Application
This unit describes the skills and knowledge required to comply with ethical and operational guidelines in one’s own work.
It applies to individuals who use specialised knowledge to carefully review and check detailed information in their own work to ensure quality standards are maintained.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Identify and comply with legislative and regulatory requirements | 1.1 Identify sources of information on legislative, regulatory and industry codes of practice requirements 1.2 Adhere to compliance requirements in financial planning practice 1.3 Regularly access sources of relevant information, including updated memorandums, web pages and journals 1.4 Identify experts within practice and external regulatory advisory services, and access for advice and guidance when required |
2. Apply standards of ethical behaviour | 2.1 Identify principles and standards of ethical behaviours from training programs, peers, industry codes of practice and organisational guidelines 2.2 Continually monitor work to ensure it meets ethical standards 2.3 Check tasks to be completed that may raise doubt regarding their propriety, and clear with an expert source |
3. Identify and comply with organisational operation guidelines | 3.1 Identify and regularly check updates to operational guidelines and apply to own work 3.2 Identify experts within organisation responsible for interpretation of guidelines, and seek their assistance and contact when needed 3.3 Establish personal monitoring system, including checklists and peer review mechanisms, to ensure compliance 3.4 Identify and act on opportunities for professional development |
Evidence of Performance
Evidence of the ability to:
follow organisational procedures and comply with regulations relating to financial planning practice
demonstrate expected standards of ethical behaviour.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Evidence of Knowledge
To complete the unit requirements safely and effectively, the individual must:
outline the key requirements of relevant legislation and regulation impacting on financial planning and explain their application to financial planning job roles
describe the key features and requirements of:
current government financial policy
organisational operational procedures
industry codes of practice
describe the principles and standards of ethical behaviours in financial planning
outline the key sources of financial planning information and expert or specialist personnel who can provide advice
identify and describe opportunities for professional development and learning.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial planning field of work and include access to:
office equipment, technology, software and consumables.
Assessors must satisfy NVR/AQTF assessor requirements.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Learning | 1.4, 2.1, 3.1-3.4 | Actively seeks out information and advice from a range of sources to improve own work performance Identifies and participates in professional development activities to maintain currency of industry knowledge and improve work practices |
Reading | 1.1, 1.3, 2.1, 3.1 | Researches and analyses textual and numerical information to determine and confirm work requirements |
Writing | 1.4, 2.3, 3.2 | Writes, edits and proofreads documents to ensure clarity of meaning, accuracy and consistency of information |
Oral Communication | 1.4, 2.1, 2.3, 3.2, 3.3 | Participates in verbal exchanges using active listening and questioning techniques when seeking advice and conveying information Uses language and concepts appropriate to the audience and purpose |
Numeracy | 1.4, 2.2, 3.3 | Uses mathematical equations to perform calculations and to check the accuracy of financial information |
Navigate the world of work | 1.1-1.4, 2.1, 2.2, 3.1-3.4 | Takes full responsibility for ensuring that behaviour, documentation and processes comply with legislative and ethical requirements and organisational policy and procedures Ensures knowledge of legislation and regulations relevant to role is accurate, comprehensive and current |
Interact with others | 1.4, 2.3, 3.2 | Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders to seek or share information |
Get the work done | 1.1-1.4, 2.1-2.3, 3.1-3.4 | Plans, organises, implements and monitors work processes and tasks to meet legislative and organisational requirements and ethical standards, changing processes where necessary Uses problem-solving techniques to identify and analyse possible compliance issues to decide on suitable actions, seeking advice from others as required Uses the main features and functions of digital tools to complete work tasks and access information |
Sectors
Financial planning