List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Identify potential intermediaries | 1.1 Determine selection criteria to achieve business plan outcomes 1.2 Identify and match target intermediaries against selection criteria and make approaches or respond suitably to enquiries from potential intermediaries |
2. Determine acceptability | 2.1 Check information provided with application to determine reliability, completeness and relevance 2.2 Assess proposed trading arrangements for compliance with industry code of practice and relevant legislation 2.3 Check credentials through appropriate agencies to ensure acceptability within organisational assessment criteria and make recommendations based on valid assessment of information against acceptability criteria |
3. Determine terms and conditions of trade | 3.1 Determine terms and conditions of trade to reflect legal and commercial responsibility of organisation and intermediary 3.2 Ensure terms of trade incorporate method of operation, duties and responsibilities of both parties, and are defined in compliance with industry code of practice and relevant legislation |
4. Convey decision and terms of trade | 4.1 Concisely convey decision and terms of trade in writing using plain language 4.2 Provide advice in timely manner to ensure currency of application |
5. Negotiate variations where appropriate and document and confirm arrangements | 5.1 Negotiate variations within authorities and provide evidence of acceptance by both parties in writing to confirm understanding 5.2 Prepare agreements in writing using predetermined formats to evidence contractual relationship 5.3 Prepare statement of intent where appropriate to reflect commercial understandings 5.4 File agreement documentation and promptly create and/or update system records |
Evidence of the ability to:
set up effective agreements with other organisations to deal in the products and services of the organisation
determine and document the terms of trade and evaluation of an intermediary agreement’s success.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
explain the key requirements of:
industry codes of practice
industry legislation and regulations regarding financial products and services
compare and contrast organisational and industry products and services
outline the organisation’s assessment criteria for accepting intermediaries
outline the key features of organisational distribution requirements and channels
analyse organisational business plans including income and expenditure forecasting
describe the key features of organisational:
marketing
administration systems
performance measures
training techniques
resources and budgeting
explain issues relating to the application of relevant commercial and contract law in establishing agreements with intermediaries.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the sales and marketing field of work and include access to:
financial services product information
a relevant software system and data
organisational policy and procedures
common office equipment, technology, software and consumables.
Assessors must satisfy NVR/AQTF assessor requirements.