Unit of competency details

FNSINC504 - Apply ethical frameworks and principles to make and act upon decisions (Release 1)


Usage recommendation:
Release Status:
ReleaseRelease date
1 1 (this release) 13/Feb/2018

Companion volumes:

Qualifications that include this unit

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FNS51915 - Diploma of Personal Injury and Disability Insurance ManagementDiploma of Personal Injury and Disability Insurance Management
FNS50315 - Diploma of Finance and Mortgage Broking ManagementDiploma of Finance and Mortgage Broking Management
FNS51415 - Diploma of Loss AdjustingDiploma of Loss Adjusting
FNS60515 - Advanced Diploma of SuperannuationAdvanced Diploma of Superannuation
FNS51815 - Diploma of Financial ServicesDiploma of Financial Services
FNS60217 - Advanced Diploma of AccountingAdvanced Diploma of Accounting1-2 
FNS50915 - Diploma of Banking Services ManagementDiploma of Banking Services Management
FNS50217 - Diploma of AccountingDiploma of Accounting1-2 
FNS60715 - Advanced Diploma of Financial Licensing ManagementAdvanced Diploma of Financial Licensing Management
FNS51520 - Diploma of Credit ManagementDiploma of Credit Management
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SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080301 Business Management  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080301 Business Management  11/Apr/2018 
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Unit Of competency

Modification History



Release 1

This version first released with FNS Financial Services Training Package Version 3.0.


This unit describes the skills and knowledge required to apply ethical principles to decision making and to act in line with ethical principles.

It applies to individuals who use ethical principles and apply ethical frameworks to decide on, carry out, and evaluate the effectiveness of a course of action in response to an ethical situation in their workplace.

The skills in this unit must be applied according to commonwealth, state and territory legislation, and applicable national standards and industry codes of practice or similar instruments.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.

Unit Sector

Industry capability

Elements and Performance Criteria



Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Frame the ethical question applicable to the situation

1.1 Analyse the facts of the ethical situation

1.2 Identify the ethical principles at issue in the situation

1.3 Analyse the influence of psychological tendencies and decision-making biases on how a situation is understood

1.4 Identify regulatory requirements that may be breached if situation is not addressed

1.5 Analyse ethical situation in the context of the organisation’s purpose and values

1.6 Evaluate impact on the organisation’s reputation if response to situation was in the public domain

2. Determine ethical response to the situation

2.1 Identify key stakeholders and analyse what is at stake for them

2.2 Analyse situation using an ethical decision-making framework and determine preferred course of action

2.3 Identify situational and/or psychological barriers impeding the analysis of, and response to, ethical situation

2.4 Seek advice on proposed actions from trusted adviser in the case of highly complex or sensitive matters

2.5 Formulate strategies and processes for responding to situational and psychological barriers

3. Develop implementation plan and carry out ethical response to the situation

3.1 Develop an implementation plan for ethical response, including what data to gather, with whom to communicate, and in what sequence

3.2 Identify reasons and rationalisations that may be encountered when speaking up on ethical issues, and analyse how to respond to them

3.3 Identify risks and stakeholder concerns, and communication strategies that acknowledge and mitigate them

3.4 Decide whether to proceed independently or with the support of a trusted colleague and carry out planned ethical response

4. Evaluate the outcomes of the ethical response

4.1 Evaluate outcomes of response to ethical situation, including whether the issue has been resolved and whether other courses of action could or should have been taken

4.2 Determine consequences of action for self and affected parties

4.3 Analyse what the outcomes of the course of action reveal about own and organisational values

4.4 Identify improved approaches for responding to future ethical situations

Foundation Skills

This section describes those language, literacy and numeracy and employment skills that are essential to performance.




  • Investigates, evaluates and applies information from a
  • range of complex and abstract texts to expand own knowledge
  • Considers the reliability of an information source against a range of criteria, e.g. author’s background, intended audience and purpose
  • Identifies, plans and implements strategies to manage gaps in own knowledge


  • Sources, evaluates and critiques ideas and information from a range of complex and abstract texts

Oral communication

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

Navigate the world of work

  • Keeps up-to-date on changes and developments in ethical considerations and situations relating to own responsibilities, and considers their implications when negotiating, planning and undertaking work

Interact with others

  • Discusses volatile subject matter in a conscientious, accurate and factual manner

Get the work done

  • Accepts responsibility for planning and sequencing complex tasks and workload
  • Monitors progress of plans in achieving agreed outcomes
  • Systematically gathers and analyses information and evaluates options to inform decisions about multidimensional scenarios

Unit Mapping Information

Code and title 

current version 

Code and title 

previous version 


Equivalence status 

FNSINC504 Apply ethical frameworks and principles to make and act on decisions

No previous unit.

New unit.

No equivalent unit.


Companion volumes are available from VETNet. - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe


Assessment requirements

Modification History



Release 1

This version first released with FNS Financial Services Training Package Version 3.0.

Performance Evidence

Evidence of the ability to:

  • identify a workplace ethical situation and frame the corresponding ethical question, including:
  • defining the associated facts
  • identifying and addressing biases and psychological tendencies
  • determining legislative, regulatory, industry and enterprise requirements
  • determine the most appropriate response to the situation by applying an ethical decision-making framework
  • respond to the workplace ethical situation, applying interpersonal skills that support a positive outcome
  • evaluate the outcomes of the response, and identify what could be done differently in future similar situations, including:
  • individual actions
  • organisational policies and practices.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

  • Industry context in which the unit is being delivered, and common job roles in that industry
  • Frameworks for ethical decision making, problem solving and policy setting
  • Reasons and rationalisations for unethical behaviour and strategies for responding to them
  • Industry legislation, regulations, codes and other relevant instruments required to perform the work described in the performance evidence
  • Procedures, strategies or protocols to identify and address unethical conduct

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the industry capability field and include access to:

  • case studies representing situations of comparable context and complexity to those reasonably likely to occur in the industry
  • instruments, artefacts or other objects or materials required to effectively complete the elements, performance criteria and evidence requirements of the unit.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.


Companion volumes are available from VETNet. - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe