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 implement financial plans where the implementation actions are routine or predetermined.
It applies to individuals who work in a team and use organisational skills and specialised knowledge to establish administrative support and maintain 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 planning
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. Establish administrative actions needed to implement financial plan |
1.1 Check financial plan to verify that implementation actions are within planner’s skills, knowledge and authority 1.2 Establish implementation actions which are consistent with client needs and specifications, and prioritise timings for each action to maximise advantage to client 1.3 Establish implementation diaries and other appropriate records |
2. Undertake required actions for implementation of financial plan |
2.1 Issue implementation instructions to internal and external personnel as per plan requirements 2.2 Check and follow up actions on lodgement of documentation to ensure plan timings are met 2.3 Obtain and process fees and charges according to organisational and legislative requirements and codes of practice 2.4 Complete and document implementation actions |
3. Establish administrative actions needed to review financial plan |
3.1 Establish standard operating procedures for reviewing ongoing performance of plan 3.2 Ensure quality of ongoing service meets organisational and regulatory requirements, with any special arrangements agreed to with client 3.3 Issue review instructions to internal and external personnel as per plan requirements 3.4 Establish system to monitor lodged documentation to ensure plan timings are met 3.5 Establish process for ensuring fees and charges are recovered according to organisational and legislative requirements 3.6 Establish audit trails to ensure financial plans are in line with client requirements and managed in accordance with organisational procedures |
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, 2.2, 2.3, 3.4, 3.5 |
|
Writing |
1.2, 1.3, 2.1, 2.2, 2.4, 3.1-3.6 |
|
Oral Communication |
2.1, 2.2, 3.2, 3.3 |
|
Numeracy |
1.1, 2.3 |
|
Navigate the world of work |
1.1, 2.3, 2.4, 3.2, 3.5, 3.6 |
|
Interact with others |
1.2, 2.1, 3.2, 3.3 |
|
Get the work done |
1.2, 1.3, 2.2-2.4, 3.1-3.6 |
|
Unit Mapping
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSFPL403 Implement financial plans to predetermined guidelines |
FNSFPL403A Implement financial plans to predetermined guidelines |
Updated to meet Standards for Training Packages Minor rewording to clarify intent of performance criteria |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe