Assessor Resource

FNSPRM601A
Establish, supervise and monitor practice systems to conform with legislation and regulations

Assessment tool

Version 1.0
Issue Date: May 2024


This unit requires the application of administrative and organisational skills and may be applied to a professional practice or to a discrete unit of a larger organisation in any sector of the financial services industry.

This unit does not cover the skills and knowledge required for meeting Australian Securities and Investments Commission (ASIC) requirements of an individual financial planning licensee or authorised representative.

This unit describes the performance outcomes, skills and knowledge required to establish, supervise and monitor systems to ensure that a practice or unit of business conforms to legislative and regulatory requirements and meets standards defined in professional codes of practice.

This unit has application to job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.

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:

identify the relevant legislation, regulations and codes of practice using knowledge of a wide range of available information sources

develop strategies to obtain information not readily available within a practice and assess its accuracy and relevance

assess risks and benefits associated with using legislation and regulation databases and systems against practice requirements to make recommendations

apply cost-benefit analyses to systems and procedures

comply with risk management standards.

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 relevant legislation, regulations and codes of practice.

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

verbal or written questioning on underpinning knowledge and skills

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

highly developed communication skills to:

determine and confirm financial practice requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

provide instructions to staff on compliance issues and requirements

use language and concepts appropriate to cultural differences

research skills such as:

accessing and managing information

interpreting documentation

coordinating tasks

well-developed literacy skills to read and interpret documentation from a variety of sources and recording, gathering and consolidating financial information

numeracy and IT skills for:

accessing and using appropriate software such as spreadsheets and databases

using internet information

identifying technical requirements to meet compliance obligations

self-management skills for complying with ethical, legal and procedural requirements

well-developed learning skills to maintain knowledge of changes to compliance legislation and requirements

risk management and problem solving skills to identify any compliance or other issues that have the potential to impact on the practice compliance procedures and to develop options to resolve these issues when they arise

teamwork skills

project management skills to establish compliance systems and related IT requirements

Required knowledge

documentation systems including registry and library processes

financial practice administrative processes and systems

human resources procedures and training options

in-depth knowledge of financial professional services including process and products

office IT systems and software

professional development options for financial personnel

relevant acts, regulations, codes of practice and legal resources

risk management techniques and tools

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.

Legislation and regulations include all legislation and regulations that apply to a practice providing professional services. This includes but is not limited to:

applicable State or Territory legislation and regulations

ASIC Act and other legislation administered by ASIC

Corporations law

legislation and regulations administered by Australian Prudential Regulation Authority (APRA)

Life Act

occupational health and safety (OHS) legislation

Privacy legislation

superannuation Acts and regulations

Taxation Acts and regulations

Trade Practices Act

Workplace Relations Act, State Industrial Relations Acts, awards and enterprise agreements.

Codes of practice in the finance industry include but are not limited to those relating to:

accountants

financial advisers

practice managers.

Key stakeholders may include:

those who need to authorise procedures and guidelines and those who are key to implementing them.

Risks are:

managed in compliance with Australian Standard 4360 Risk Management or equivalent.

Human resources may include:

client service representatives

financial planners

general support staff

licensees

para-planners

personal or clerical assistants

specialists

specific skilled personnel

account managers

representatives

receptionists.

Training may include:

accredited training delivered by a Registered Training Organisation (RTO)

by industry or common interest groups

external seminars

induction training

in-house

structured

unstructured.

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
The scope and services of the practice are matched to legislation, regulations and codes of practice, and compliance issues and procedures are identified 
The scope of the practice is matched to compliance issues and relevant compliance procedures are identified 
Key stakeholders are identified and consulted with regard to issues and proposed procedures and guidelines 
Compliance issues and procedures are incorporated into the practice guidelines and appropriately documented 
Sources of information and advice on legislative and regulatory requirements are identified and documented 
Procedures for ensuring currency of information within the practice on its legislative and regulatory requirements and codes of practice are established and documented 
Ethical procedures and standards for the interpretation of legislation, regulations and codes of practice are established and incorporated into the practice guidelines 
Procedures for monitoring compliance with legislation, regulations and codes of practice within the practice and for outsourced third party providers are established 
A structured and systematic risk management process, which takes into account the practice obligations under the Corporations Act, is established and documented 
Risks of non-compliance are identified and documented 
Measures to avoid non-compliance and steps to be taken in the event of breaches of obligations are established, documented and communicated to staff 
Measures are consistent with ASIC regulations for licensees and authorised representatives 
Appropriate levels of financial, technological and human resources are identified to meet the practice's legislative and regulatory requirements 
Training and assessment procedures are implemented to ensure employees have the skills needed to comply with legislative and regulatory requirements 
Clear decision making procedures on legislative and regulatory issues are established including identification to employees of licensees, authorised representatives, directors and other staff carrying legislative and regulatory responsibilities 
Information technology systems and other technological resources are established and maintained to the level necessary to enable compliance with legislative and regulatory requirements 
Budgets, requisition procedures, and other internal financial systems clearly identify support for legislative and regulatory functions 

Forms

Assessment Cover Sheet

FNSPRM601A - Establish, supervise and monitor practice systems to conform with legislation 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

FNSPRM601A - Establish, supervise and monitor practice systems to conform with legislation 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: