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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Identify and apply organisational requirements of regulatory obligations
   • 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
2. Identify changes to regulations and procedural implications
   • 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
3. Comply with any relevant industry or professional codes
   • 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
4. Maintain statutory records
   • 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

Performance Evidence

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.

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Knowledge Evidence

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.

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