Release 

Comments 

Release 1

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

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

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

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

Release 

Comments 

Release 1

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