Assessor Resource

FNSORG504A
Monitor and supervise work practices to meet financial services regulatory requirements

Assessment tool

Version 1.0
Issue Date: May 2024


This unit may apply to supervisory job roles in all sectors of the financial services industry.

This unit describes the performance outcomes, skills and knowledge required to supervise staff and work practices within a defined area of responsibility, assess the effectiveness of workplace procedures and implement regulatory and quality assurance measures.

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 Investment 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:

interpret and comply with government regulatory requirements and codes of conduct for industry organisations

maintain continual professional development

monitor work practices to ensure compliance with relevant legislation and assess the effectiveness of workplace procedures

implement effective organisational quality assurance procedures.

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

access to organisational policies and procedures 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

observing processes and procedures in workplaces or role plays

verbal or written questioning on underpinning knowledge and skills

setting and reviewing business simulations or 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

well-developed communication skills to:

determine and confirm regulatory and quality requirements with staff, using questioning and active listening as required

lead and coach staff

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

well-developed interpersonal skills to establish effectives relationships with peers and staff and undertake or manage coaching activities

well-developed human resource management and leadership skills

problem solving skills to identify any issues that have the potential to impact on the quality of services and develop options to resolve these issues when they arise

literacy skills for:

developing workplace procedures

analysing information and products to maintain currency and accuracy

producing written reports and team guidance material

numeracy skills to accurately analyse, record and store data in accordance with organisational requirements

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

planning, organisational and time management skills to sequence tasks, meet timelines and arrange meetings

quality control and continuous improvement skills

Required knowledge

features of main industry roles of financial representatives

fraud deterrence practices

function of government bodies and representatives involved in regulating financial products and services

industry code of practice requirements

main features, benefits and practices of different types of financial products

organisation policies, procedures, objectives and guidelines

Privacy Act obligations

professional development activities available

relevant acts and regulations and compliance requirements for the financial services industry

supervisory responsibilities in ensuring compliance within relevant financial services area

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.

Industry organisations includes, but is not limited to:

accounting organisations

actuarial organisations

banking organisations

credit unions

employer organisations

employers

financial market organisations

financial planning organisations

industrial unions

insurance organisations

service providers

superannuation organisations.

Professional development may include:

attendance at seminars/conferences

coaching and mentoring

making presentations

networking

reading industry journals and publications

training programs

writing articles.

Legislation applying to the financial services industry area may include, but is not limited to:

anti-discrimination legislation (Commonwealth and State)

Banking Act

Commonwealth Criminal Code

Consumer Affairs Act

Consumer Credit Code

contract law

Corporations Act

Financial Services Reform Act (FSRA)

Financial Transaction Reports Act

Income Tax Assessment Act

industrial legislation

Insurance Act

Insurance Contracts Act

Life Insurance Act

Privacy Act

Reserve Bank Act

Retirement Savings Account Act

stamp duty legislation

Superannuation Industry (Supervision) Act (SIS)

Taxation Act

Trade Practices Act

Trade Practices legislation

trust law

workers compensation Acts.

Main government bodies involved in regulation of financial service product include:

Australian Prudential Regulation Authority (APRA)

Australian Securities and Investments Commission (ASIC)

Australian Taxation Office (ATO)

Superannuation Complaints Tribunal (SCT).

Accepted codes of conduct include:

compliance with reasonable direction

declaring conflict of interests

duty of care

ethical behaviour

maintaining confidentiality

non-discriminatory practices

relevant Australian Standards

use of organisation property.

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
Staff are kept informed on financial products and services offered by the organisation, and roles and requirements of industry organisations and service providers 
The features and processes of specific products and services are clearly defined so that staff can promote them effectively 
Research and continual professional development is conducted to maintain current knowledge of industry product and service developments 
Work practices are monitored to ensure compliance with relevant legislation applying to the financial services industry 
Client interaction is supervised to ensure adherence to advisory limitations regulated by the Australian Securities and Investments Commission (ASIC) 
Government body information sources involved in the regulation of financial products and services are regularly accessed to maintain compliance 
Work systems are established and maintained to ensure legislative guidelines are met with relevant documentation monitored to ensure compliance 
Organisational policies, procedures and guidelines are reviewed for effectiveness 
Work conducted is monitored for compliance with organisational policies, procedures and guidelines 
Work practices reflect cooperation with peers in implementing organisational policies and procedures and promoting the philosophy and objectives of the organisation 
All work is monitored for adherence to accepted codes of conduct 
Processes and procedures within area of responsibility are identified and the implementation of procedures reviewed 
Implementation of procedures is assessed for efficiency in attaining organisational goals 
Areas for improvement in procedures are identified and recommendations made to appropriate personnel 
Organisational quality assurance measures and systems are implemented as required 
Quality assurance measures and outcomes are monitored and results documented regularly 

Forms

Assessment Cover Sheet

FNSORG504A - Monitor and supervise work practices to meet financial services regulatory requirements
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

FNSORG504A - Monitor and supervise work practices to meet financial services regulatory requirements

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: