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Elements and Performance Criteria

1. Identify and comply with legislative and regulatory requirements
   • 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
2. Apply standards of ethical behaviour
   • 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
3. Identify and comply with organisational operation guidelines
   • 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

Required Skills

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 selfmanagement 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

Evidence Required

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 simulationsscenarios evaluating samples of work accessing and validating third party reports
Guidance information for assessment

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Range Statement

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.

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