Assessor Resource

FNSFPL501
Comply with financial planning practice ethical and operational guidelines and regulations

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to comply with ethical and operational guidelines in one’s own work.

It applies to individuals who use specialised knowledge to carefully review and check detailed information in their own work to ensure quality standards are maintained.

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 comply with legislative and regulatory requirements

1.1 Identify sources of information on legislative, regulatory and industry codes of practice requirements

1.2 Adhere to compliance requirements in financial planning practice

1.3 Regularly access sources of relevant information, including updated memorandums, web pages and journals

1.4 Identify experts within practice and external regulatory advisory services, and access for advice and guidance when required

2. Apply standards of ethical behaviour

2.1 Identify principles and standards of ethical behaviours from training programs, peers, industry codes of practice and organisational guidelines

2.2 Continually monitor work to ensure it meets ethical standards

2.3 Check tasks to be completed that may raise doubt regarding their propriety, and clear with an expert source

3. Identify and comply with organisational operation guidelines

3.1 Identify and regularly check updates to operational guidelines and apply to own work

3.2 Identify experts within organisation responsible for interpretation of guidelines, and seek their assistance and contact when needed

3.3 Establish personal monitoring system, including checklists and peer review mechanisms, to ensure compliance

3.4 Identify and act on opportunities for professional development

Evidence of the ability to:

follow organisational procedures and comply with regulations relating to financial planning practice

demonstrate expected standards of ethical behaviour.

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:

outline the key requirements of relevant legislation and regulation impacting on financial planning and explain their application to financial planning job roles

describe the key features and requirements of:

current government financial policy

organisational operational procedures

industry codes of practice

describe the principles and standards of ethical behaviours in financial planning

outline the key sources of financial planning information and expert or specialist personnel who can provide advice

identify and describe opportunities for professional development and learning.

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

office equipment, technology, software and consumables.

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 comply with legislative and regulatory requirements

1.1 Identify sources of information on legislative, regulatory and industry codes of practice requirements

1.2 Adhere to compliance requirements in financial planning practice

1.3 Regularly access sources of relevant information, including updated memorandums, web pages and journals

1.4 Identify experts within practice and external regulatory advisory services, and access for advice and guidance when required

2. Apply standards of ethical behaviour

2.1 Identify principles and standards of ethical behaviours from training programs, peers, industry codes of practice and organisational guidelines

2.2 Continually monitor work to ensure it meets ethical standards

2.3 Check tasks to be completed that may raise doubt regarding their propriety, and clear with an expert source

3. Identify and comply with organisational operation guidelines

3.1 Identify and regularly check updates to operational guidelines and apply to own work

3.2 Identify experts within organisation responsible for interpretation of guidelines, and seek their assistance and contact when needed

3.3 Establish personal monitoring system, including checklists and peer review mechanisms, to ensure compliance

3.4 Identify and act on opportunities for professional development

Evidence of the ability to:

follow organisational procedures and comply with regulations relating to financial planning practice

demonstrate expected standards of ethical behaviour.

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:

outline the key requirements of relevant legislation and regulation impacting on financial planning and explain their application to financial planning job roles

describe the key features and requirements of:

current government financial policy

organisational operational procedures

industry codes of practice

describe the principles and standards of ethical behaviours in financial planning

outline the key sources of financial planning information and expert or specialist personnel who can provide advice

identify and describe opportunities for professional development and learning.

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

office equipment, technology, software and consumables.

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
Identify sources of information on legislative, regulatory and industry codes of practice requirements 
Adhere to compliance requirements in financial planning practice 
Regularly access sources of relevant information, including updated memorandums, web pages and journals 
Identify experts within practice and external regulatory advisory services, and access for advice and guidance when required 
Identify principles and standards of ethical behaviours from training programs, peers, industry codes of practice and organisational guidelines 
Continually monitor work to ensure it meets ethical standards 
Check tasks to be completed that may raise doubt regarding their propriety, and clear with an expert source 
Identify and regularly check updates to operational guidelines and apply to own work 
Identify experts within organisation responsible for interpretation of guidelines, and seek their assistance and contact when needed 
Establish personal monitoring system, including checklists and peer review mechanisms, to ensure compliance 
Identify and act on opportunities for professional development 

Forms

Assessment Cover Sheet

FNSFPL501 - Comply with financial planning practice ethical and operational guidelines and regulations
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

FNSFPL501 - Comply with financial planning practice ethical and operational guidelines and regulations

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: