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Evidence Guide: FNSCMP501 - Comply with financial services legislation

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

 

FNSCMP501 - Comply with financial services legislation

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

Identify and apply organisational requirements of legal principles and regulatory obligations

  1. Source and access documents for legislation, regulations and policies relevant to provision of financial products and services
  2. Interpret and analyse legal principles and organisational implications relating to provision of financial products and services
  3. Identify organisational requirements of these documents and their impact on work practices in terms of procedural requirements
  4. Execute the procedural requirements relating to operational aspects of laws and regulations, and codes of practice in line with organisational policy
  5. Comply with role authorities and restrictions as identified in position profiles
  6. Implement internal monitoring/audit program according to organisational and role requirements
  7. Establish mechanisms to ensure maintenance and currency of regulatory literature
Source and access documents for legislation, regulations and policies relevant to provision of financial products and services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Interpret and analyse legal principles and organisational implications relating to provision of financial products and services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify organisational requirements of these documents and their impact on work practices in terms of procedural requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Execute the procedural requirements relating to operational aspects of laws and regulations, and codes of practice in line with organisational policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Comply with role authorities and restrictions as identified in position profiles

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement internal monitoring/audit program according to organisational and role requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish mechanisms to ensure maintenance and currency of regulatory literature

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify changes and implications of laws, regulations, rules and circulars

  1. Access changed legislation, regulations and policies in a timely manner
  2. Identify and communicate changes to regulatory requirements in line with organisational policy
  3. Review operational procedures to reflect changes to regulation and legislation
  4. Identify implications for products and services and implement changes in accordance with client, legislative and organisational requirements
Access changed legislation, regulations and policies in a timely manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and communicate changes to regulatory requirements in line with organisational policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review operational procedures to reflect changes to regulation and legislation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify implications for products and services and implement changes in accordance with client, legislative and organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Comply with any relevant industry or professional codes

  1. Source, access and apply relevant industry and professional codes of practice to own work in accordance with industry and organisational requirements
  2. Interpret key principles and responsibilities in accordance with industry codes of practice
  3. Confirm and clarify own interpretation and application of industry codes of practice as required with relevant persons
  4. Understand and implement impact of codes of practice on work practices
  5. Demonstrate a commitment to comply with industry and professional codes of practice through own ethical behaviour
Source, access and apply relevant industry and professional codes of practice to own work in accordance with industry and organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Interpret key principles and responsibilities in accordance with industry codes of practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm and clarify own interpretation and application of industry codes of practice as required with relevant persons

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Understand and implement impact of codes of practice on work practices

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Demonstrate a commitment to comply with industry and professional codes of practice through own ethical behaviour

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain statutory records

  1. Maintain copies of relevant records
  2. Keep copies of any relevant agreements on file
  3. Maintain evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements available
Maintain copies of relevant records

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Keep copies of any relevant agreements on file

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements available

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify and apply organisational requirements of legal principles and regulatory obligations

1.1 Source and access documents for legislation, regulations and policies relevant to provision of financial products and services

1.2 Interpret and analyse legal principles and organisational implications relating to provision of financial products and services

1.3 Identify organisational requirements of these documents and their impact on work practices in terms of procedural requirements

1.4 Execute the procedural requirements relating to operational aspects of laws and regulations, and codes of practice in line with organisational policy

1.5 Comply with role authorities and restrictions as identified in position profiles

1.6 Implement internal monitoring/audit program according to organisational and role requirements

1.7 Establish mechanisms to ensure maintenance and currency of regulatory literature

2. Identify changes and implications of laws, regulations, rules and circulars

2.1 Access changed legislation, regulations and policies in a timely manner

2.2 Identify and communicate changes to regulatory requirements in line with organisational policy

2.3 Review operational procedures to reflect changes to regulation and legislation

2.4 Identify implications for products and services and implement changes in accordance with client, legislative and organisational requirements

3. Comply with any relevant industry or professional codes

3.1 Source, access and apply relevant industry and professional codes of practice to own work in accordance with industry and organisational requirements

3.2 Interpret key principles and responsibilities in accordance with industry codes of practice

3.3 Confirm and clarify own interpretation and application of industry codes of practice as required with relevant persons

3.4 Understand and implement impact of codes of practice on work practices

3.5 Demonstrate a commitment to comply with industry and professional codes of practice through own ethical behaviour

4. Maintain statutory records

4.1 Maintain copies of relevant records

4.2 Keep copies of any relevant agreements on file

4.3 Maintain evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements available

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify and apply organisational requirements of legal principles and regulatory obligations

1.1 Source and access documents for legislation, regulations and policies relevant to provision of financial products and services

1.2 Interpret and analyse legal principles and organisational implications relating to provision of financial products and services

1.3 Identify organisational requirements of these documents and their impact on work practices in terms of procedural requirements

1.4 Execute the procedural requirements relating to operational aspects of laws and regulations, and codes of practice in line with organisational policy

1.5 Comply with role authorities and restrictions as identified in position profiles

1.6 Implement internal monitoring/audit program according to organisational and role requirements

1.7 Establish mechanisms to ensure maintenance and currency of regulatory literature

2. Identify changes and implications of laws, regulations, rules and circulars

2.1 Access changed legislation, regulations and policies in a timely manner

2.2 Identify and communicate changes to regulatory requirements in line with organisational policy

2.3 Review operational procedures to reflect changes to regulation and legislation

2.4 Identify implications for products and services and implement changes in accordance with client, legislative and organisational requirements

3. Comply with any relevant industry or professional codes

3.1 Source, access and apply relevant industry and professional codes of practice to own work in accordance with industry and organisational requirements

3.2 Interpret key principles and responsibilities in accordance with industry codes of practice

3.3 Confirm and clarify own interpretation and application of industry codes of practice as required with relevant persons

3.4 Understand and implement impact of codes of practice on work practices

3.5 Demonstrate a commitment to comply with industry and professional codes of practice through own ethical behaviour

4. Maintain statutory records

4.1 Maintain copies of relevant records

4.2 Keep copies of any relevant agreements on file

4.3 Maintain evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements available