Assessment Requirements for FNSORG504 Monitor and supervise work practices to meet financial services regulatory requirements

Release: 1

Assessment Requirements for FNSORG504 Monitor and supervise work practices to meet financial services regulatory requirements

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

interpret and comply with government regulatory requirements and codes of conduct for industry organisations

maintain continual professional development

monitor work practices to ensure compliance with relevant legislative and regulatory requirements, and assess the effectiveness of workplace procedures

implement effective organisational quality assurance procedures.

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

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

describe the main industry roles of financial representatives

explain fraud deterrence practices

explain the function of key government bodies and representatives involved in regulating financial products and services

describe the requirements of financial services industry codes of practice

identify and explain the main features, benefits and practices of different types of financial products

describe organisational policy, procedures, objectives and guidelines

identify and describe a range of appropriate professional development activities

explain the key intentions of relevant legislation, regulation and compliance requirements for the financial services industry, including privacy obligations

provide detail of the supervisory responsibilities for ensuring compliance within the relevant financial services area.

Assessment Conditions

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

common office equipment, technology, software and consumables

organisational policy and procedures documentation.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe