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The National Finance Institute

PO Box 1354, Capalaba Business Centre, Qld 4157
Office 1300 765 400 Facsimile 07 3822 6003
[email protected]
www.fina nceinstitute.com.a u

RECOGNITION OF PRIOR LEARNING (RPL)

What is RPL
The National Finance Institute recognises the skills and knowledge gained through work experience and/or past study.
With applicants’ diverse backgrounds, sufficient experience and expertise may have been attained in the industry to
exempt applicants from standard course requirements. Certificates issued by NFI are nationally recognised
qualifications and accepted by ASIC, MFAA, FBAA, lenders and aggregators. Applicants for RPL must provide evidence
that demonstrates competency in each Unit of Competency for the desired qualification.

Which Qualification
This is the correct form to use if you are in one of the following three situations.
Please tick ONE of the following to reflect your requirement:
 FNS40820 Certificate IV qualification (you have residential lending experience and require a single FNS40820 certificate)

 FNS40820 Certificate IV qualification PLUS an FNS50320 Diploma Upgrade qualification (you have both residential
and complex lending experience and require both an FNS40820 certificate and an FNS50320 certificate)

 FNS50320 Diploma qualification where you already hold an FNS40815 or FNS40820 Certificate IV certificate
(you have residential and complex lending experience and require a single FNS50320 certificate as an upgrade). It is preferable that
applicants have a minimum of 2 years writing complex loan matters prior to applying for Diploma RPL.
- - - -
If you have both residential and complex commercial level lending experience, do not hold a Certificate IV and require a single FNS50320
certificate, please DO NOT USE THIS FORM. If you are seeking an FNS50320 Full Diploma qualification, please use the alternative RPL form for
the “FNS50320 Full Diploma” available on our website under forms (www.financeinstitute.com.au/forms).

RPL Procedure
Your submission should include the following items. Once assembled, please tick below to confirm you have included
these items.

 Print the attached Competency Statement/Checklist and have it completed and signed off by a third party that
is a peer, superior or BDM (can be a current contact or prior contact)
 Provide a detailed CV demonstrating experience in the industry, specifically involving mortgage lending (for the
Certificate IV) or commercial lending and management experience (if you are applying for the Diploma). This
CV must be verified (ie. signed) by your chosen third party. Your CV should highlight any relevant educational
qualifications you have achieved or other training you have completed.
 Provide a detailed CV for the peer / third party who is signing off this RPL application, to verify their qualification
to sign off on your RPL application. This document must also be signed by the third party.
 Include a Portfolio containing evidence of work history, training, skills and knowledge which will be assessed
against the competencies as outlined in the Checklist. Depending on the style of your CV, this portfolio may
form a part of your CV. This portfolio of evidence may include other certificates/qualifications (eg. a Training
Log, NCCP / AML / BID training, etc.), accreditations, marketing material, references, subscriptions, etc.
 Include the following additional items if not already supplied within the documentation above:
o Proof of all CPD for last two years
o Proof of BID training undertaken
o A brief business plan that you are currently following
o A description of your current client retention strategies and client prospecting activities.
….. Required items continued on page 2

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 Submit a Case Study of one of your settled loan applications including your file notes. NB: Your case study
should exclude your client’s supporting docs and please ensure that information that is confidential to your
client is “blacked out” eg. client name, address, contact details, etc. For a Certificate IV RPL application the case
study should be a residential loan. For a Diploma RPL application, the case study should be a commercial level
loan. If you are in or have recently left a banking environment which does not permit this, please provide a
detailed job description.
 An Evidence Checklist is also attached for Diploma applications. Please complete this Evidence Checklist
detailing (in your own words) what skills you consider that you hold in order to satisfy each of the Diploma-
specific elements. This Evidence Checklist is only required for Diploma RPL applications.

 Please complete the payment form provided on page 3.

The Assessment Process

The documentation submitted by the applicant to NFI will be assessed against each unit of competency within the
qualification. The evidence submitted will be assessed using the following criteria:
 Is the applicant’s experience and study relevant to the qualification?
 Is the applicant’s knowledge and skill current?
 Has the applicant’s CV and signee’s CV been verified as true and correct?
 Are the skills and the knowledge held by the applicant appropriate to the level of competency for which
the applicant is applying (eg. Cert IV level only or Diploma level)?
Phone Interview - A phone interview will also form part of the assessment process. The assessor will interview
the applicant to determine the level of knowledge and practical skills held. With the permission of the
applicant, a discussion may also be required with the nominated referee to verify competencies.
Additional Study – In some instances, an applicant may have commenced their role many years ago and may
not have completed recent industry body training. Proof of completion of, for example, the MFAA’s
Compliance Pack on NCCP/AML, proof of BID training or other training may be requested to establish currency
and to meet the additional competency requirements of an RPL application.

The NFI assessor will make one of three decisions:

1. Accept the application and grant recognition
2. Request further information because the assessor was unable to make a decision on the evidence provided
3. Deny the application and recommend that further assessment or training is undertaken to achieve the unit/s of
competence. The applicant will then be advised which subjects or assessments, if any, are required to be
completed. In this circumstance, any fee already paid for the RPL application may go towards the qualification
for which the applicant was seeking RPL.
In some instances approval may be given based on residential lending experience but denied for more complex
lending experience. In this situation, applicants may be granted a Certificate IV in Mortgage Broking and a
recommendation they proceed with study of NFI’s Upgrade Diploma content.

Timing
The phone interview will occur within 7 business days. The assessor’s decision will be made within 7 to 14 business
days. Documentation received by NFI will not be returned to the applicant as it is required to be retained to meet RTO
Standards. If the applicant is granted RPL for their qualification an original certificate and the transcript of competencies
will be mailed within 5 days of approval. A tax invoice/receipt for payment will be sent separately by email.

How to Submit an Application

Applicants can post or scan/email the full submission to NFI. Applications received by email will be assessed more
quickly than those received by mail. Emailed submissions containing more than one file should be in the format of a
zipped file. Applicants should limit total email attachment size to less than 10Mb. Applicants should ensure all
scanned/copied documents are legible. Timing guidelines above commence once the full submission has been received.

Post: RPL Coordinator

The National Finance Institute
P O Box 1354, Capalaba Business Centre Qld 4157
Or Email Scan: [email protected]

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APPLICANT’S DETAILS
First Name: ____________________________________________________ Gender:  Male  Female

Middle Name (if applicable): __________________________________________ Date of birth: ______________

Surname: ______________________________________________________

Address: ________________________________________________________________________________________

________________________________________________________________________________________________

Contact details: Phone: ____________________________ Mobile: _________________________________

Email: _____________________________________________________________________

Additional information required below for education department purposes:

Country of birth: ____________________________ City of birth: ______ ____________________________

Australian citizen:  Yes  No . If No, what is your country of citizenship: ____________________________

Current employment status:  Full time  Part time  Self-employed  Not working/made redundant

Language spoken at home: _________________ Proficiency in spoken English:  Very well  Well  Not well

What year did you finish high school? ____________________

Highest level of education completed:  Bachelor  Diploma  Certificate  Year 12  Other_______________

Invoice to be as follows:  Applicant name as above OR: ________________________________________________

_______________________________________________________________________________________________
(if invoice is not to be in the applicant name, please detail the company/business name and address for the invoice/receipt)

What is your USI? __ __ __ __ __ __ __ __ __ __

If you don’t have a USI (Unique Student Identifier) please go to www.usi.gov.au to create it. A USI is essential.
________________________________________________________
PAYMENT METHOD
Payment is required ahead of NFI’s assessor commencing the review of an application. If choosing Direct Deposit, please make the payment
immediately after sending the RPL submission. Payment is required irrespective of outcome. Any payment made for RPL where the outcome is a non-
approval by RPL, can be used in full towards study of the course to achieve the qualification.

 PayPal – Please email a PayPal link for payment

 Cheque - Payable to The National Finance Institute, P.O. Box 1354, Capalaba BC Qld 4157
 Direct Deposit - The National Finance Institute, BSB 114 879, Account 003 139 833
 Credit/Debit Card: __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __
Expiry date: _____________ CCV: _____________

Name on Card: ____________________________________________

Authorised Amount: $___________  $695 Certificate IV only or

 $695 Diploma only (already hold Cert IV) or
 $895 Certificate IV + Diploma
Applicant name: …………………………………………..……………………………………... Date: …………………….…
By submission the applicant agrees to The National Finance Institute’s terms and conditions available at www.financeinstitute.com.au.

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COMPETENCY STATEMENT / CHECKLIST

FOR RECOGNITION OF PRIOR LEARNING

This page and the following pages containing the topics which form the qualification/s, are
to be completed by the applicant’s chosen third party (eg. peer)

This Competency Checklist must be completed. The Checklist is verification by a third party that the applicant is
proficient in all areas of the qualification units. As outlined on page one, the third party is required to submit a signed
CV to verify their qualification to make this judgement:

The person making this statement must be suitably qualified to answer the questions (CV required as evidence).
The person making this statement must ensure that their responses are true and accurate and that they may be
called upon to provide evidence if required in a court of law.

Details of Person Declaring (ie. the Applicant’s peer / superior / BDM)

Name: _______________________________________________________________________________________

Company and Position (if applicable): ______________________________________________________________

Address: ______________________________________________________________________________________

______________________________________________________________________________________________

Contact details: Phone: ____________________________ Mobile: _______________________________

Email: ___________________________________________________________________

Signature: _______________________________________________ Date: ______________________________

A signed declarer’s CV is attached:  Yes  No

--------------------------------------------

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FNS40820 CERTIFICATE IV IN FINANCE AND MORTGAGE BROKING

To be completed by the applicant’s chosen third party.
This section must not be completed by the applicant.

It is certified that the applicant has the following skills and knowledge and can demonstrate the following
competencies.

BSBPEF501 - Manage personal and professional development

ELEMENT PERFORMANCE CRITERIA
1. Manage work goal 1.1 Document team member responsibilities and identify organisational □ Yes
development framework for development of work goals □ No
1.2 Support others to develop work goals, plans and activities that align with □ Unsure
their responsibilities
1.3 Assess others’ work goals, plans and activities for alignment with
organisational goals and provide feedback to team members
1.4 Facilitate access to personal and professional development opportunities
that align to team member goals, plans and activities
2. Facilitate 2.1 Assess and prioritise personal, team and organisational demands □ Yes
achievement of work 2.2 Use technology to manage work priorities of the team □ No
priorities 2.3 Identify and implement techniques to manage team health and wellbeing □ Unsure
in the workplace
3. Develop and 3.1 Document own development needs, priorities and plans using applicable □ Yes
maintain professional competency standards, where required □ No
competence 3.2 Seek feedback from relevant personnel on own development needs □ Unsure
3.3 Participate in personal and professional development activities that
address identified needs, priorities and plans

FNSCUS511 - Develop and maintain professional relationships in financial services industry

ELEMENT PERFORMANCE CRITERIA
1. Establish 1.1 Identify business and professional networks and contacts to benefit own □ Yes
professional business work and that of organisation □ No
relationships 1.2 Communicate with identified network members and contacts according to □ Unsure
organisational policies and procedures, legislative and regulatory
requirements, and professional codes of practice
1.3 Maintain confidentiality when communicating and negotiating with internal
and external parties
2. Develop 2.1 Develop and secure positive relationships according to organisation’s □ Yes
professional business social, business and ethical standards □ No
relationships 2.2 Develop existing and identified relationships using business and □ Unsure
professional networks to promote and market organisation
2.3 Identify areas of business practices with potential for efficiency
improvements
3. Review and 3.1 Engage with required personnel to review relationships according to □ Yes
maintain organisational needs □ No
relationships 3.2 Identify other sources of information that assist relationships according to □ Unsure
organisational policies and procedures
3.3 Expand reputation of organisation in cooperation with other professionals
and third parties and identify new and improved business practices
3.4 Maintain business and professional network and identify new and
improved business practices in identified areas

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FNSFMB411 - Prepare loan applications on behalf of clients

ELEMENT PERFORMANCE CRITERIA
1. Compile loan 1.1 Identify client goals, objectives and client confidentiality requirements □ Yes
information 1.2 Obtain client’s financial and personal information □ No
1.3 Identify information required to support loan application according to □ Unsure
codes of practice, legislative and regulatory requirements
1.4 Gather required documents and signatures for loan application
1.5 Advise client of loan preparation and presentation process
2. Prepare loan 2.1 Confirm loan requirements and check supporting documentation for □ Yes
documentation accuracy and readability □ No
2.2 Complete documentation that reflects client’s financial situation and □ Unsure
personal information according to lender requirements and guidelines
2.3 Review documents and confirm information with client
2.4 Complete document execution according to organisational procedures
3. Present 3.1 Submit documents to lender or approving officer according to client □ Yes
documentation for confidentiality requirements □ No
assessment 3.2 Obtain decision of lender or approving officer and notify client of offer or □ Unsure
non-offer of loan according to organisational policies and procedures
3.3 Gather additional information requested by lender to support loan application
3.4 Provide required information to client if loan application is non-offer

FNSFMB412 - Identify client needs and present broking options

ELEMENT PERFORMANCE CRITERIA
1. Establish client 1.1 Identify client priorities, goals and product expectations □ Yes
needs and knowledge 1.2 Confirm understanding of client needs as required □ No
of broking process 1.3 Explain finance and mortgage broking process to client and outline □ Unsure
background, credentials and role of broker
1.4 Present services, values and capacity of organisation to client and confirm
understanding of fees and charges
1.5 Identify and confirm procedures for complaints handling and resolution with clients
2. Determine client’s 2.1 Obtain required information on client’s personal and financial situation □ Yes
financial situation 2.2 Establish client’s financial position and conduct initial analysis based on □ No
extent of disclosure □ Unsure
2.3 Document and confirm client financial and personal histories, and manage
confidentially according to organisational policies and procedures, codes of
practice and applicable legislation
3. Prepare options 3.1 Research and review applicable lender products, services and features □ Yes
3.2 Identify and match products according to client needs and expectations □ No
3.3 Seek specialist advice or referrals as required □ Unsure
3.4 Organise product information according to client needs and level of understanding
4. Present options to 4.1 Explain product options and its features to client □ Yes
clients 4.2 Explain fees, charges, broker payments and commissions to client □ No
4.3 Discuss impact, short and long-term benefits and risks of options with client □ Unsure
4.4 Communicate the strategic and commercial relationship of representative
and organisation with each product provider to client
4.5 Obtain feedback from client on service and product, and confirm refined
requirements and expectations as required
4.6 Identify and respond to client concerns and present alternatives, referring
to specialists as required
4.7 Resolve issues with product options as required
5. Finalise client 5.1 Obtain agreement from client to proceed with product □ Yes
documentation 5.2 Discuss and confirm implementation actions between client and broker □ No
5.3 Identify and complete required documentation and finalise product □ Unsure
5.4 Create or update client records according to organisational policies and procedures

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FNSFMK515 - Comply with financial services regulation and industry codes of practice
ELEMENT PERFORMANCE CRITERIA
1. Identify and apply 1.1 Access source documents for regulations relevant to provision of financial □ Yes
organisational products and services □ No
requirements of 1.2 Identify procedural requirements of these source documents and their □ Unsure
regulatory obligations impact on organisational requirements and work practices
1.3 Execute procedural requirements in line with organisational policy
1.4 Comply with role authorities and restrictions identified in position profiles
1.5 Implement internal monitoring or audit program according to
organisational and role requirements
2. Identify changes to 2.1 Identify, access and communicate changed regulations and policies □ Yes
regulations and according to organisational policy, within organisational time frames □ No
procedural 2.2 Review operational procedures to reflect changes to regulations □ Unsure
implications 2.3 Identify implications for products and services
2.4 Implement changes according to client, regulatory and organisational
requirements
3. Monitor 3.1 Source and access relevant industry codes of practice □ Yes
compliance with 3.2 Interpret implications of industry codes of practice and confirm and clarify □ No
relevant industry and with relevant persons, as required □ Unsure
professional codes 3.3 Execute changes to organisational policy, procedures and practices to align
with industry codes of practice
3.3 Implement internal monitoring and audit program according to
organisational and role requirements
4. Maintain statutory 4.1 Maintain relevant records and keep copies of any relevant agreements on □ Yes
records file □ No
4.2 Maintain evidence of current authorisation, training and relevant licences □ Unsure
according to organisational, legal and regulatory requirements

FNSINC411 - Conduct work according to professional practices in the financial services industry
ELEMENT PERFORMANCE CRITERIA
1. Prepare to provide 1.1 Identify tasks, requirements and responsibilities involved in own job role □ Yes
financial services 1.2 Identify procedures, guidelines, policies, standards, codes of practice and □ No
ethical requirements relevant to own job role □ Unsure
1.3 Consult with appropriate colleagues to identify position and responsibilities
of own job role in wider organisation
2. Provide financial 2.1 Apply relevant procedures, guidelines, policies, standards, codes of practice □ Yes
services within the and ethical considerations to own job role □ No
professional practice 2.2 Carry out work tasks according to organisational policies and procedures, □ Unsure
framework and in accordance with industry, organisational and community expectations
2.3 Communicate with colleagues and clients regarding stakeholder needs and
expectations of own job role as required
3. Maintain 3.1 Identify and review personal professional development needs and goals on □ Yes
professional practice regular basis □ No
3.2 Clarify and comply with organisational, legislative, and regulatory □ Unsure
requirements
3.3 Consult with managerial staff to clarify ongoing expectations and goals of
organisation and job role

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FNSINC412 - Apply and maintain knowledge of financial products and services

ELEMENT PERFORMANCE CRITERIA
1. Identify and 1.1 Identify products and services used by organisation and their □ Yes
communicate characteristics and purpose □ No
characteristics of 1.2 Identify key terms and conditions of products and services and how they □ Unsure
financial products affect consumer use of them
and services to 1.3 Communicate characteristics of products and services to clients
clients
2. Identify 2.1 Determine compliance requirements in the provision, sale and use of □ Yes
compliance products and services and communicate to clients □ No
obligations for 2.2 Identify compliance reporting requirements and complete documentation □ Unsure
products and services as identified
3. Match products 3.1 Identify organisational promotional strategies for products and services in □ Yes
and services to business activities □ No
clients 3.2 Identify clients whose needs match products and services according to □ Unsure
promotional strategies
3.3 Provide information and documentation for products and services to client
according to organisational policies and procedures and legislative and
regulatory requirements
4. Maintain product 4.1 Access information regarding updates to products and services using □ Yes
knowledge workplace systems □ No
4.2 Review updated product and service terms and conditions to maintain □ Unsure
currency of product knowledge
4.3 Review and apply updates to compliance requirements as required

FNSSAM411 - Sell financial products and services

ELEMENT PERFORMANCE CRITERIA
1. Determine 1.1 Identify client needs, requirements and expectations □ Yes
financial product and 1.2 Obtain required personal information □ No
service options 1.3 Identify suitable product or service according to client needs □ Unsure
1.4 Identify potential and actual risks and develop risk assessment criteria
according to client requirements
1.5 Confirm product or service meets client requirements
1.6 Prepare quotation for presenting product or service according to
legislation, regulations and codes of practice and organisational policies and
procedures
2. Present options to 2.1 Present quotation and communicate product or service information to □ Yes
client client □ No
2.2 Confirm suitability of product or service with client and negotiate □ Unsure
agreement to proceed with sale
2.3 Identify opportunities for cross selling products and services and promote
according to organisational policies and procedures
2.4 Advise client of their rights and obligations during purchase of products
and services
3. Confirm sale and 3.1 Identify and resolve client queries and concerns □ Yes
process 3.2 Communicate follow-up arrangements □ No
documentation 3.3 Process payment details □ Unsure
3.4 Issue documentation according to organisational policies and procedures
3.5 Update record systems and client details according to organisational
policies and procedures

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BSBESB401 - Research and develop business plans

ELEMENT PERFORMANCE CRITERIA
1. Prepare to 1.1 Identify purpose and required components of business plan □ Yes
develop business 1.2 Identify and document business goals, objectives and budget □ No
plan 1.3 Research market needs and estimate market size □ Unsure
2. Draft business 2.1 Establish resource, legal and compliance requirements according to □ Yes
plan identified business goals and objectives □ No
2.2 Assess product mix, volumes and pricing opportunities relevant to the □ Unsure
identified target market and according to business goals and objectives
2.3 Plan marketing activities relevant to the product mix and according to
marketing objectives and strategies and budgetary requirements
2.4 Develop draft plan according to identified business goals, objectives and
market needs
2.5 Analyse draft plan and identify, assess and prioritise internal and external
risks according to workplace procedures
2.6 Research specialist services and sources of advice and cost according to
available resources
3. Create a business 3.1 Identify costs associated with production and delivery of business products □ Yes
plan and/or services □ No
3.2 Calculate prices based on costs and profit targets, as a charge-out rate for □ Unsure
labour or unit price for products and/or services
3.3 Prepare cash flow projections to enable business operation according to
business plan and legal requirements
3.4 Select budget targets to enable ongoing monitoring of financial
performance
3.5 Identify sources of finance for required liquidity according to business goals
and objectives and workplace procedures
4. Finalise business 4.1 Develop risk management strategies according to business goals and □ Yes
planning and plan for objectives, and legal and compliance requirements, and established business □ No
risk activities □ Unsure
4.2 Assess likelihood of non-conformance with each component of business
plan
4.3 Develop a contingency plan to address possible areas of non-conformance
according to workplace procedures
4.4 Identify specific interests and objectives of key stakeholders and confirm
their support of planning outcomes

BSBOPS304 - Deliver and monitor a service to customers

ELEMENT PERFORMANCE CRITERIA
1. Identify customer 1.1 Identify and clarify customer needs and expectations □ Yes
needs 1.2 Evaluate customer needs and determine priorities for service delivery □ No
according to organisational requirements □ Unsure
1.3 Inform customers about available choices for meeting their needs and assist
selection of preferred options
1.4 Identify limitations in addressing customer needs and seek assistance from
designated individuals, where required
2. Deliver a service 2.1 Provide service to meet identified customer needs according to □ Yes
to customers organisational and legislative requirements □ No
2.2 Establish and maintain rapport with customers □ Unsure
2.3 Manage customer complaints according to organisational and legislative
requirements
2.4 Provide assistance and respond to customers with specific needs according
to organisational and legislative requirements
2.5 Identify and use available opportunities to promote and enhance services
and products to customers

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3. Evaluate customer 3.1 Review customer satisfaction with service delivery using verifiable evidence □ Yes
service delivery according to organisational and legislative requirements □ No
3.2 Seek and respond to customer feedback according to organisational policies □ Unsure
and procedures
3.3 Identify opportunities to enhance the quality of customer service
3.4 Document recommendations for customer service improvements
3.5 Submit recommendations to relevant personnel according to organisational
policies and procedures

FNSFMB511 - Implement credit contracts in preparation for settlement

ELEMENT PERFORMANCE CRITERIA
1. Identify client 1.1 Discuss client needs and requirements □ Yes
needs and prepare 1.2 Identify documents required for credit contract □ No
credit contract terms 1.3 Agree on property settlement date and security □ Unsure
1.4 Confirm client understanding of conditions of finance approval
2. Assist in 2.1 Communicate information on property, insurances and securities in credit □ Yes
preparation and contract to client □ No
registration of 2.2 Assist client to initiate steps to implement security as required □ Unsure
securities 2.3 Communicate with client, conveyancer and credit provider, and confirm all
parties are prepared for settlement
2.4 Assist client in preparing security documents prior to settlement according
to lender’s policies and procedures, and legislative and regulatory
requirements
2.5 Confirm documents can be accepted and registered with required
stakeholders
3. Execute credit 3.1 Confirm with client that credit contract has been executed □ Yes
contract and prepare 3.2 Assist client in submitting credit contract and required documents □ No
for settlement 3.3 Communicate payment and stamp duty information to client □ Unsure
3.4 Confirm client makes required payments prior to settlement

FNSSAM403 - Prospect for new clients

ELEMENT PERFORMANCE CRITERIA
1. Create rapport 1.1 Carry out prospecting and provide general introduction to products, □ Yes
with prospective services, organisational values and experience to potential client through range □ No
client of communication methods □ Unsure
1.2 Use appropriate questioning and listening skills to determine prospective
client’s understanding of financial processes
1.3 Inform prospective client of role of advisers and organisation
2. Identify 2.1 Encourage prospective client to express needs and goals □ Yes
prospective client’s 2.2 Identify prospective client’s questions and concerns, and respond □ No
needs appropriately, in clear and unambiguous way and in manner consistent with □ Unsure
prospect’s level of financial understanding
3. Secure 3.1 Probe reasons for resistance and identify and address in appropriate □ Yes
commitment manner through strategy to manage resistance □ No
3.2 Use range of communication and interpersonal skills to gather prospect’s □ Unsure
personal, financial and business details in accordance with relevant legislation,
and map out next steps that will occur
4. Manage 4.1 Record prospect information in appropriate way and conduct additional □ Yes
prospective client product and service research to determine possible appropriate products and □ No
information services to meet potential client needs, if necessary □ Unsure
4.2 Consider initial range of options and prepare for next contact

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Note:
This completes the Competency Statement for FNS40820 Certificate IV in Finance and Mortgage Broking.

The following pages relate to the FNS50320 Diploma of Finance and Mortgage Broking Management and must be
completed for applicants seeking RPL for Diploma, in addition to the Evidence Checklist. Applicants requesting RPL
for Diploma must have verified all the competencies as above and below.

Please note that further evidence may be requested.

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FNS50320 DIPLOMA OF FINANCE AND MORTGAGE BROKING MANAGEMENT

To be completed by the applicant’s chosen third party.
This section must not be completed by the applicant.

It is certified that the applicant has the following skills and knowledge and can demonstrate the following
competencies.

FNSFMB512 - Identify and develop credit options for clients with special financial circumstances
ELEMENT PERFORMANCE CRITERIA
1. Determine 1.1 Identify client goals, objectives, requirements and situation □ Yes
special financial 1.2 Assess special financial needs of client situation and discuss with client □ No
needs and risk 1.3 Identify and discuss risk issues and tolerance with client □ Unsure
profile 1.4 Assess impact of risks to client according to legislative requirements and
organisational guidelines and procedures
1.5 Develop recommendations on risk management strategies
1.6 Communicate complaints resolution procedures to client
2. Research and 2.1 Determine client opportunities and constraints according to client needs, □ Yes
analyse complex requirements and special financial needs and circumstances □ No
credit options 2.2 Research loan structures and options according to client needs, requirements □ Unsure
and special financial needs
2.3 Analyse client’s special financial needs
2.4 Model, analyse and prioritise suitable options for client, and reject
inappropriate options
2.5 Select complex credit options for review with client
3. Finalise complex 3.1 Assess ability to successfully meet client goals and objectives □ Yes
credit options 3.2 Obtain and develop explanatory material for client □ No
3.3 Respond to queries from client as required □ Unsure

FNSFMB513 - Present credit options to clients with special financial circumstances

ELEMENT PERFORMANCE CRITERIA
1. Prepare to 1.1 Identify client objectives, requirements, level of financial understanding and □ Yes
present credit special needs □ No
options to clients 1.2 Determine legislative and regulatory requirements, codes of practice, and □ Unsure
organisational policies and procedures related to presenting credit options to
clients
1.3 Identify organisational complaint handling policies and procedures
2. Discuss credit 2.1 Guide client through credit options and discuss impact of each option □ Yes
options with clients 2.2 Explain fees, charges and commissions to client and provide copies of □ No
research and other required documentation □ Unsure
2.3 Disclose any commercial relationship of representative and organisation
with the options
2.4 Identify and address issues that require further consideration or
consultation with other financial services professionals
2.5 Confirm client understands credit options
2.6 Define post-broking service to be provided and communicate to clients
3. Address concerns 3.1 Identify and respond to client concerns as required □ Yes
and provide 3.2 Escalate any risks and concerns with required personnel □ No
alternative options 3.3 Provide alternative options to clients as required □ Unsure
3.4 Obtain agreement to proceed from clients
4. Complete and 4.1 Record client interaction and agreement according to regulatory and □ Yes
maintain necessary legislative requirements, and industry codes of practice □ No
documentation 4.2 Share applicable documents with clients and obtain signatures □ Unsure
4.3 Notify clients of required documents and evidence under proposed credit
solution

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FNSFMB514 - Implement complex loan structures

ELEMENT PERFORMANCE CRITERIA
1. Organise 1.1 Identify client needs, requirements and objectives □ Yes
implementation 1.2 Review complex and special features of client situation and identify loan □ No
actions implementation implications □ Unsure
1.3 Establish and prioritise implementation actions, timing and activities
according to client needs and situation
1.4 Explain implementation actions required by client
1.5 Obtain written agreement to actions and establish implementation records
according to organisational policies and procedures
2. Establish 2.1 Identify and brief applicable stakeholders of responsibilities and actions □ Yes
procedures for 2.2 Coordinate implementation actions with other professionals □ No
implementation 2.3 Establish monitoring procedures □ Unsure
3. Supervise 3.1 Assist applicable stakeholders to implement complex loan structures □ Yes
implementation 3.2 Issue instructions to required personnel as per loan structure □ No
3.3 Consult with and monitor relevant stakeholders □ Unsure
3.4 Check and follow up on lodgement of documentation
3.5 Obtain and process fees and charges according to organisational policies
and procedures, and legislative and regulatory requirements
3.6 Debrief with client post-implementation and address concerns and queries

FNSINC504 - Apply ethical frameworks and principles to make and act upon decisions
ELEMENT PERFORMANCE CRITERIA
1. Frame the ethical 1.1 Analyse the facts of the ethical situation □ Yes
question applicable 1.2 Identify the ethical principles at issue in the situation □ No
to the situation 1.3 Analyse the influence of psychological tendencies and decision-making □ Unsure
biases on how a situation is understood
1.4 Identify regulatory requirements that may be breached if situation not addressed
1.5 Analyse ethical situation in the context of the organisation’s purpose and values
1.6 Evaluate impact on the organisation’s reputation if response to situation
was in the public domain
2. Determine ethical 2.1 Identify key stakeholders and analyse what is at stake for them □ Yes
response to the 2.2 Analyse situation using an ethical decision-making framework and □ No
situation determine preferred course of action □ Unsure
2.3 Identify situational and/or psychological barriers impeding the analysis of,
and response to, ethical situation
2.4 Seek advice on proposed actions from trusted adviser in the case of highly
complex or sensitive matters
2.5 Formulate strategies and processes for responding to situational and
psychological barriers
3. Develop 3.1 Develop an implementation plan for ethical response, including what data □ Yes
implementation to gather, with whom to communicate, and in what sequence □ No
plan and carry out 3.2 Identify reasons and rationalisations that may be encountered when □ Unsure
ethical response to speaking up on ethical issues, and analyse how to respond to them
the situation 3.3 Identify risks and stakeholder concerns, and communication strategies that
acknowledge and mitigate them
3.4 Decide whether to proceed independently or with the support of a trusted
colleague and carry out planned ethical response
4. Evaluate the 4.1 Evaluate outcomes of response to ethical situation, including whether the □ Yes
outcomes of the issue has been resolved □ No
ethical response 4.2 Determine consequences of action for self and affected parties □ Unsure
4.3 Analyse what the outcomes of the course of action reveal about own and
organisational values
4.4 Identify improved approaches for responding to future ethical situations

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FNSRSK511 - Undertake risk identification

ELEMENT PERFORMANCE CRITERIA
1. Conduct research 1.1 Identify stakeholders and provide information pertinent to risk identification □ Yes
and prepare for 1.2 Examine organisational processes to identify risks to which organisation is □ No
consultation susceptible □ Unsure
1.3 Define organisational environment and boundaries of review in
consultations with stakeholders
2. Consult 2.1 Identify internal and external stakeholders to be engaged □ Yes
stakeholders and 2.2 Apply standards for risk management as indicated by regulators to identify □ No
determine risk to be risks □ Unsure
addressed 2.3 Review identified risk cluster elements with internal and external
stakeholders
2.4 Obtain information on risks as identified by stakeholders
3. Identify and 3.1 Evaluate application and effectiveness of existing controls □ Yes
assess controls 3.2 Establish need for updated or new controls for identified risks □ No
3.3 Recommend amendments to existing controls and report need for new □ Unsure
controls, as required

FNSRSK512 - Assess risks

ELEMENT PERFORMANCE CRITERIA
1. Identify risks and 1.1 Identify risks in organisational processes and procedures following standards □ Yes
develop risk for risk management as indicated by regulators □ No
evaluation criteria 1.2 Identify implications of risk factors to organisation and create evaluation □ Unsure
criteria

2. Assess current 2.1 Apply applicable risk assessment tools, establish probability and assess □ Yes
risk exposure potential consequence of risk in an organisation □ No
2.2 Conduct spot checks and determine quality of data □ Unsure
2.3 Identify mitigating effect of existing controls and use evaluation criteria to
assess exposure to risk
2.4 Compare risk exposure levels against risk appetites of organisation, and
identify and report unacceptable residual risks
2.5 Review and critically analyse risk appetite monitoring process and document
findings
3. Prepare 3.1 Analyse issues related to risk using measurement criteria □ Yes
probability 3.2 Identify issues arising from measurement assessment and determine the risk □ No
assessment probability □ Unsure
3.3 Rank and summarise threats and risk issues as a risk map
3.4 Provide risk map to appropriate stakeholders
4. Review and 4.1 Report issues and incidents on risk profile to business according to □ Yes
report breached organisational policies and procedures □ No
issues and incidents 4.2 Determine reporting requirements of issues and incidents to regulators □ Unsure

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BSBSUS511 - Develop workplace policies and procedures for sustainability

ELEMENT PERFORMANCE CRITERIA
1. Prepare workplace 1.1 Establish scope and objectives of workplace sustainability policies □ Yes
sustainability policies 1.2 Gather information for development of sustainability policies □ No
1.3 Analyse information and consultation insights □ Unsure
1.4 Develop and document sustainability policies according to organisational
processes
1.5 Incorporate implementation and continuous improvement processes into
sustainability policies
2. Implement 2.1 Present workplace sustainability policies and implementation processes to □ Yes
workplace key stakeholders □ No
sustainability policies 2.2 Identify and source resources required to implement sustainability policies □ Unsure
2.3 Support implementation of workplace sustainability policies
2.4 Track continuous improvements in sustainability approaches using
recording systems
3. Review 3.1 Document outcomes and provide feedback to key personnel and □ Yes
implementation of stakeholders □ No
workplace 3.2 Identify trends requiring remedial action to promote continuous □ Unsure
sustainability policies improvement of performance
3.3 Modify sustainability policies to incorporate improvements

This completes the Sign-off of the competencies by the chosen third party, as required for the Diploma application.

Applicants seeking recognition towards a Diploma qualification must now continue with the following Evidence
Checklist – to be completed by the Diploma applicant themselves (in their own words), answering all points.

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EVIDENCE CHECKLIST
FNS50320 Diploma of Finance and Mortgage Broking Management

To be completed by the Applicant

…………………………………………………………………………………………………………………………
Applicant Full Name

…………………………………………………
Today’s Date

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What evidence do you have that you can substantiate the following competencies?
Please detail in your own words how you feel you are competent in each of these areas. Some duplication is to be
expected. A suggestion for length would be 3 typed paragraphs for each item. Each item must be completed. You may
wish to refer back to pages 12 to 15 for additional details on each of these topics.

1. IDENTIFY AND DEVELOP CREDIT OPTIONS FOR CLIENTS WITH SPECIAL FINANCIAL
CIRCUMSTANCES (FNSFMB512)

1. Determine special Please describe your understanding of, and how you believe you are competent in,
financial needs and risk each of these areas, in relation to the topic above.
profile

2. Research and analyse

complex credit options

3. Finalise complex credit

options

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2. PRESENT BROKING OPTIONS TO CLIENT WITH SPECIAL FINANCIAL CIRCUMSTANCES

(FNSFMB513)

1. Prepare to present Please describe your understanding of, and how you believe you are competent in,
credit options to clients each of these areas, in relation to the topic above.

2. Discuss credit options

with clients

3. Address concerns and

provide alternative
options

4. Complete and maintain

necessary documentation

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3. IMPLEMENT COMPLEX LOAN STRUCTURES (FNSFMB514)

1. Organise Please describe your understanding of, and how you believe you are competent in,
implementation actions each of these areas, in relation to the topic above.

2. Establish procedures for

implementation

3. Supervise
implementation

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4. UNDERTAKE RISK IDENTIFICATION (FNSRSK511)

1. Conduct research and Please describe your understanding of, and how you believe you are competent in,
prepare for consultation each of these areas, in relation to the topic above.

2. Consult stakeholders and

determine risk to be
addressed

3. Identify and assess controls

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5. ASSESS RISKS (FNSRSK512)

1. Identify risks and develop Please describe your understanding of, and how you believe you are competent in,
risk evaluation criteria each of these areas, in relation to the topic above.

2. Assess current risk

exposure

3. Prepare probability
assessment

4. Review and report

breached issues and incidents

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6. APPLY ETHICAL FRAMEWORKS AND PRINCIPLES TO MAKE AND ACT UPON DECISIONS
(FNSINC504)

1. Frame the ethical question Please describe your understanding of, and how you believe you are competent in,
applicable to the situation each of these areas, in relation to the topic above.

2. Determine ethical response

to the situation

3. Develop implementation
plan and carry out ethical
response to the situation

4. Evaluate the outcomes of

the ethical response

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7. DEVELOP WORKPLACE POLICIES AND PROCEDURES FOR SUSTAINABILITY (BSBSUS511)

1. Prepare workplace Please describe your understanding of, and how you believe you are competent in,
sustainability policies each of these areas, in relation to the topic above.

2. Implement workplace
sustainability policies

3. Review implementation of
workplace sustainability
policies

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Use this page if you require more writing area

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[ Office use only below here ]

Is practical workplace activity observation/interview required?...................................................  Yes  No

Has third party verification of evidence been completed satisfactorily?........................................  Yes  No

Is gap training required? ......................................................................................  Yes  No

Does applicant need to be contacted ......................................................................................  Yes  No

by NFI administration?

If contact required, state reason:

Reporting action needed:  RPL Granted

 RPL Not Granted
 Defer RPL until evidence gathered

Details of further action since first submission (if applicable):

--------------------------------------------------

This Assessment was completed on behalf of The National Finance Institute by:

Name of Assessor: ……………………………………………………………………………………………………………………………………………

Date of Review: ………………………………..

Decision or other information:

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