Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to comply with ethical and operation guidelines in one's own work. It does not include responsibility to provide guidance to others on the application of regulatory ethical and organisational guideline requirements. This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC). |
Application of the Unit
Application of the unit |
This unit applies to job roles such as para-planners, financial planners and business development managers. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
||
Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
1. Identify and comply with legislative and regulatory requirements |
1.1. Sources of information on legislative , regulatory and industry codes of practice requirements are identified and complied with 1.2. Compliance requirements for the financial planning role are identified with complied with 1.3. Sources of relevant information are accessed regularly including updated memorandums, web pages and journals 1.4. Experts within the practice and external regulatory advisory services are identified and accessed for advice and guidance when required |
2. Apply standards of ethical behaviour |
2.1. Principles and standards of ethical behaviours are identified from training, peers, industry codes of practice and organisation guidelines 2.2. Work is continually monitored to ensure it meets ethical standards 2.3. Tasks to be completed that may raise doubt regarding their propriety are checked and cleared with an expert source |
3. Identify and comply with organisational operation guidelines |
3.1. Operation guidelines are identified and applied to own work with updates checked regularly 3.2. Experts within the organisation responsible for guidelines interpretation and assistance are identified and contacted when needed 3.3. A personal monitoring system including checklists and peer review mechanisms is established to ensure compliance 3.4. Opportunities for professional development are identified and acted on |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
|
Required knowledge |
|
Evidence Guide
EVIDENCE GUIDE |
|
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. |
|
Overview of assessment |
|
Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
|
Context of and specific resources for assessment |
Assessment must ensure:
|
Method of assessment |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
|
Guidance information for assessment |
Range Statement
RANGE STATEMENT |
|
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. |
|
Relevant legislative , regulatory and industry codes of practice may include: |
|
Ethical behaviours may include: |
|
Unit Sector(s)
Unit sector |
Financial planning |
Competency field
Competency field |
Co-requisite units
Co-requisite units |
||