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Evidence Guide: FNSACC403A - Make decisions in a legal context

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSACC403A - Make decisions in a legal context

What evidence can you provide to prove your understanding of each of the following citeria?

Identify the main roles and responsibilities of the key bodies in the legal system

  1. The functions of the courts and other regulatory bodies relevant to the financial services industry are identified
  2. Implications of relevant legislation are identified and applied in operational activities
  3. Implications of common law, including negligence and contract, employment law and business structures, are identified and applied in making operational decisions
The functions of the courts and other regulatory bodies relevant to the financial services industry are identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implications of relevant legislation are identified and applied in operational activities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implications of common law, including negligence and contract, employment law and business structures, are identified and applied in making operational decisions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify compliance requirements

  1. Compliance requirements are interpreted accurately and applied within prescribed time limits
  2. Requirements are reviewed regularly in a comprehensive manner
  3. Legislative and regulatory sources of information are constantly reviewed to remain informed of changes and amendments to statutes and finance industry requirements
Compliance requirements are interpreted accurately and applied within prescribed time limits

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Requirements are reviewed regularly in a comprehensive manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Legislative and regulatory sources of information are constantly reviewed to remain informed of changes and amendments to statutes and finance industry requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop procedures to ensure compliance

  1. Procedures are developed in consultation with others to address all the requirements to be met for compliance
  2. Compliance requirements are monitored to ensure that they are adhered to by the organisation
  3. Timetables to meet compliance requirements are established to align with statutory deadlines
Procedures are developed in consultation with others to address all the requirements to be met for compliance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compliance requirements are monitored to ensure that they are adhered to by the organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Timetables to meet compliance requirements are established to align with statutory deadlines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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 information on relevant courts and regulatory bodies

develop organisational procedures to meet compliance requirements

interpret and apply relevant legislation in operational activities

identify the main roles and responsibilities of key bodies in the legal system.

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, 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

verbal or written questioning on underpinning knowledge and skills which may include formal examinations

setting and reviewing workplace projects and business simulations/scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Required Skills and Knowledge

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

IT skills for accessing and using appropriate software such as spreadsheets and databases and using internet information

literacy skills to read and interpret documentation from a variety of relevant legislative and regulatory sources and recording, gathering and consolidating financial information

self-management 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

accounting policies and procedures for compliance

industry codes of practice

legal systems and procedures applying to the financial services industry

organisational policy and procedures

relevant acts and regulations

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.

Courts and other regulatory bodies may include:

Australian Consumer And Competition Commission (ACCC)

Australian Securities and Investments Commission (ASIC)

Australian Tax Office (ATO)

Commonwealth courts

High Court

Industrial Relations Court

State courts

Australian Securities Exchange.

Relevant legislation may include:

consumer credit legislation

Department of Climate Change - National Greenhouse Reporting Act

Financial Transactions Reports Act

Global Reporting Initiative (GRI)

National Environment Protection Council

Privacy Act

Sale of Goods Acts

Stamp Duties Act

Taxation Act

The Greenhouse Gas Protocol

Trade Practices Act.

Sources of information may include:

government publications

industry journals

industry networks

internet.

Procedures may include:

computer system documentation

internal control guidelines

operations manuals.

Compliance requirements may include:

audits

contracts

policy and procedures

statutory requirements.