Unit of competency Outline

Date retreived
22/07/2026 5:24 PM AWST

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Monitor and supervise work practices to meet financial services regulatory requirements

Monitor and supervise work practices to meet financial services regulatory requirements

Unit of competency
National Code
FNSORG504A
State Code
D4265
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
24/11/2010
View on TGA
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
081101 - Banking And Finance
Original Release Date
31/07/2014
Nominal Hours
60
Description
This unit describes the performance outcomes, skills and knowledge required to supervise staff and work practices within a defined area of responsibility, assess the effectiveness of workplace procedures and implement regulatory and quality assurance measures.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investment Commission (ASIC).
Notes
Elements and Performance Criteria
1. Communicate knowledge of relevant products and services offered
  • 1.1. Staff are kept informed on financial products and services offered by the organisation, and roles and requirements of industry organisations and service providers
  • 1.2. The features and processes of specific products and services are clearly defined so that staff can promote them effectively
  • 1.3. Research and continual professional development is conducted to maintain current knowledge of industry product and service developments
2. Monitor work for compliance with the financial services regulatory framework
  • 2.1. Work practices are monitored to ensure compliance with relevant legislation applying to the financial services industry
  • 2.2. Client interaction is supervised to ensure adherence to advisory limitations regulated by the Australian Securities and Investments Commission (ASIC)
  • 2.3. Government body information sources involved in the regulation of financial products and services are regularly accessed to maintain compliance
  • 2.4. Work systems are established and maintained to ensure legislative guidelines are met with relevant documentation monitored to ensure compliance
3. Supervise work within organisational policies, procedures and guidelines, and accepted industry codes of conduct
  • 3.1. Organisational policies, procedures and guidelines are reviewed for effectiveness
  • 3.2. Work conducted is monitored for compliance with organisational policies, procedures and guidelines
  • 3.3. Work practices reflect cooperation with peers in implementing organisational policies and procedures and promoting the philosophy and objectives of the organisation
  • 3.4. All work is monitored for adherence to accepted codes of conduct
4. Assess workplace procedures
  • 4.1. Processes and procedures within area of responsibility are identified and the implementation of procedures reviewed
  • 4.2. Implementation of procedures is assessed for efficiency in attaining organisational goals
  • 4.3. Areas for improvement in procedures are identified and recommendations made to appropriate personnel
5. Implement organisational quality assurance procedures
  • 5.1. Organisational quality assurance measures and systems are implemented as required
  • 5.2. Quality assurance measures and outcomes are monitored and results documented regularly
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.
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
Replaced By
State Code National Code Title Type
AUS32 FNSORG504 Monitor and supervise work practices to meet financial services regulatory requirements Unit of competency