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Evidence Guide: FNSFPL501A - 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

 

FNSFPL501A - 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. Sources of information on legislative, regulatory and industry codes of practice requirements are identified and complied with
  2. Compliance requirements for the financial planning role are identified with complied with
  3. Sources of relevant information are accessed regularly including updated memorandums, web pages and journals
  4. Experts within the practice and external regulatory advisory services are identified and accessed for advice and guidance when required
Sources of information on legislative, regulatory and industry codes of practice requirements are identified and complied with

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compliance requirements for the financial planning role are identified with complied with

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Sources of relevant information are accessed regularly including updated memorandums, web pages and journals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Experts within the practice and external regulatory advisory services are identified and accessed for advice and guidance when required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Apply standards of ethical behaviour

  1. Principles and standards of ethical behaviours are identified from training, peers, industry codes of practice and organisation guidelines
  2. Work is continually monitored to ensure it meets ethical standards
  3. Tasks to be completed that may raise doubt regarding their propriety are checked and cleared with an expert source
Principles and standards of ethical behaviours are identified from training, peers, industry codes of practice and organisation guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Work is continually monitored to ensure it meets ethical standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Tasks to be completed that may raise doubt regarding their propriety are checked and cleared with an expert source

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and comply with organisational operation guidelines

  1. Operation guidelines are identified and applied to own work with updates checked regularly
  2. Experts within the organisation responsible for guidelines interpretation and assistance are identified and contacted when needed
  3. A personal monitoring system including checklists and peer review mechanisms is established to ensure compliance
  4. Opportunities for professional development are identified and acted on
Operation guidelines are identified and applied to own work with updates checked regularly

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Experts within the organisation responsible for guidelines interpretation and assistance are identified and contacted when needed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

A personal monitoring system including checklists and peer review mechanisms is established to ensure compliance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Opportunities for professional development are identified and acted on

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, and comply with, relevant legislative requirements and industry codes of practice and interpret and meet organisational operational guidelines

apply standards of ethical behaviour and use knowledge of the financial planning industry, industry regulations and codes of practice in work activities.

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.

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

observing processes and procedures in workplaces or role plays

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

numeracy and IT skills to:

use spreadsheets and databases

use internet information

literacy skills to read, write, edit and proofread documents to ensure clarity of meaning, accuracy and consistency of 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

current government financial policies

organisational guidelines

privacy legislation

relevant knowledge of corporations and consumer legislation

financial products and their characteristics

relevant knowledge of financial legislation and its application to financial planning job roles

State and Territory charges and taxes

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 legislative, regulatory and industry codes of practice may include:

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

Consumer Affairs Act

Consumer Credit Code

contract law

Corporations Act

industry codes of practice

Insurance Act

Life Act

Privacy Act

social security regulations

State and Territory legislation

Taxation Acts

Trade Practices Act

trust law.

Ethical behaviours may include:

avoiding conflicts of interest

compliance with client instructions

compliance with industry codes of practice

compliance with legislative and regulatory requirements

disclosure of all fees, charges, commissions, special interests and relationships relevant to a client's financial plan

making arrangements for vulnerable or special needs clients

meeting all organisational standards.