FNSASIC312 — Provide personal advice on non-relevant financial products

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What an assessment for FNSASIC312 must cover

34 assessable components: 5 elements (15 performance criteria), 4 performance evidence and 9 knowledge evidence requirements, plus 6 foundation skills. An audit-defensible tool maps every question and task back to these — that mapping is the coverage matrix Auditori generates alongside the assessment.

Elements & performance criteria

1 Develop strategies and solutions

1.1Determine client’s financial needs and outcome requirements
1.2Analyse products and client risk profile
1.3Conduct assessment of client needs
1.4Conduct research, analysis and product modelling according to client’s needs and outcome requirements
1.5Draft proposed solution according to ASIC identified generic and specialist knowledge relevant to products being offered

2 Present strategies and solutions to client

2.1Present proposed solution to client and demonstrate product knowledge required for product offered, according to organisational policies and procedures, legislative and regulatory requirements
2.2Reinforce all relevant details to client with impacts and possible risks of solution disclosed
2.3Provide client with written supporting documentation and guide client through key aspects of documentation

3 Negotiate financial plan, policy or transaction with client

3.1Identify concerns or issues client has regarding proposed plan, policy or transaction
3.2Seek confirmation to ensure that client understands proposed plan, policy or transaction according to ASIC and AFS licensing requirements
3.3Determine client requirements to establish formal agreement for a proposed plan, policy or transaction

4 Complete and maintain necessary documentation

4.1Confirm proposal and required statutory and transactional documents are completed and signed off by client
4.2Confirm that signed agreement and all copies of appropriate documentation are exchanged between required parties

5 Provide ongoing service, where requested by client

5.1Confirm that type and form of selected ongoing service, reporting on performance, and review of plan, policy or transaction is agreed with client
5.2Explain fees and costs for any ongoing and specifically defined services and ensure client understands these expenses

Performance evidence

provide personal advice on non-relevant financial products to at least two different clients
present suitable non-relevant financial products to each of the above clients and successfully negotiate a plan, policy or transaction
comply with industry-specific legislative and regulatory requirements for non-relevant financial products
explain the characteristics, benefits and impacts of non-relevant financial products

Knowledge evidence

key features of the following non-relevant financial products: general insurance, deposit products, non-cash payment facilities
key features of the legal environment, including disclosure and compliance covering: role of representative and adviser; relevant legal principles relating to key Acts relevant to the performance evidence; relationship between ethics and regulatory requirements, including good faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest that may influence adviser’s recommendation
Australian Securities and Investments Commission (ASIC) regulatory guidelines and industry codes of practice and conduct relating to performance evidence
Australian Financial Services licensing obligations and requirements
resolution procedures for internal and external complaints
For general insurance the individual must demonstrate knowledge of: insurance products, and the roles and components that comprise Australian insurance markets, including: definition of an insurance product; conditions, exclusions and level of coverage of risk transfer products; types of insurance products; pricing of risk products; taxation issues relating to insurance products
explain advisory functions, including: role of representative, broker and adviser; range of services provided; process of a risk assessment; profile and financial information of the clients described in performance evidence
characteristics of the general insurance products for which advice is given, including: standard cover (and deviations); policy wordings; taxes and charges; insurance claims; premium rating and risk selection; reporting; product development; underwriting
For deposit products and non-cash payment facilities the individual must demonstrate knowledge of: types of deposit products and non-cash payment products; product characteristics

Foundation skills

Numeracy: Interprets financial product information and analyses numerical data in spreadsheets and databases
Oral communication: Clearly articulates requirements using language appropriate to audience and environment. Confirms the understanding of others through active listening and questioning
Reading: Identifies and analyses information from relevant sources to safeguard client needs and ensure currency of product and service
Writing: Uses clear, specific and industry-related terminology to complete and update workplace documentation
Self-management: Develops knowledge of legislation and regulations relevant to current role. Takes responsibility for providing effective advisory services that comply with legislative, regulatory and organisational requirements
Technology: Completes work tasks and provides information using the main features and functions of organisation-supported digital tools

Unit content sourced from training.gov.au — © Commonwealth of Australia, licensed under CC BY 4.0. Auditori is not affiliated with the Department of Employment and Workplace Relations.

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Real, unedited Auditori output (RIIHAN201E shown), branded for a sample RTO:

Questions about assessing FNSASIC312

What does an assessment tool for FNSASIC312 need to cover?

To satisfy the Principles of Assessment and Rules of Evidence, an assessment for FNSASIC312 needs to address all 34 unit components: 5 elements with 15 performance criteria, 4 performance evidence requirements, 9 knowledge evidence requirements, and the foundation skills. A coverage matrix mapping each question and task to these components is what an auditor looks for.

How does Auditori generate an assessment tool for FNSASIC312?

Auditori pulls the current release of FNSASIC312 from training.gov.au and generates a complete package: candidate assessment, assessor guide with model answers and observation criteria, and a coverage matrix mapping every component. A suitably qualified person then reviews and approves the draft in a built-in workflow — consistent with ASQA's guidance on AI use in VET — before export as branded PDF and editable Word.

Is the first assessment tool really free?

Yes. Every new account includes one free credit — enough to generate the complete assessment tool for FNSASIC312 — with no card and no subscription required. After that it's pay-as-you-go per unit.

Can I check my existing FNSASIC312 assessment instead of generating a new one?

Yes — upload your existing assessment or learner guide and Auditori maps it against every element, performance criterion, PE and KE of FNSASIC312, showing exactly what's covered and what's missing. Mapping costs a quarter of a credit.

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