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Evidence Guide: FNSFPL501 - Comply with financial planning practice ethical and operational guidelines and regulations

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

 

FNSFPL501 - Comply with financial planning practice ethical and operational guidelines and regulations

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

Identify and comply with legislative and regulatory requirements

  1. Identify sources of information on legislative, regulatory and industry codes of practice requirements
  2. Adhere to compliance requirements in financial planning practice
  3. Regularly access sources of relevant information, including updated memorandums, web pages and journals
  4. Identify experts within practice and external regulatory advisory services, and access for advice and guidance when required
Identify sources of information on legislative, regulatory and industry codes of practice requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Adhere to compliance requirements in financial planning practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Regularly access sources of relevant information, including updated memorandums, web pages and journals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify experts within practice and external regulatory advisory services, and access for advice and guidance when required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Apply standards of ethical behaviour

  1. Identify principles and standards of ethical behaviours from training programs, peers, industry codes of practice and organisational guidelines
  2. Continually monitor work to ensure it meets ethical standards
  3. Check tasks to be completed that may raise doubt regarding their propriety, and clear with an expert source
Identify principles and standards of ethical behaviours from training programs, peers, industry codes of practice and organisational guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Continually monitor work to ensure it meets ethical standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check tasks to be completed that may raise doubt regarding their propriety, and clear with an expert source

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and comply with organisational operation guidelines

  1. Identify and regularly check updates to operational guidelines and apply to own work
  2. Identify experts within organisation responsible for interpretation of guidelines, and seek their assistance and contact when needed
  3. Establish personal monitoring system, including checklists and peer review mechanisms, to ensure compliance
  4. Identify and act on opportunities for professional development
Identify and regularly check updates to operational guidelines and apply to own work

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify experts within organisation responsible for interpretation of guidelines, and seek their assistance and contact when needed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish personal monitoring system, including checklists and peer review mechanisms, to ensure compliance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and act on opportunities for professional development

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 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

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 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 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.

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.