This unit has broad application and can be used wherever candidates have a need to make decisions in a context of the Australian legal system.
Not applicable.
1. Evaluate legal context for financial services work | 1.1 Australian legal systems and processes are identified 1.2 The functions of the courts and other regulatory bodies are identified 1.3 Implications of relevant legislation, regulation and legal precedent are identified and applied in making operational decisions 1.4 Advice and guidance is sought to evaluate and moderate decision processes |
2. Identify compliance requirements | 2.1 Compliance requirements are interpreted accurately 2.2 Legislative and regulatory sources of information are regularly reviewed to identify changes to compliance requirements |
3. Develop procedures to ensure compliance | 3.1 Procedures are developed in consultation with others to address compliance requirements 3.2 Timetables to meet compliance requirements are established to align with statutory deadlines |
Required skills
communication skills to:
consult with others about legal information and compliance requirements
liaise with others, share information, listen and understand
use language and concepts appropriate to cultural differences
IT skills to access and use appropriate software such as spreadsheets and databases and internet information
learning skills to maintain knowledge of changes to compliance legislation and requirements
research skills to:
find statutory and regulatory legal requirements and precedents
access and manage information
interpret documentation
coordinate tasks
problem solving skills to:
address compliance issues
apply statute, regulation and precedent to a client’s circumstances
reading skills to:
read text books, newspapers and journals
read and understand relevant legislation and regulation
read and understand legal precedent and rulings
self-management skills to comply with ethical, legal and procedural requirements.
Required knowledge
overview of Australian legal systems and processes and the context in which they operate including:
basic principles
common law
roles and responsibilities of key organisations
constitutional considerations
separation of powers
basic principles of the law of torts, particularly relating to:
negligence
negligent misstatement
main features of current legislation and its general impact on business operations in areas of:
consumer law
corporations law, including different business organisational structures and regulations for:
public and private companies
trusts
partnerships
sole traders
property law
superannuation law
taxation law.
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: demonstrate knowledge and understanding of the Australian legal system such that current statute, common law and equitable principles can be applied, to particular fact circumstances in order to provide advice access information on relevant legislation, statutes, regulation and legal judgements draw conclusions having regard to the facts and relevant law develop organisational procedures to meet compliance requirements |
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 internet access relevant legislative and regulatory documentation. |
Method of assessment | A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit: analysis of responses to case studies and scenarios direct questioning combined with review of portfolios of evidence and third-party workplace reports of on-the-job performance by the candidate observation of role plays review of documentation outlining legal obligations, criteria and purpose oral or written questioning to assess knowledge of legal terminology, practice and application conducting a summative assessment of knowledge. |
Guidance information for assessment | Where assessment of this unit is designed to meet regulatory requirements, users must refer to the appropriate regulator or current guidelines published on the IBSA website www.ibsa.org.au (under training packages/financial services). |
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.
Courts and other regulatory bodies include: | Australian Consumer and Competition Commission (ACCC) Australian Securities and Investments Commission (ASIC) Australian Tax Office (ATO) Australian Securities Exchange Australian Prudential Regulation Authority Commonwealth and state courts state and territory consumer affairs bodies Tax Practitioners Board (TPB). |
Relevant legislation includes: | Australian commercial law Australian taxation law (including the Tax Agents Services Act) Australian corporations law Australian competition law consumer credit legislation Financial Transactions Reports Act Privacy Act Sale of Goods Acts Stamp Duties Act TPB Guidelines |
Accounting
This unit contains employability skills.
This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements; Commonwealth, State or Territory requirements should be confirmed with the relevant body.