Assessor Resource

FNSFMK505
Comply with financial services regulation and industry codes of practice

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to ensure compliance with finance industry regulations and industry codes of practice on an organisational level.

It applies to individuals who use, maintain and disseminate highly specialised knowledge to a range of personnel to ensure compliance and quality standards.

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

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 regulatory obligations

1.1 Access source documents for regulations relevant to provision of financial products and services

1.2 Identify procedural requirements of these source documents and their impact on organisational requirements and work practices

1.3 Execute procedural requirements in line with organisational policy

1.4 Comply with role authorities and restrictions identified in position profiles

1.5 Implement internal monitoring or audit program according to organisational and role requirements

2. Identify changes to regulations and procedural implications

2.1 Establish mechanism to ensure currency of regulatory literature is maintained

2.2 Identify, access and communicate changed regulations and policies in a timely manner in accordance with organisational policy

2.3 Review operational procedures to accurately reflect changes to regulations

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

3. Comply with any relevant industry or professional codes

3.1 Source and access relevant industry codes of practice

3.2 Interpret implications of industry codes of practice and confirm and clarify with relevant persons as required

3.3 Execute changes to organisational policy, procedures and practices to align with industry codes of practice

4. Maintain statutory records

4.1 Maintain relevant records and keep copies of any relevant agreements on file

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

Evidence of the ability to:

access, accurately interpret and comply with relevant industry codes of practice and relevant regulations

explain changes and implications of regulations to clients and colleagues

accurately maintain statutory records in a timely manner.

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

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

explain compliance issues relating to:

disclosure of capacity criteria

contract law principles

duty of care principles

fiduciary duties

general obligations of a financial services officer

laws of principal and agents

describe the key features of:

organisation’s financial products and services

relevant agency agreements or broker authority

relevant industry codes of practice

relevant regulation pertaining to the financial services industry

identify and categorise the statutory records a financial services organisation needs to maintain

explain the internal monitoring or audit program process.

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

office equipment, technology, software and consumables

financial services legislative and industry code of practice information.

Assessors must satisfy NVR/AQTF assessor requirements.

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 regulatory obligations

1.1 Access source documents for regulations relevant to provision of financial products and services

1.2 Identify procedural requirements of these source documents and their impact on organisational requirements and work practices

1.3 Execute procedural requirements in line with organisational policy

1.4 Comply with role authorities and restrictions identified in position profiles

1.5 Implement internal monitoring or audit program according to organisational and role requirements

2. Identify changes to regulations and procedural implications

2.1 Establish mechanism to ensure currency of regulatory literature is maintained

2.2 Identify, access and communicate changed regulations and policies in a timely manner in accordance with organisational policy

2.3 Review operational procedures to accurately reflect changes to regulations

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

3. Comply with any relevant industry or professional codes

3.1 Source and access relevant industry codes of practice

3.2 Interpret implications of industry codes of practice and confirm and clarify with relevant persons as required

3.3 Execute changes to organisational policy, procedures and practices to align with industry codes of practice

4. Maintain statutory records

4.1 Maintain relevant records and keep copies of any relevant agreements on file

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

Evidence of the ability to:

access, accurately interpret and comply with relevant industry codes of practice and relevant regulations

explain changes and implications of regulations to clients and colleagues

accurately maintain statutory records in a timely manner.

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

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

explain compliance issues relating to:

disclosure of capacity criteria

contract law principles

duty of care principles

fiduciary duties

general obligations of a financial services officer

laws of principal and agents

describe the key features of:

organisation’s financial products and services

relevant agency agreements or broker authority

relevant industry codes of practice

relevant regulation pertaining to the financial services industry

identify and categorise the statutory records a financial services organisation needs to maintain

explain the internal monitoring or audit program process.

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

office equipment, technology, software and consumables

financial services legislative and industry code of practice information.

Assessors must satisfy NVR/AQTF assessor 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
Access source documents for regulations relevant to provision of financial products and services 
Identify procedural requirements of these source documents and their impact on organisational requirements and work practices 
Execute procedural requirements in line with organisational policy 
Comply with role authorities and restrictions identified in position profiles 
Implement internal monitoring or audit program according to organisational and role requirements 
Establish mechanism to ensure currency of regulatory literature is maintained 
Identify, access and communicate changed regulations and policies in a timely manner in accordance with organisational policy 
Review operational procedures to accurately reflect changes to regulations 
Identify implications for products and services, and implement changes in accordance with client, regulatory and organisational requirements 
Source and access relevant industry codes of practice 
Interpret implications of industry codes of practice and confirm and clarify with relevant persons as required 
Execute changes to organisational policy, procedures and practices to align with industry codes of practice 
Maintain relevant records and 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 

Forms

Assessment Cover Sheet

FNSFMK505 - Comply with financial services regulation and industry codes of practice
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

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Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSFMK505 - Comply with financial services regulation and industry codes of practice

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: