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:
liaise and share information with others
communicate appropriately with people from diverse backgrounds
IT skills to:
use computer applications (word processing, spreadsheet, database, specific purpose computer systems)
access and update records electronically
access web-based information services
organisational skills to efficiently plan and sequence work
problem solving skills to address errors in life insurance documentation
research and analysis skills to:
identify and interpret relevant information
effectively analyse information and data
maintain currency of products and services knowledge
reading skills to:
read and understand relevant legislation, regulation and codes of practice
read and interpret organisational procedures
self-management skills to:
monitor and adapt to changes in compliance issues
handle contingencies
writing skills to:
accurately record information
draft organisational procedures.
Required knowledge
client complaints handling procedures
compliance requirements of legislation, regulation and codes of practice relevant to the financial services industry sector
duty of care principles
general obligations of a financial services adviser
organisation’s products and services
relevant agency agreements and/or broker authority
relevant associations and ethics.
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 legislation, regulations and policiesmay include: | Australian Securities and Investments Commission (ASIC) Act, policy and guidelines including RG 146 Australian Prudential Regulation Authority (APRA) supervised regulation Taxation Acts and regulations Corporations Act Competition and Consumer Act Workplace Relations Act, State Industrial Relations Acts, awards and enterprise agreements occupational health and safety (OH&S) legislation applicable state legislation and regulations organisational codes of conduct Contract, General and Trust Law Consumer Affairs legislation social security regulations Privacy Act Amendment (Private Sector) National Consumer Credit Protection Act Consumer Protection state based legislation |
Organisational requirementsmay be outlined and reflected in: | use of compliance documentation (e.g. Product Disclosure Statements, Statements of Advice) legal and organisational policies/guidelines policies and procedures in relation to client service formal procedures manual and/or quality assurance documents goals, objectives, plans, systems and processes business and performance plans mission statements, strategic plans cash handling and storage procedures teller cash count procedures dispute resolution processes referral procedures access and equity principles an practice guidelines ethical standards, codes of practice product or service development complaints and dispute resolution procedures OH&S policies, procedures and programs quality and continuous improvement process and standards |
Internal monitoring/audit programs may include: | monthly journal audits Financial Services Reform (FSR) document audits loan document audits audits of disclosure documentation qualification checks |
Relevant industry and professional codesinclude: | Life Insurance Code of Practice Banking Code of Practice Australian Society of Certified Practicing Accountants (ASCPA) Code of Practice Mortgage Brokers Code of Practice any ethical codes of any association or body to which the adviser belongs |
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