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 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

Skill 

Performance Criteria 

Description 

Learning

1.4, 2.1, 3.1-3.4

• Actively seeks out information and advice from a range of sources to improve own work performance
• Identifies and participates in professional development activities to maintain currency of industry knowledge and improve work practices

Reading

1.1, 1.3, 2.1, 3.1

• Researches and analyses textual and numerical information to determine and confirm work requirements

Writing

1.4, 2.3, 3.2

• Writes, edits and proofreads documents to ensure clarity of meaning, accuracy and consistency of information

Oral Communication

1.4, 2.1, 2.3, 3.2, 3.3

• Participates in verbal exchanges using active listening and questioning techniques when seeking advice and conveying information
• Uses language and concepts appropriate to the audience and purpose

Numeracy

1.4, 2.2, 3.3

• Uses mathematical equations to perform calculations and to check the accuracy of financial information

Navigate the world of work

1.1-1.4, 2.1, 2.2, 3.1-3.4

• Takes full responsibility for ensuring that behaviour, documentation and processes comply with legislative and ethical requirements and organisational policy and procedures
• Ensures knowledge of legislation and regulations relevant to role is accurate, comprehensive and current

Interact with others

1.4, 2.3, 3.2

• Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders to seek or share information

Get the work done

1.1-1.4, 2.1-2.3, 3.1-3.4

• Plans, organises, implements and monitors work processes and tasks to meet legislative and organisational requirements and ethical standards, changing processes where necessary
• Uses problem-solving techniques to identify and analyse possible compliance issues to decide on suitable actions, seeking advice from others as required
• Uses the main features and functions of digital tools to complete work tasks and access 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

Release 

Comments 

Release 1

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