Assessor Resource

FNSACC403A
Make decisions in a legal context

Assessment tool

Version 1.0
Issue Date: May 2024


This unit encompasses identifying the main roles and responsibilities of key bodies in the legal system, identifying compliance requirements and developing procedures to ensure compliance and has application across all sectors of the financial services industry.

This unit describes the performance outcomes, skills and knowledge required to make decisions in a legal context.

This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

Employability Skills

This unit contains employability skills.



Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

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:

access information on relevant courts and regulatory bodies

develop organisational procedures to meet compliance requirements

interpret and apply relevant legislation in operational activities

identify the main roles and responsibilities of key bodies in the legal system.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables.

internet access

relevant legislative and regulatory documentation.

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:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills which may include formal examinations

setting and reviewing workplace projects and business simulations/scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

communication skills to:

determine and confirm work requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research skills such as:

accessing and managing information

interpreting documentation

coordinating tasks

IT skills for accessing and using appropriate software such as spreadsheets and databases and using internet information

literacy skills to read and interpret documentation from a variety of relevant legislative and regulatory sources and recording, gathering and consolidating financial information

self-management skills for complying with ethical, legal and procedural requirements

learning skills to maintain knowledge of changes to compliance legislation and requirements

problem solving skills to address compliance issues

Required knowledge

accounting policies and procedures for compliance

industry codes of practice

legal systems and procedures applying to the financial services industry

organisational policy and procedures

relevant acts and regulations

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.

Courts and other regulatory bodies may include:

Australian Consumer And Competition Commission (ACCC)

Australian Securities and Investments Commission (ASIC)

Australian Tax Office (ATO)

Commonwealth courts

High Court

Industrial Relations Court

State courts

Australian Securities Exchange.

Relevant legislation may include:

consumer credit legislation

Department of Climate Change - National Greenhouse Reporting Act

Financial Transactions Reports Act

Global Reporting Initiative (GRI)

National Environment Protection Council

Privacy Act

Sale of Goods Acts

Stamp Duties Act

Taxation Act

The Greenhouse Gas Protocol

Trade Practices Act.

Sources of information may include:

government publications

industry journals

industry networks

internet.

Procedures may include:

computer system documentation

internal control guidelines

operations manuals.

Compliance requirements may include:

audits

contracts

policy and procedures

statutory requirements.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
The functions of the courts and other regulatory bodies relevant to the financial services industry are identified 
Implications of relevant legislation are identified and applied in operational activities 
Implications of common law, including negligence and contract, employment law and business structures, are identified and applied in making operational decisions 
Compliance requirements are interpreted accurately and applied within prescribed time limits 
Requirements are reviewed regularly in a comprehensive manner 
Legislative and regulatory sources of information are constantly reviewed to remain informed of changes and amendments to statutes and finance industry requirements 
Procedures are developed in consultation with others to address all the requirements to be met for compliance 
Compliance requirements are monitored to ensure that they are adhered to by the organisation 
Timetables to meet compliance requirements are established to align with statutory deadlines 

Forms

Assessment Cover Sheet

FNSACC403A - Make decisions in a legal context
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSACC403A - Make decisions in a legal context

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: