Unit of competency Outline

Date retreived
23/07/2026 5:02 AM AWST

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Comply with financial planning practice ethical and operational guidelines and regulations

Comply with financial planning practice ethical and operational guidelines and regulations

Unit of competency
National Code
FNSFPL501A
State Code
D4139
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
19/03/2012
Field of Education
081105 - Investment And Securities
Original Release Date
19/03/2012
Nominal Hours
50
Description
This unit describes the performance outcomes, skills and knowledge required to comply with ethical and operation guidelines in one's own work.It does not include responsibility to provide guidance to others on the application of regulatory ethical and organisational guideline requirements.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 Investments Commission (ASIC).
Notes
Elements and Performance Criteria
1. Identify and comply with legislative and regulatory requirements
  • 1.1. Sources of information on legislative, regulatory and industry codes of practice requirements are identified and complied with
  • 1.2. Compliance requirements for the financial planning role are identified with complied with
  • 1.3. Sources of relevant information are accessed regularly including updated memorandums, web pages and journals
  • 1.4. Experts within the practice and external regulatory advisory services are identified and accessed for advice and guidance when required
2. Apply standards of ethical behaviour
  • 2.1. Principles and standards of ethical behaviours are identified from training, peers, industry codes of practice and organisation guidelines
  • 2.2. Work is continually monitored to ensure it meets ethical standards
  • 2.3. Tasks to be completed that may raise doubt regarding their propriety are checked and cleared with an expert source
3. Identify and comply with organisational operation guidelines
  • 3.1. Operation guidelines are identified and applied to own work with updates checked regularly
  • 3.2. Experts within the organisation responsible for guidelines interpretation and assistance are identified and contacted when needed
  • 3.3. A personal monitoring system including checklists and peer review mechanisms is established to ensure compliance
  • 3.4. Opportunities for professional development are identified and acted on
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.
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