Assessor Resource

FNSCMP501
Comply with financial services legislation

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge involved in ensuring compliance with relevant provisions in financial laws, regulations, ethics and industry codes of practice at an organisational level.

It applies to individuals with responsibility for operational aspects of laws, regulations, rules, circulars and company policies and procedures; understanding changes and implications of laws, regulations, rules and circulars; complying with any relevant codes; and maintaining statutory records.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

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


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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Identify and apply organisational requirements of legal principles and regulatory obligations

1.1 Source and access documents for legislation, regulations and policies relevant to provision of financial products and services

1.2 Interpret and analyse legal principles and organisational implications relating to provision of financial products and services

1.3 Identify organisational requirements of these documents and their impact on work practices in terms of procedural requirements

1.4 Execute the procedural requirements relating to operational aspects of laws and regulations, and codes of practice in line with organisational policy

1.5 Comply with role authorities and restrictions as identified in position profiles

1.6 Implement internal monitoring/audit program according to organisational and role requirements

1.7 Establish mechanisms to ensure maintenance and currency of regulatory literature

2. Identify changes and implications of laws, regulations, rules and circulars

2.1 Access changed legislation, regulations and policies in a timely manner

2.2 Identify and communicate changes to regulatory requirements in line with organisational policy

2.3 Review operational procedures to reflect changes to regulation and legislation

2.4 Identify implications for products and services and implement changes in accordance with client, legislative and organisational requirements

3. Comply with any relevant industry or professional codes

3.1 Source, access and apply relevant industry and professional codes of practice to own work in accordance with industry and organisational requirements

3.2 Interpret key principles and responsibilities in accordance with industry codes of practice

3.3 Confirm and clarify own interpretation and application of industry codes of practice as required with relevant persons

3.4 Understand and implement impact of codes of practice on work practices

3.5 Demonstrate a commitment to comply with industry and professional codes of practice through own ethical behaviour

4. Maintain statutory records

4.1 Maintain copies of relevant records

4.2 Keep copies of any relevant agreements on file

4.3 Maintain evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements available

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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Identify and apply organisational requirements of legal principles and regulatory obligations

1.1 Source and access documents for legislation, regulations and policies relevant to provision of financial products and services

1.2 Interpret and analyse legal principles and organisational implications relating to provision of financial products and services

1.3 Identify organisational requirements of these documents and their impact on work practices in terms of procedural requirements

1.4 Execute the procedural requirements relating to operational aspects of laws and regulations, and codes of practice in line with organisational policy

1.5 Comply with role authorities and restrictions as identified in position profiles

1.6 Implement internal monitoring/audit program according to organisational and role requirements

1.7 Establish mechanisms to ensure maintenance and currency of regulatory literature

2. Identify changes and implications of laws, regulations, rules and circulars

2.1 Access changed legislation, regulations and policies in a timely manner

2.2 Identify and communicate changes to regulatory requirements in line with organisational policy

2.3 Review operational procedures to reflect changes to regulation and legislation

2.4 Identify implications for products and services and implement changes in accordance with client, legislative and organisational requirements

3. Comply with any relevant industry or professional codes

3.1 Source, access and apply relevant industry and professional codes of practice to own work in accordance with industry and organisational requirements

3.2 Interpret key principles and responsibilities in accordance with industry codes of practice

3.3 Confirm and clarify own interpretation and application of industry codes of practice as required with relevant persons

3.4 Understand and implement impact of codes of practice on work practices

3.5 Demonstrate a commitment to comply with industry and professional codes of practice through own ethical behaviour

4. Maintain statutory records

4.1 Maintain copies of relevant records

4.2 Keep copies of any relevant agreements on file

4.3 Maintain evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements available

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
Source and access documents for legislation, regulations and policies relevant to provision of financial products and services 
Interpret and analyse legal principles and organisational implications relating to provision of financial products and services 
Identify organisational requirements of these documents and their impact on work practices in terms of procedural requirements 
Execute the procedural requirements relating to operational aspects of laws and regulations, and codes of practice in line with organisational policy 
Comply with role authorities and restrictions as identified in position profiles 
Implement internal monitoring/audit program according to organisational and role requirements 
Establish mechanisms to ensure maintenance and currency of regulatory literature 
Access changed legislation, regulations and policies in a timely manner 
Identify and communicate changes to regulatory requirements in line with organisational policy 
Review operational procedures to reflect changes to regulation and legislation 
Identify implications for products and services and implement changes in accordance with client, legislative and organisational requirements 
Source, access and apply relevant industry and professional codes of practice to own work in accordance with industry and organisational requirements 
Interpret key principles and responsibilities in accordance with industry codes of practice 
Confirm and clarify own interpretation and application of industry codes of practice as required with relevant persons 
Understand and implement impact of codes of practice on work practices 
Demonstrate a commitment to comply with industry and professional codes of practice through own ethical behaviour 
Maintain copies of relevant records 
Keep copies of any relevant agreements on file 
Maintain evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements available 

Forms

Assessment Cover Sheet

FNSCMP501 - Comply with financial services legislation
Assessment task 1: [title]

Student name:

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

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Result: Competent Not yet competent

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Assessor name:

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Assessment Record Sheet

FNSCMP501 - Comply with financial services legislation

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

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Signature:

Date:

Student signature:

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