset title or industry need is included]' on the Statement of Attainment. This wording appliesonly to skill sets that are formally identified as such in the endorsed Training Package.

All Statements of Attainment must include the wording 'A Statement of Attainment is issuedby a Registered Training Organisation when an individual has completed one or more units ofcompetency from a nationally recognised qualification'. The following may also be used 'thesecompetencies form part of the [the relevant qualification(s) code and title are inserted]'.

This section below provides information on skill sets within this Training Package, with thefollowing important disclaimer: Readers should ensure that they have also read the part ofthe Training Package that outlines licensing and regulatory requirements.

Skill Sets in this Training Package

Skill Sets



This section provides information on skill sets within this Training Package, with the followingimportant disclaimer: readers should ensure that they have also read the section in theTraining Package that outlines licensing and regulatory requirements.

Two discreet clusters of competency standards have been identified as potential skill sets forthis industry sector:

• corporate superannuation fund trustee• self managed superannuation fund trustee.

Skill sets for corporate superannuation fund trustee work

The following units of competency have been identified as being relevant to superannuationtrustees working within corporate superannuation funds.

Target Group This skill set is for superannuation trustees working with corporatesuperannuation funds.

Units Administrative Units

FNSICORG613B Establish outsourced services and monitorperformance

FNSSUPR407B Establish and maintain fund or plan*

*The following 4 pre-requisite units of competency must also beachieved for this unit:

FNSICCUS302B Process customer complaints

FNSICGEN403B Collect, assess and use information

FNSICGEN501A Produce research reports and makepresentations

FNSSUPR301A Establish, maintain and process superannuationrecords

Compliance Unit

FNSSUPR507B Review compliance with regulatory andcontractual requirements

The pre-requisite unit of competency FNSSUPR407B Establishand maintain fund or plan must also be achieved for this unit.

Product Unit

FNSFMKT501B Analyse financial markets and information

Pathway These units of competency provide credit towards qualificationsthat allow for selection of these units, including a range of FinancialServices and Business Services qualifications.

Suggested wording forStatement ofAttainment

These units of competency from the FNS04 Financial ServicesTraining Package meet the superannuation industry requirementsfor trustees working with corporate superannuation funds.

Skill sets for self managed superannuation fund trustee work

The following units of competency have been identified as being relevant to self managedsuperannuation fund trustees.



Target Group This skill set is relevant to trustees working with self managedsuperannuation funds.

Units Introductory Unit

FNSFLIT204B Develop understanding of superannuation

Compliance Unit

FNSSMSF504B Meet SMSF compliance requirements

Administrative Unit

FNSSUPR407B Establish and maintain fund or plan*

*The following 4 pre-requisite units of competency must also beachieved for this unit:

FNSICGEN403B Collect, assess and use information

FNSICGEN501A Produce research reports and make presentations

FNSICCUS302B Process customer complaints

FNSSUPR301A Establish, maintain and process superannuationrecords

Investment Related Unit

FNSICPRO502B Conduct product research to supportrecommendations

Risk Analysis Unit

BSBCMN416A Identify risk and apply risk management processes

Pathway These units of competency, except for FNSFLIT204B Developunderstanding of superannuation, provide credit towardsqualifications that allow for selection of these units, including arange of Financial Services and Business Services qualifications .

Suggested wordingfor Statement ofAttainment

These units of competency from the FNS04 Financial ServicesTraining Package meet the superannuation industry requirementsfor trustees working with self managed superannuation funds.



Assessment Guidelines

Introduction

These Assessment Guidelines provide the endorsed framework for assessment of units ofcompetency in this Training Package. They are designed to ensure that assessment isconsistent with the Australian Quality Training Framework (AQTF) Standards for RegisteredTraining Organisations. Assessments against the units of competency in this TrainingPackage must be carried out in accordance with these Assessment Guidelines.

Assessment System Overview

This section provides an overview of the requirements for assessment when using thisTraining Package, including a summary of the AQTF requirements; licensing/registrationrequirements; and assessment pathways.

Benchmarks for Assessment

Assessment within the National Training Framework is the process of collecting evidence andmaking judgements about whether competency has been achieved to confirm whether anindividual can perform to the standards expected in the workplace, as expressed in therelevant endorsed unit of competency.

In the areas of work covered by this Training Package, the endorsed units of competency arethe benchmarks for assessment. As such, they provide the basis for nationally recognisedAustralian Qualifications Framework (AQF) qualifications and Statements of Attainmentissued by Registered Training Organisations (RTOs).

Australian Quality Training Framework Assessment Requirements

Assessment leading to nationally recognised AQF qualifications and Statements ofAttainment in the vocational education and training sector must meet the requirements of theAQTF as expressed in the Standards for Registered Training Organisations.

The Standards for Registered Training Organisations can be downloaded from the DESTwebsite at www.dest.gov.au or can be obtained in hard copy from DEST. The following pointssummarise the assessment requirements under the AQTF.

Registration of Training Organisations

Assessment must be conducted by, or on behalf of, an RTO formally registered by a State orTerritory Registering/Course Accrediting Body in accordance with the Standards forRegistered Training Organisations. The RTO must have the specific units of competencyand/or AQF qualifications on its scope of registration. See Section 1 of the Standards forRegistered Training Organisations.

Quality Training and Assessment

Each RTO must have systems in place to plan for and provide quality training andassessment across all its operations. See Standard 1 of the Standards for RegisteredTraining Organisations.

Assessor Competency Requirements

Each person involved in training, assessment or client service must be competent for thefunctions they perform. See Standard 7 of the Standards for Registered TrainingOrganisations for assessor competency requirements. Standard 7 also specifies thecompetencies that must be held by trainers.

FNS04 Financial Services Training Package (Version 2) Date this PDF was generated: 28 September 2007Assessment Guidelines


Assessment Requirements

The RTOs assessments must meet the requirements of the endorsed components of TrainingPackages within its scope of registration. See Standard 8 of the Standards for RegisteredTraining Organisations.

Assessment Strategies

Each RTO must identify, negotiate, plan and implement appropriate learning and assessmentstrategies to meet the needs of each of its clients. See Standard 9 of the Standards forRegistered Training Organisations.

Mutual Recognition

Each RTO must recognise the AQF qualifications and Statements of Attainment issued byany other RTO. See Standard 5 of the Standards for Registered Training Organisations.

Access and Equity and Client Services

Each RTO must apply access and equity principles, provide timely and appropriateinformation, advice and support services that assist clients to identify and achieve desiredoutcomes. This may include reasonable adjustment in assessment. See Standard 6 of theStandards for Registered Training Organisations.

Partnership Arrangements

RTOs must have, and comply with, written agreements with each organisation providingtraining and/or assessment on its behalf. See Standard 1.6 of Standards for RegisteredTraining Organisations.

Recording Assessment Outcomes

Each RTO must have effective administration and records management procedures in place,and must record AQF qualifications and Statements of Attainment issued. See Standards 4and 10.2 of the Standards for Registered Training.

Issuing AQF Qualifications and Statement of Attainment

Each RTO must issue AQF qualifications and Statements of Attainment that meet therequirements of the AQF Implementation Handbook and the endorsed Training Packageswithin the scope of its registration. An AQF qualification is issued once the full requirementsfor a qualification, as specified in the nationally endorsed Training Package are met. AStatement of Attainment is issued where the individual is assessed as competent againstfewer units of competency than required for an AQF qualification. See Standard 10 andSection 2 of the Standards for Registered Training Organisations.

Licensing/Registration Requirements

This section provides information on licensing/registration requirements for this TrainingPackage. For further information on this topic contact Innovation & Business Skills Australia(www.ibsa.org.au).

Requirements for Registered Training Organisations (RTOs)

The ASIC Advisory units of competency in this Training Package provide the basis forstatutory licensing and industry registration arrangements. To provide delivery andassessment solutions that satisfy these licensing and registration arrangements, RTOs mustmeet the additional requirements detailed in the following chart.

LICENCE/REGISTRATION

JURISDICTION REQUIREMENTS



Australian FinancialServices Licence (AFSL)

Australian SecuritiesAnd InvestmentCommission (ASIC)

For RTO courses to be recognised forthe purposes of meeting minimumtraining standards, which are conditionalto gaining a AFSL, the RTOs coursesmust include the required ASIC advisoryunits and be listed on ASIC's TrainingRegister. This is in addition to thequalifications being on scope of theRTOs registration.

RTOs must make a separate applicationto ASIC for their courses to be includedon the Register. For information go towww.asic.gov.au .

Requirements for Candidates

Individuals being assessed under statutory licensing and industry registration systems mustcomply with training and experience requirements additional to the minimum requirementsidentified in this Training Package. These additional requirements apply to any person whoprovides financial product advice to retail clients and are a pre-condition of an organisationgaining a AFSL. The minimum training requirements are specified in ASIC's Policy Statement146 (PS146) (a copy can be downloaded at www.asic.com.au ) and have been reflected in anumber of specific ASIC advisory units of competency within the Training Package.

PS146 identifies eleven key sectors within the financial services industry: financial planning,insurance broking, securities, derivatives, life insurance, foreign exchange, managedinvestments and superannuation (designated as Tier 1 sectors), basic deposit products andnon-cash payment facilities and general insurance (designated as Tier 2 sectors (except forpersonal injury and accident insurance)).

Depending on type/class of product a financial adviser wishes to provide advice in, theadviser must be competent against specific ASIC advisory units within the Training Package.For Tier 1 compliance, one or more of the following units must be completed within a diplomalevel qualification:

FNSASIC503ZB Provide advice in Financial Planning

FNSASIC503YB Provide advice in Insurance Broking

FNSASIC503XB Provide advice in Life Insurance

FNSASIC503WB Provide advice in Securities

FNSASIC503VB Provide advice in Derivatives

FBSASIC503UB Provide advice in Superannuation

FNSASIC503TB Provide advice in Managed Investments

FNSASIC503SB Provide advice in Foreign Exchange

For Tier 2 compliance the following two ASIC advisory units must be undertaken within aCertificate III or Certificate IV qualification:

FNSASIC301B Establish client relationship and analyse needs

FNSASIC302B Develop, present and negotiate client solutions

Pathways



http://www.asic.gov.auhttp://www.asic.com.au

The competencies in this Training Package may be attained in a number of ways includingthrough:

• formal or informal education and training• experiences in the workplace• general life experience, and/or• any combination of the above.

Assessment under this Training Package leading to an AQF qualification or Statement ofAttainment may follow a learning and assessment pathway, an assessment-only orrecognition pathway, or a combination of the two as illustrated in the following diagram.

Each of these assessment pathways leads to full recognition of competencies held - thecritical issue is that the candidate is competent, not how the competency was acquired.

Assessment, by any pathway, must comply with the assessment requirements set out in theStandards for Registered Training Organisations.

Learning and Assessment Pathways

Usually, learning and assessment are integrated, with assessment evidence being collectedand feedback provided to the candidate at anytime throughout the learning and assessmentprocess.

Learning and assessment pathways may include structured programs in a variety of contextsusing a range of strategies to meet different learner needs. Structured learning andassessment programs could be: group-based, work-based, project-based, self-paced, actionlearning-based; conducted by distance or e-learning; and/or involve practice and experiencein the workplace.

Learning and assessment pathways to suit New Apprenticeships have a mix of formalstructured training and structured workplace experience with formative assessment activitiesthrough which candidates can acquire and demonstrate skills and knowledge from therelevant units of competency.

Assessment-Only or Recognition of Prior Learning Pathway

Competencies already held by individuals can be formally assessed against the units ofcompetency in this Training Package, and should be recognised regardless of how, when orwhere they were achieved.

In an assessment-only or Recognition of Prior Learning (RPL) pathway, the candidateprovides current, quality evidence of their competency against the relevant unit ofcompetency. This process may be directed by the candidate and verified by the assessor,such as in the compilation of portfolios; or directed by the assessor, such as through



observation of workplace performance and skills application, and oral and/or writtenassessment. Where the outcomes of this process indicate that the candidate is competent,structured training is not required. The RPL requirements of Standard 8.2 of the Standards forRegistered Training Organisations must be met.

As with all assessment, the assessor must be confident that the evidence indicates that thecandidate is currently competent against the endorsed unit of competency. This evidencemay take a variety of forms and might include certification, references from past employers,testimonials from clients, and work samples. The onus is on candidates to provide sufficientevidence to satisfy assessors that they currently hold the relevant competencies. In judgingevidence, the assessor must ensure that the evidence of prior learning is:

• authentic (the candidate's own work)• valid (directly related to the current version of the relevant endorsed unit of competency)• reliable (shows that the candidate consistently meets the endorsed unit of competency)• current (reflects the candidate's current capacity to perform the aspect of the work

covered by the endorsed unit of competency), and• sufficient (covers the full range of elements in the relevant unit of competency and

addresses the four dimensions of competency, namely task skills, task managementskills, contingency management skills, and job/role environment skills).

The assessment only or recognition of prior learning pathway is likely to be most appropriatein the following scenarios:

• candidates enrolling in qualifications who want recognition for prior learning or currentcompetencies

• existing workers• individuals with overseas qualifications• recent migrants with established work histories• people returning to the workplace, and• people with disabilities or injuries requiring a change in career.

Combination of Pathways

Where candidates for assessment have gained competencies through work and lifeexperience and gaps in their competence are identified, or where they require training in newareas, a combination of pathways may be appropriate.

In such situations, the candidate may undertake an initial assessment to determine theircurrent competency. Once current competency is identified, a structured learning andassessment program ensures that the candidate acquires the required additionalcompetencies identified as gaps.

Assessor Requirements

This section identifies the mandatory competencies for assessors, and clarifies how othersmay contribute to the assessment process where one person alone does not hold all therequired competencies.

Assessor Competencies

The Standards for Registered Training Organisations specify mandatory competencyrequirements for assessors. For information, Standard 7.3 from the Standards for RegisteredTraining Organisations follows:

7.3 a The RTO must ensure that assessments are conducted by a person who has:

• the following competencies* from the Training Package for Assessment andWorkplace Training, or demonstrated equivalent competencies:



• TAAASS401A Plan and organise assessment;• TAAASS402A Assess competence;• TAAASS404A Participate in assessment validation;

• relevant vocational competencies, at least to the level being assessed.

b However, if a person does not have all of the competencies in Standards 7.3 a (i)and the vocational competencies as defined in 7.3 a(ii), one person with thecompetencies listed in Standard 7.3 a(i), and one or more persons who have thecompetencies listed in Standard 7.3 a (ii) may work together to conductassessments.

* A person who holds the competencies BSZ401A Plan assessment, BSZ402AConduct assessment, and BSZ403A Review assessment from the TrainingPackage for Assessment and Workplace Training will be accepted for the purposesof this standard. A person who has demonstrated equivalent competencies toBSZ401A and BSZ402A and BSZ403A in the period up to 12 months followingpublication of the Training and Assessment Training Package will also be acceptedfor the purposes of this standard.

Designing Assessment Tools

This section provides an overview on the use and development of assessment tools.

Use of Assessment Tools

Assessment tools provide a means of collecting the evidence that assessors use in makingjudgements about whether candidates have achieved competency.

There is no set format or process for the design, production or development of assessmenttools. Assessors may use prepared assessment tools, such as those specifically developed tosupport this Training Package, or they may develop their own.

Using Prepared Assessment Tools

If using prepared assessment tools, assessors should ensure these are benchmarked, ormapped, against the current version of the relevant unit of competency. This can be done bychecking that the materials are listed on the National Training Information Service(http://www.ntis.gov.au). Materials on the list have been noted by the National Quality Councilas meeting their quality criteria for Training Package support materials.

Developing Assessment Tools

When developing assessment tools, assessors must ensure that they:

• are benchmarked against the relevant unit or units of competency• are reviewed as part of the validation of assessment strategies as required under 9.2 (i)

of the Standards for Registered Training Organisations• meet the assessment requirements expressed in the Standards for Registered Training

Organisations, particularly Standards 8 and 9.

A key reference for assessors developing assessment tools is TAA04 Training andAssessment Training Package and the unit of competency TAAASS403A Developassessment tools. There is no set format or process for the design, production ordevelopment of assessment materials.



Conducting Assessment

This section details the mandatory assessment requirements and provides information onequity in assessment including reasonable adjustment.

Mandatory Assessment Requirements

Assessments must meet the criteria set out in Standard 8 from the Standards for RegisteredTraining Organisations. For information, Standard 8 from the Standards for RegisteredTraining Organisations is reproduced below.

8 RTO Assessments

The RTOs assessments meet the requirements of the endorsed components ofTraining Packages and the outcomes specified in accredited courses within thescope of its registration.

8.1 The RTO must ensure that assessments (including RPL):

i. comply with the assessment guidelines included in the applicable nationallyendorsed Training Packages or the assessment requirements specified inaccredited courses;

ii. lead to the issuing of a statement of attainment or qualification under the AQF whena person is assessed as competent against nationally endorsed unit(s) ofcompetency in the applicable Training Package or modules specified in theapplicable accredited course;

iii. are valid, reliable, fair and flexible;

iv. provide for applicants to be informed of the context and purpose of the assessmentand the assessment process;

v. where relevant, focus on the application of knowledge and skill to standard ofperformance required in the workplace and cover all aspects workplaceperformance, including task skills, task management skills, contingencymanagement skills and job role environment skills;

vi. involve the evaluation of sufficient evidence to enable judgements to be madeabout whether competency has been attained;

vii. provide for feedback to the applicant about the outcomes of the assessmentprocess and guidance on future options in relation to those outcomes;

viii. are equitable for all persons, taking account of individual needs relevant to theassessment; and

ix. provide for reassessment on appeal.

8.2 a The RTO must ensure that RPL is offered to all applicants on enrolment

b The RTO must have an RPL process that:

i. is structured to minimise the time and cost to applicants; and

ii. provides adequate information, support and opportunities for participants toengage in the RPL process.



Delivery and assessment of Employability Skills

Employability Skills are integral to workplace competency and, as such, must be consideredin the design, customisation, delivery and assessment of vocational education and trainingprograms in an integrated and holistic way, as represented diagrammatically below.

Training providers must analyse the Employability Skills information contained in units ofcompetency in order to design valid and reliable learning and assessment strategies. Thisanalysis includes:

• reviewing unit(s) of competency to determine how each relevant Employability Skill isfound and applied within the unit

• analysing the Employability Skills Summary for the qualification in which the unit(s)is/are packaged to help clarify relevant industry/workplace contexts with regard to theapplication of Employability Skills at that qualification level

• designing learning and assessment activities that address the Employability Skillsrequirements.

Employability Skills in the Financial Services Training Packagecontext

Licensing/Registration Requirements

This section provides information on licensing/registration requirements for this TrainingPackage. For further information on this topic contact Innovation & Business Skills Australia(www.ibsa.org.au).

Requirements for Registered Training Organisations (RTOs)

The ASIC Advisory units of competency in this Training Package provide the basis for



statutory licensing and industry registration arrangements. To provide delivery andassessment solutions that satisfy these licensing and registration arrangements, RTOs mustmeet the additional requirements detailed in the following chart.

LICENCE/REGISTRATION

JURISDICTION REQUIREMENTS

Australian FinancialServices Licence (AFSL)

Australian SecuritiesAnd InvestmentCommission (ASIC)

For RTO courses to be recognised forthe purposes of meeting minimumtraining standards, which are conditionalto gaining a AFSL, the RTOs coursesmust include the required ASIC advisoryunits and be listed on ASIC's TrainingRegister. This is in addition to thequalifications being on scope of theRTOs registration.

RTOs must make a separate applicationto ASIC for their courses to be includedon the Register. For information go towww.asic.gov.au .

Requirements for Candidates

Individuals being assessed under statutory licensing and industry registration systems mustcomply with training and experience requirements additional to the minimum requirementsidentified in this Training Package. These additional requirements apply to any person whoprovides financial product advice to retail clients and are a pre-condition of an organisationgaining a AFSL. The minimum training requirements are specified in ASIC's Policy Statement146 (PS146) (a copy can be downloaded at www.asic.com.au ) and have been reflected in anumber of specific ASIC ad

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