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Evidence Guide: FNSORG504A - Monitor and supervise work practices to meet financial services regulatory requirements

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

 

FNSORG504A - Monitor and supervise work practices to meet financial services regulatory requirements

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

Communicate knowledge of relevant products and services offered

  1. Staff are kept informed on financial products and services offered by the organisation, and roles and requirements of industry organisations and service providers
  2. The features and processes of specific products and services are clearly defined so that staff can promote them effectively
  3. Research and continual professional development is conducted to maintain current knowledge of industry product and service developments
Staff are kept informed on financial products and services offered by the organisation, and roles and requirements of industry organisations and service providers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The features and processes of specific products and services are clearly defined so that staff can promote them effectively

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Research and continual professional development is conducted to maintain current knowledge of industry product and service developments

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor work for compliance with the financial services regulatory framework

  1. Work practices are monitored to ensure compliance with relevant legislation applying to the financial services industry
  2. Client interaction is supervised to ensure adherence to advisory limitations regulated by the Australian Securities and Investments Commission (ASIC)
  3. Government body information sources involved in the regulation of financial products and services are regularly accessed to maintain compliance
  4. Work systems are established and maintained to ensure legislative guidelines are met with relevant documentation monitored to ensure compliance
Work practices are monitored to ensure compliance with relevant legislation applying to the financial services industry

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Client interaction is supervised to ensure adherence to advisory limitations regulated by the Australian Securities and Investments Commission (ASIC)

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Government body information sources involved in the regulation of financial products and services are regularly accessed to maintain compliance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Work systems are established and maintained to ensure legislative guidelines are met with relevant documentation monitored to ensure compliance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Supervise work within organisational policies, procedures and guidelines, and accepted industry codes of conduct

  1. Organisational policies, procedures and guidelines are reviewed for effectiveness
  2. Work conducted is monitored for compliance with organisational policies, procedures and guidelines
  3. Work practices reflect cooperation with peers in implementing organisational policies and procedures and promoting the philosophy and objectives of the organisation
  4. All work is monitored for adherence to accepted codes of conduct
Organisational policies, procedures and guidelines are reviewed for effectiveness

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Work conducted is monitored for compliance with organisational policies, procedures and guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Work practices reflect cooperation with peers in implementing organisational policies and procedures and promoting the philosophy and objectives of the organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

All work is monitored for adherence to accepted codes of conduct

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess workplace procedures

  1. Processes and procedures within area of responsibility are identified and the implementation of procedures reviewed
  2. Implementation of procedures is assessed for efficiency in attaining organisational goals
  3. Areas for improvement in procedures are identified and recommendations made to appropriate personnel
Processes and procedures within area of responsibility are identified and the implementation of procedures reviewed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implementation of procedures is assessed for efficiency in attaining organisational goals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Areas for improvement in procedures are identified and recommendations made to appropriate personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement organisational quality assurance procedures

  1. Organisational quality assurance measures and systems are implemented as required
  2. Quality assurance measures and outcomes are monitored and results documented regularly
Organisational quality assurance measures and systems are implemented as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Quality assurance measures and outcomes are monitored and results documented regularly

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:

interpret and comply with government regulatory requirements and codes of conduct for industry organisations

maintain continual professional development

monitor work practices to ensure compliance with relevant legislation and assess the effectiveness of workplace procedures

implement effective organisational quality assurance procedures.

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

access to organisational policies and procedures documentation.

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

setting and reviewing business simulations or scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Required Skills and Knowledge

Required skills

well-developed communication skills to:

determine and confirm regulatory and quality requirements with staff, using questioning and active listening as required

lead and coach staff

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

well-developed interpersonal skills to establish effectives relationships with peers and staff and undertake or manage coaching activities

well-developed human resource management and leadership skills

problem solving skills to identify any issues that have the potential to impact on the quality of services and develop options to resolve these issues when they arise

literacy skills for:

developing workplace procedures

analysing information and products to maintain currency and accuracy

producing written reports and team guidance material

numeracy skills to accurately analyse, record and store data in accordance with organisational requirements

IT skills for accessing and using appropriate software such as databases and using internet information

planning, organisational and time management skills to sequence tasks, meet timelines and arrange meetings

quality control and continuous improvement skills

Required knowledge

features of main industry roles of financial representatives

fraud deterrence practices

function of government bodies and representatives involved in regulating financial products and services

industry code of practice requirements

main features, benefits and practices of different types of financial products

organisation policies, procedures, objectives and guidelines

Privacy Act obligations

professional development activities available

relevant acts and regulations and compliance requirements for the financial services industry

supervisory responsibilities in ensuring compliance within relevant financial services area

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.

Industry organisations includes, but is not limited to:

accounting organisations

actuarial organisations

banking organisations

credit unions

employer organisations

employers

financial market organisations

financial planning organisations

industrial unions

insurance organisations

service providers

superannuation organisations.

Professional development may include:

attendance at seminars/conferences

coaching and mentoring

making presentations

networking

reading industry journals and publications

training programs

writing articles.

Legislation applying to the financial services industry area may include, but is not limited to:

anti-discrimination legislation (Commonwealth and State)

Banking Act

Commonwealth Criminal Code

Consumer Affairs Act

Consumer Credit Code

contract law

Corporations Act

Financial Services Reform Act (FSRA)

Financial Transaction Reports Act

Income Tax Assessment Act

industrial legislation

Insurance Act

Insurance Contracts Act

Life Insurance Act

Privacy Act

Reserve Bank Act

Retirement Savings Account Act

stamp duty legislation

Superannuation Industry (Supervision) Act (SIS)

Taxation Act

Trade Practices Act

Trade Practices legislation

trust law

workers compensation Acts.

Main government bodies involved in regulation of financial service product include:

Australian Prudential Regulation Authority (APRA)

Australian Securities and Investments Commission (ASIC)

Australian Taxation Office (ATO)

Superannuation Complaints Tribunal (SCT).

Accepted codes of conduct include:

compliance with reasonable direction

declaring conflict of interests

duty of care

ethical behaviour

maintaining confidentiality

non-discriminatory practices

relevant Australian Standards

use of organisation property.