FNSFMK402 — Develop and maintain knowledge of financial markets products

Elements & performance criteria

Performance evidence

• access information relating to the financial products of an organisation and the market uses and providers
• compare and rate competitive products
• set up system for maintaining up-to-date knowledge about financial products
• determine the customer types and customer needs that the financial products are best suited for.
• Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge evidence

• describe the key features of organisational policies in terms of client service expectations and needs
• identify and describe systems that can be accessed to obtain up-to-date information on financial services products and competition
• describe key features of a range of organisational financial products
• compare the key features and unique characteristics of a range of products, including those used by competitors that are similar to the organisation’s
• outline the compliance implications relating to financial markets products
• outline the potential impact that emerging trends may have on financial markets products.

Foundation skills

• Learning: Develops and uses personal organisational systems to gather and organise information Systematically and proactively sources and incorporates new information to improve own work practices
• Reading: Researches and analyses information from a variety of sources to identify key details and trends, and determine requirements
• Writing: Completes workplace documentation accurately using appropriate vocabulary
• Oral Communication: Participates in verbal exchanges using active listening and questioning techniques to elicit the views and opinions of others and convey information
• Numeracy: Uses mathematical equations to perform calculations and comparisons of financial and numerical information
• Navigate the world of work: Accepts responsibility for developing and updating product knowledge Takes personal responsibility for following explicit and implicit policies and procedures about compliance requirements
• Interact with others: Selects and uses appropriate conventions and protocols when conducting research to establish client needs
• Get the work done: Plans, organises and implements tasks, aiming to achieve them efficiently and effectively Makes decisions by referring to standard procedures for routine tasks and formal decision-making processes for more complex and non-routine situations Uses the main features and functions of digital tools to complete work tasks and find information

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.

Questions about assessing FNSFMK402