Assessor Resource

FNSFPL501A
Comply with financial planning practice ethical and operational guidelines and regulations

Assessment tool

Version 1.0
Issue Date: May 2024


This unit applies to job roles such as para-planners, financial planners and business development managers.

This unit describes the performance outcomes, skills and knowledge required to comply with ethical and operation guidelines in one's own work.

It does not include responsibility to provide guidance to others on the application of regulatory ethical and organisational guideline requirements.

This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).

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:

maintain knowledge of, and comply with, relevant legislative requirements and industry codes of practice and interpret and meet organisational operational guidelines

apply standards of ethical behaviour and use knowledge of the financial planning industry, industry regulations and codes of practice in work activities.

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.

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

observing processes and procedures in workplaces or role plays

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

numeracy and IT skills to:

use spreadsheets and databases

use internet information

literacy skills to read, write, edit and proofread documents to ensure clarity of meaning, accuracy and consistency of 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

current government financial policies

organisational guidelines

privacy legislation

relevant knowledge of corporations and consumer legislation

financial products and their characteristics

relevant knowledge of financial legislation and its application to financial planning job roles

State and Territory charges and taxes

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.

Relevant legislative, regulatory and industry codes of practice may include:

Australian Securities and Investments Commission (ASIC) Act, policy and guidelines

Consumer Affairs Act

Consumer Credit Code

contract law

Corporations Act

industry codes of practice

Insurance Act

Life Act

Privacy Act

social security regulations

State and Territory legislation

Taxation Acts

Trade Practices Act

trust law.

Ethical behaviours may include:

avoiding conflicts of interest

compliance with client instructions

compliance with industry codes of practice

compliance with legislative and regulatory requirements

disclosure of all fees, charges, commissions, special interests and relationships relevant to a client's financial plan

making arrangements for vulnerable or special needs clients

meeting all organisational standards.

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
Sources of information on legislative, regulatory and industry codes of practice requirements are identified and complied with 
Compliance requirements for the financial planning role are identified with complied with 
Sources of relevant information are accessed regularly including updated memorandums, web pages and journals 
Experts within the practice and external regulatory advisory services are identified and accessed for advice and guidance when required 
Principles and standards of ethical behaviours are identified from training, peers, industry codes of practice and organisation guidelines 
Work is continually monitored to ensure it meets ethical standards 
Tasks to be completed that may raise doubt regarding their propriety are checked and cleared with an expert source 
Operation guidelines are identified and applied to own work with updates checked regularly 
Experts within the organisation responsible for guidelines interpretation and assistance are identified and contacted when needed 
A personal monitoring system including checklists and peer review mechanisms is established to ensure compliance 
Opportunities for professional development are identified and acted on 

Forms

Assessment Cover Sheet

FNSFPL501A - 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

FNSFPL501A - 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: