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 comply with ethical and operational guidelines in one’s own work.
It applies to individuals who use specialised knowledge to carefully review and check detailed information in their own work to ensure quality standards are maintained.
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. Identify and comply with legislative and regulatory requirements |
1.1 Identify sources of information on legislative, regulatory and industry codes of practice requirements 1.2 Adhere to compliance requirements in financial planning practice 1.3 Regularly access sources of relevant information, including updated memorandums, web pages and journals 1.4 Identify experts within practice and external regulatory advisory services, and access for advice and guidance when required |
2. Apply standards of ethical behaviour |
2.1 Identify principles and standards of ethical behaviours from training programs, peers, industry codes of practice and organisational guidelines 2.2 Continually monitor work to ensure it meets ethical standards 2.3 Check tasks to be completed that may raise doubt regarding their propriety, and clear with an expert source |
3. Identify and comply with organisational operation guidelines |
3.1 Identify and regularly check updates to operational guidelines and apply to own work 3.2 Identify experts within organisation responsible for interpretation of guidelines, and seek their assistance and contact when needed 3.3 Establish personal monitoring system, including checklists and peer review mechanisms, to ensure compliance 3.4 Identify and act on opportunities for professional development |
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 |
Learning |
1.4, 2.1, 3.1-3.4 |
|
Reading |
1.1, 1.3, 2.1, 3.1 |
|
Writing |
1.4, 2.3, 3.2 |
|
Oral Communication |
1.4, 2.1, 2.3, 3.2, 3.3 |
|
Numeracy |
1.4, 2.2, 3.3 |
|
Navigate the world of work |
1.1-1.4, 2.1, 2.2, 3.1-3.4 |
|
Interact with others |
1.4, 2.3, 3.2 |
|
Get the work done |
1.1-1.4, 2.1-2.3, 3.1-3.4 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSFPL501 Comply with financial planning practice ethical and operational guidelines and regulations |
FNSFPL501A Comply with financial planning practice ethical and operational guidelines and regulations |
Updated to meet Standards for Training Packages Minor edits 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