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Unit of competency details

FNSFMK505 - Comply with financial services regulation and industry codes of practice (Release 1)

Summary

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSFMK505A - Comply with financial services legislation and industry codes of practiceUpdated to meet Standards for Training Packages Rewritten and clarified performance criteria in elements 1-3 24/Mar/2015
Is superseded by and equivalent to FNSFMK515 - Comply with financial services regulation and industry codes of practice 30/Jun/2020

Releases:
ReleaseRelease date
1 1 (this release) 25/Mar/2015


Qualifications that include this unit

CodeSort Table listing Qualifications that include this unit by the Code columnTitleSort Table listing Qualifications that include this unit by the Title columnUsage RecommendationSort Table listing Qualifications that include this unit by the Usage Recommendation columnRelease
FNS50315 - Diploma of Finance and Mortgage Broking ManagementDiploma of Finance and Mortgage Broking ManagementSuperseded1-5 
FNS60920 - Advanced Diploma of ParaplanningAdvanced Diploma of ParaplanningCurrent
FNS40815 - Certificate IV in Finance and Mortgage BrokingCertificate IV in Finance and Mortgage BrokingSuperseded1-2 
FNS51815 - Diploma of Financial ServicesDiploma of Financial ServicesSuperseded1-4 
FNS60217 - Advanced Diploma of AccountingAdvanced Diploma of AccountingCurrent1-2 
FNS50217 - Diploma of AccountingDiploma of AccountingCurrent1-2 
FNS60715 - Advanced Diploma of Financial Licensing ManagementAdvanced Diploma of Financial Licensing ManagementSuperseded1-4 
FNS41815 - Certificate IV in Financial ServicesCertificate IV in Financial ServicesSuperseded1-5 
FNS51715 - Diploma of Applied Anti-Money Laundering and Counter Terrorism Financing ManagementDiploma of Applied Anti-Money Laundering and Counter Terrorism Financing ManagementDeleted1-2 
FNS50215 - Diploma of AccountingDiploma of AccountingSuperseded1-3 
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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 081101 Banking And Finance  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 081101 Banking And Finance  30/Jul/2015 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to ensure compliance with finance industry regulations and industry codes of practice on an organisational level.

It applies to individuals who use, maintain and disseminate highly specialised knowledge to a range of personnel to ensure compliance and quality standards.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Unit Sector

Financial markets

Elements and Performance Criteria

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify and apply organisational requirements of regulatory obligations

1.1 Access source documents for regulations relevant to provision of financial products and services

1.2 Identify procedural requirements of these source documents and their 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 regulations and procedural implications

2.1 Establish mechanism to ensure currency of regulatory literature is maintained

2.2 Identify, access and communicate changed regulations and policies in a timely manner in accordance with organisational policy

2.3 Review operational procedures to accurately reflect changes to regulations

2.4 Identify implications for products and services, and implement changes in accordance with client, regulatory and organisational requirements

3. Comply with any relevant industry or professional codes

3.1 Source and access relevant industry codes of practice

3.2 Interpret implications of industry codes of practice and confirm and clarify with relevant persons as required

3.3 Execute changes to organisational policy, procedures and practices to align with industry codes of practice

4. Maintain statutory records

4.1 Maintain relevant records and keep copies of any relevant agreements on file

4.2 Maintain evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements

Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.2, 2.1, 2.2, 2.3, 3.1, 3.2

  • Researches, analyses and interprets complex information from a range of sources

Writing

2.2, 3.2, 4.1, 4.2

  • Produces reports and records information using language, concepts and terminology appropriate to audience and purpose

Oral Communication

2.2, 3.2

  • Participates effectively in verbal exchanges and clearly explains and presents complex information using language, tone and pace appropriate to audience

Navigate the world of work

1.3, 1.4, 1.5, 2.1, 2.2, 2.4, 3.1-3.3, 4.2

  • Takes full responsibility for following policies, procedures and legislative requirements, and identifies organisational implications of new legislation or regulation
  • Maintains knowledge required to carry out work role

Interact with others

1.4, 1.5, 2.2, 2.4, 3.2

  • Communicate changes to legislation, codes of practice and organisational requirements to relevant persons and seeks clarification of interpretation as required.

Get the work done

1.1, 1.2, 1.3, 1.5, 2.1-2.4, 3.1, 3.2, 4.1, 4.2

  • Accepts responsibility for planning and sequencing complex tasks and workload
  • Applies systematic and analytical decision-making processes to make recommendations in complex and non-routine situations
  • Uses the main features and functions of digital tools to complete work tasks, store data and access information

Unit Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSFMK505 Comply with financial services regulation and industry codes of practice

FNSFMK505A Comply with financial services legislation and industry codes of practice

Updated to meet Standards for Training Packages

Revised title

Rewritten and clarified performance criteria in elements 1-3

Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

  • access, accurately interpret and comply with relevant industry codes of practice and relevant regulations
  • explain changes and implications of regulations to clients and colleagues
  • accurately maintain statutory records in a timely manner.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • explain compliance issues relating to:
  • disclosure of capacity criteria
  • contract law principles
  • duty of care principles
  • fiduciary duties
  • general obligations of a financial services officer
  • laws of principal and agents
  • describe the key features of:
  • organisation’s financial products and services
  • relevant agency agreements or broker authority
  • relevant industry codes of practice
  • relevant regulation pertaining to the financial services industry
  • identify and categorise the statutory records a financial services organisation needs to maintain
  • explain the internal monitoring or audit program process.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial markets field of work and include access to:

  • office equipment, technology, software and consumables
  • financial services legislative and industry code of practice information.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe