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Evidence Guide: FNSFMK505 - Comply with financial services regulation and industry codes of practice

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

 

FNSFMK505 - Comply with financial services regulation and industry codes of practice

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

Identify and apply organisational requirements of regulatory obligations

  1. Access source documents for regulations relevant to provision of financial products and services
  2. Identify procedural requirements of these source documents and their impact on organisational requirements and work practices
  3. Execute procedural requirements in line with organisational policy
  4. Comply with role authorities and restrictions identified in position profiles
  5. Implement internal monitoring or audit program according to organisational and role requirements
Access source documents for regulations relevant to provision of financial products and services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Execute procedural requirements in line with organisational policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Comply with role authorities and restrictions identified in position profiles

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify changes to regulations and procedural implications

  1. Establish mechanism to ensure currency of regulatory literature is maintained
  2. Identify, access and communicate changed regulations and policies in a timely manner in accordance with organisational policy
  3. Review operational procedures to accurately reflect changes to regulations
  4. Identify implications for products and services, and implement changes in accordance with client, regulatory and organisational requirements
Establish mechanism to ensure currency of regulatory literature is maintained

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify, access and communicate changed regulations and policies in a timely manner in accordance with organisational policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review operational procedures to accurately reflect changes to regulations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Comply with any relevant industry or professional codes

  1. Source and access relevant industry codes of practice
  2. Interpret implications of industry codes of practice and confirm and clarify with relevant persons as required
  3. Execute changes to organisational policy, procedures and practices to align with industry codes of practice
Source and access relevant industry codes of practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Interpret implications of industry codes of practice and confirm and clarify with relevant persons as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Execute changes to organisational policy, procedures and practices to align with industry codes of practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain statutory records

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

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 regulatory obligations

1.1 Access source documents for regulations relevant to provision of financial products and services

1.2 Identify procedural requirements of these source documents and their impact on organisational requirements and work practices

1.3 Execute procedural requirements in line with organisational policy

1.4 Comply with role authorities and restrictions identified in position profiles

1.5 Implement internal monitoring or audit program according to organisational and role requirements

2. Identify changes to regulations and procedural implications

2.1 Establish mechanism to ensure currency of regulatory literature is maintained

2.2 Identify, access and communicate changed regulations and policies in a timely manner in accordance with organisational policy

2.3 Review operational procedures to accurately reflect changes to regulations

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

3. Comply with any relevant industry or professional codes

3.1 Source and access relevant industry codes of practice

3.2 Interpret implications of industry codes of practice and confirm and clarify with relevant persons as required

3.3 Execute changes to organisational policy, procedures and practices to align with industry codes of practice

4. Maintain statutory records

4.1 Maintain relevant records and keep copies of any relevant agreements on file

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

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 regulatory obligations

1.1 Access source documents for regulations relevant to provision of financial products and services

1.2 Identify procedural requirements of these source documents and their impact on organisational requirements and work practices

1.3 Execute procedural requirements in line with organisational policy

1.4 Comply with role authorities and restrictions identified in position profiles

1.5 Implement internal monitoring or audit program according to organisational and role requirements

2. Identify changes to regulations and procedural implications

2.1 Establish mechanism to ensure currency of regulatory literature is maintained

2.2 Identify, access and communicate changed regulations and policies in a timely manner in accordance with organisational policy

2.3 Review operational procedures to accurately reflect changes to regulations

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

3. Comply with any relevant industry or professional codes

3.1 Source and access relevant industry codes of practice

3.2 Interpret implications of industry codes of practice and confirm and clarify with relevant persons as required

3.3 Execute changes to organisational policy, procedures and practices to align with industry codes of practice

4. Maintain statutory records

4.1 Maintain relevant records and keep copies of any relevant agreements on file

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

Evidence of the ability to:

access, accurately interpret and comply with relevant industry codes of practice and relevant regulations

explain changes and implications of regulations to clients and colleagues

accurately maintain statutory records in a timely manner.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

explain compliance issues relating to:

disclosure of capacity criteria

contract law principles

duty of care principles

fiduciary duties

general obligations of a financial services officer

laws of principal and agents

describe the key features of:

organisation’s financial products and services

relevant agency agreements or broker authority

relevant industry codes of practice

relevant regulation pertaining to the financial services industry

identify and categorise the statutory records a financial services organisation needs to maintain

explain the internal monitoring or audit program process.