Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSINC401A Mapping and Delivery Guide
Apply principles of professional practice to work in the financial services industry

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSINC401A - Apply principles of professional practice to work in the financial services industry
Description This unit describes the performance outcomes, skills and knowledge required to identify industry professional approaches to procedures, guidelines, policies and standards, including ethical requirements and model and meet expectations of these in all aspects of work.This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and 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.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit covers skills required to work in senior roles in the financial services industry and underpins other specialist units used in all sectors of the industry.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Identify the scope, sectors and responsibilities of the industry
  • External forces impacting on the financial services industry are identified and considered in carrying out activities
  • The main sectors of the financial services industry and the interrelationship between sectors are identified and considered in carrying out activities
  • The roles and responsibilities of other participants in the financial services industry are identified and considered in carrying out activities
       
Element: Identify and apply financial services industry guidelines, procedures and legislation
  • Information on relevant legislation, regulations and codes of practice is collected, analysed and effectively applied to the job role
  • Own work practice is clarified and regularly refined in light of relevant legislation, regulations and codes of practice and organisation policies, guidelines and procedures
  • Relevant codes of practice are used to guide an ethical approach to workplace practice and decisions
       
Element: Identify sustainability issues for the financial services industry
  • Information on sustainability policies, strategies and impacts on industry is obtained and from a range of sources and analysed
  • Environmental sustainability is identified as an integral part of business planning and promoted as a business opportunity
  • Work planning incorporates and supports triple bottom line principles
       
Element: Manage information
  • Relevant documents and reports that could impact on work effectiveness and compliance are read and understood, and any implications discussed with appropriate persons
  • Documents, reports, data and numerical calculations are analysed, checked, evaluated and organised to meet customer and organisation requirements
  • Information is presented in a format appropriate for the audience
       
Element: Participate in and facilitate work team activities
  • Provide feedback to team members to encourage, value and reward individual and team efforts and contributions
  • Actively encourage team members to participate in and take responsibility for team activities and communication processes
  • Give the team support to identify and resolve problems which impede its performance
  • Ensure own contribution to work team serves as a role model for others and enhances the organisation's image within the work group the organisation and with clients/customers
       
Element: Plan work to be completed taking into consideration time, resources and other constraints
  • Tasks to be done and relevant conditions are determined and work planned either for working autonomously or with others in a team environment
  • Work is planned for a given period managing resources, time and priorities
  • Contributions are made to organisation planning process as required to achieve service improvement
  • Changes in technology and work organisation are adapted to in a timely manner
       
Element: Develop and maintain personal competency
  • Professional development needs and goals are identified and reviewed on a regular basis
  • Competency, authorisation and licensing requirements are clarified and complied with
  • Professional development opportunities that reflect needs and goals are sought and completed in an agreed upon timeframe
       


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:

access, interpret and analyse product and service information provided by industry sectors

interpret and comply with relevant legislation, regulations and industry codes of practice and ethics applicable to the workplace

recognise and implement sustainability principles and work practices

analyse, evaluate and organise relevant information

plan work and maintain a team environment taking into account any constraints and available resources

identify and evaluate professional development opportunities.

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 specialist financial services software and data

access to financial services industry and organisational policy, procedures and codes of practice information.

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 workplace 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, assignment, 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 work requirements, using questioning and active listening as required

relate to clients/customers and determine their needs

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

well-developed numeracy and IT skills to:

undertake a wide range of financial calculations

use appropriate software for complex tasks such as specialist industry information management systems, word processors, spreadsheets and databases

access, evaluate and use internet information

research and analysis skills for accessing interpreting and managing information

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

teamwork skills to work effectively and cooperatively with others and provide team leadership as required

planning skills to implement environmental and energy efficiency policies and procedures relevant to the organisation

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

learning skills to:

maintain knowledge of changes to organisation and industry requirements and expectations

comply with the most current legislative, regulatory and ethical requirements

judgement skills for forming recommendations in operational situations

problem solving skills to identify any issues that have the potential to impact on the work role or outcome and to develop options to resolve these issues when they arise

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

Required knowledge

environmental or sustainability legislation, regulations and codes of practice applicable to industry and organisations

industry and organisation policies and procedures and ethical behaviours in regard to customer service and administration

industry and organisation security practices and rationale

internal administration systems such as accounting systems and databases

principles, practices and available tools and techniques of sustainability management relevant to the industry context

relevant legislation and statutory requirements and industry codes of practice including:

Consumer Credit Code

Privacy Act

Credit Act

Financial Transaction Reports Act

Corporations Act (including Accounting Standards)

Financial Services Reform Act (FSRA)

the economic and political climate relating to the financial industry

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.

External forces may include:

economic climate

interest rates

media, press and public relations reports

political climate

value of the dollar.

Main sectors may include:

accounting

banking

conveyancing

credit and lending services

credit management

finance and mortgage broking

financial markets

financial planning

insurance

lending services

loss adjusting

mercantile management

retail financial services

risk management

personal injury management.

Legislation, regulations and codes of practice may include:

anti-discrimination legislation

Anti-Money Laundering and Counter Terrorism Financing Acts

Business Names legislation

Consumer Credit Code

Electronic Funds Transfer (EFT) code of conduct

finance code of conduct

Financial Services Reform Act (FSRA)

Financial Transaction Reports Act

industry codes of practice

legislation covering competition, prudential regulation

occupational health and safety (OHS) legislation

Privacy Act.

Policies, guidelines and procedures may include:

best practice guidelines

organisation and customer charters

organisation codes of practice

complaint and grievance procedures

customer services statements

franchise agreements

induction program

industry policy documents

industry procedures manuals

operating manuals.

Ethical approach to workplace practice and decisions may include:

conflict of interest

duty of care

full disclosure of remuneration and fees and other conflicts of interest which may influence recommendations

good faith

guidance from supervisor

maintaining confidentiality

mission statements

non-discriminatory practices

correct use of organisation:

property

resources

authority.

Information on sustainability policies, strategies and impacts on industry may include:

Corporations Act, Section 169 (Director's Statement on environment)

Trade Practices Act Section 52 - Green marketing

Australian Standard Greenhouse Gases Parts 1 and 3

Department of Climate Change - National Greenhouse Reporting Act

National Environment Protection Council guidelines

Greenhouse Gas Protocol

Global Reporting Initiative (GRI)

sustainability initiatives in standards, guidelines and approaches such as:

carbon trading

ecological footprinting

green office program

green purchasing

Greenhouse Challenge Plus

life cycle analyses

product stewardship

supply chain management

sustainability covenants and compacts

triple bottom line reporting

integrated approach to sustainability which includes environmental, economic and social aspects, or a specific approach that focuses on each aspect individually

investigating particular business and market context of the financial services industry and organisations

meeting relevant laws, by laws and regulations or best practice to support compliance in environmental performance and sustainability at each level as required:

international

Commonwealth

State or Territory

industry

organisation.

Triple bottom line principles encompass:

social

economic

environmental

goals of sustainability for:

people

planet

profit.

Calculations may be required for:

bank balances and reconciliations

forecasts of capital growth

income expected

insurance premiums

interest

payments

profits forecasts

tax.

Feedback may refer to:

formal/informal gatherings between team members where there is communication on work related matters

informal communication of ideas and thoughts on specific tasks, outcomes, decisions, issues or behaviours.

Format appropriate for the audience may include:

forms

by telephone, facsimile or other electronic means

in person

written documentation.

Professional development opportunities may include:

coaching and mentoring

community courses

conferences

e-learning

in-house programs

professional workshops.

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
External forces impacting on the financial services industry are identified and considered in carrying out activities 
The main sectors of the financial services industry and the interrelationship between sectors are identified and considered in carrying out activities 
The roles and responsibilities of other participants in the financial services industry are identified and considered in carrying out activities 
Information on relevant legislation, regulations and codes of practice is collected, analysed and effectively applied to the job role 
Own work practice is clarified and regularly refined in light of relevant legislation, regulations and codes of practice and organisation policies, guidelines and procedures 
Relevant codes of practice are used to guide an ethical approach to workplace practice and decisions 
Information on sustainability policies, strategies and impacts on industry is obtained and from a range of sources and analysed 
Environmental sustainability is identified as an integral part of business planning and promoted as a business opportunity 
Work planning incorporates and supports triple bottom line principles 
Relevant documents and reports that could impact on work effectiveness and compliance are read and understood, and any implications discussed with appropriate persons 
Documents, reports, data and numerical calculations are analysed, checked, evaluated and organised to meet customer and organisation requirements 
Information is presented in a format appropriate for the audience 
Provide feedback to team members to encourage, value and reward individual and team efforts and contributions 
Actively encourage team members to participate in and take responsibility for team activities and communication processes 
Give the team support to identify and resolve problems which impede its performance 
Ensure own contribution to work team serves as a role model for others and enhances the organisation's image within the work group the organisation and with clients/customers 
Tasks to be done and relevant conditions are determined and work planned either for working autonomously or with others in a team environment 
Work is planned for a given period managing resources, time and priorities 
Contributions are made to organisation planning process as required to achieve service improvement 
Changes in technology and work organisation are adapted to in a timely manner 
Professional development needs and goals are identified and reviewed on a regular basis 
Competency, authorisation and licensing requirements are clarified and complied with 
Professional development opportunities that reflect needs and goals are sought and completed in an agreed upon timeframe 

Forms

Assessment Cover Sheet

FNSINC401A - Apply principles of professional practice to work in the financial services industry
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

FNSINC401A - Apply principles of professional practice to work in the financial services industry

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: