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Evidence Guide: FNSCMP501A - 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

 

FNSCMP501A - 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 documents for legislation, regulations and policies relevant to the provision of financial products and services are sourced and accessed
  2. Key legal principles and organisational implications relating to the provision of financial products and services are interpreted and analysed
  3. The organisational requirements of these documents and their impact on work practices are identified in terms of procedural requirements
  4. Procedural requirements relating to operational aspects of laws and regulations and codes of practice are executed in line with organisational policy
  5. Role authorities and restrictions as identified in position profiles are complied with
  6. Internal monitoring/audit program is implemented according to organisational and role requirements
  7. Mechanism is established to ensure currency of regulatory literature is maintained
Source documents for legislation, regulations and policies relevant to the provision of financial products and services are sourced and accessed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Key legal principles and organisational implications relating to the provision of financial products and services are interpreted and analysed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The organisational requirements of these documents and their impact on work practices are identified in terms of procedural requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Procedural requirements relating to operational aspects of laws and regulations and codes of practice are executed in line with organisational policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Role authorities and restrictions as identified in position profiles are complied with

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Internal monitoring/audit program is implemented according to organisational and role requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Mechanism is established to ensure currency of regulatory literature is maintained

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

  1. Changed legislation, regulations and policies are accessed in a timely manner
  2. Changes to regulatory requirements are identified and communicated in line with organisational policy
  3. Operational procedures are reviewed and reflect changes to regulation and legislation
  4. Implications for products and services are identified and changes implemented in accordance with client, legislative and organisational requirements
Changed legislation, regulations and policies are accessed in a timely manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Changes to regulatory requirements are identified and communicated in line with organisational policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Operational procedures are reviewed and reflect changes to regulation and legislation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implications for products and services are identified and changes implemented in accordance with client, legislative and organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Comply with any relevant industry or professional codes

  1. Relevant industry and professional codes of practice are sourced, accessed and applied to own work in accordance with industry and organisational requirements
  2. Key principles and responsibilities are interpreted in accordance with industry codes of practice
  3. Own interpretation and application of industry codes of practice is confirmed and clarified as required with relevant persons
  4. Impact of codes of practice on work practices is understood and implemented
  5. Own ethical behaviour demonstrates a commitment to comply with industry and professional codes of practice
Relevant industry and professional codes of practice are sourced, accessed and applied to own work in accordance with industry and organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Key principles and responsibilities are interpreted in accordance with industry codes of practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Own interpretation and application of industry codes of practice is confirmed and clarified as required with relevant persons

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Impact of codes of practice on work practices is understood and implemented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Own ethical behaviour demonstrates a commitment to comply with industry and professional codes of practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain statutory records

  1. Copies of relevant records are maintained
  2. Copies of any relevant agreements are kept on file
  3. Evidence of current authorisation, training and relevant licences are maintained in accordance with organisational, legal and regulatory requirements available
Copies of relevant records are maintained

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Copies of any relevant agreements are kept on file

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evidence of current authorisation, training and relevant licences are maintained in accordance with organisational, legal and regulatory requirements available

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:

maintain knowledge of relevant industry codes

maintain knowledge of relevant laws and regulations

comply with operational aspects of laws, regulations, rules and circulars

explain changes and implications of law, regulations, rules and circulars when requested

comply with agency/broker agreement and professional indemnity obligations

comply with relevant industry codes

maintain statutory records.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the 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 financial services legislation, industry and professional codes of practice, and organisation policies and procedures.

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:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

simulated tasks involving preparation of reports from supplied data

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work.

Guidance information for assessment

Required Skills and Knowledge

Required skills

communication skills to:

liaise and share information with others

communicate appropriately with people from diverse backgrounds

IT skills to:

use computer applications (word processing, spreadsheet, database, specific purpose computer systems)

access and update records electronically

access web-based information services

organisational skills to efficiently plan and sequence work

problem solving skills to address errors in life insurance documentation

research and analysis skills to:

identify and interpret relevant information

effectively analyse information and data

maintain currency of products and services knowledge

reading skills to:

read and understand relevant legislation, regulation and codes of practice

read and interpret organisational procedures

self-management skills to:

monitor and adapt to changes in compliance issues

handle contingencies

writing skills to:

accurately record information

draft organisational procedures.

Required knowledge

client complaints handling procedures

compliance requirements of legislation, regulation and codes of practice relevant to the financial services industry sector

duty of care principles

general obligations of a financial services adviser

organisation’s products and services

relevant agency agreements and/or broker authority

relevant associations and ethics.

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.

Relevant legislation, regulations and policiesmay include:

Australian Securities and Investments Commission (ASIC) Act, policy and guidelines including RG 146

Australian Prudential Regulation Authority (APRA) supervised regulation

Taxation Acts and regulations

Corporations Act

Competition and Consumer Act

Workplace Relations Act, State Industrial Relations Acts, awards and enterprise agreements

occupational health and safety (OH&S) legislation

applicable state legislation and regulations

organisational codes of conduct

Contract, General and Trust Law

Consumer Affairs legislation

social security regulations

Privacy Act Amendment (Private Sector)

National Consumer Credit Protection Act

Consumer Protection state based legislation

Organisational requirementsmay be outlined and reflected in:

use of compliance documentation (e.g. Product Disclosure Statements, Statements of Advice)

legal and organisational policies/guidelines

policies and procedures in relation to client service

formal procedures manual and/or quality assurance documents

goals, objectives, plans, systems and processes

business and performance plans

mission statements, strategic plans

cash handling and storage procedures

teller cash count procedures

dispute resolution processes

referral procedures

access and equity principles an practice guidelines

ethical standards, codes of practice

product or service development

complaints and dispute resolution procedures

OH&S policies, procedures and programs

quality and continuous improvement process and standards

Internal monitoring/audit programs may include:

monthly journal audits

Financial Services Reform (FSR) document audits

loan document audits

audits of disclosure documentation

qualification checks

Relevant industry and professional codesinclude:

Life Insurance Code of Practice

Banking Code of Practice

Australian Society of Certified Practicing Accountants (ASCPA) Code of Practice

Mortgage Brokers Code of Practice

any ethical codes of any association or body to which the adviser belongs