Unit of competency Outline
Date retreived
23/07/2026 4:57 AM AWST
23/07/2026 4:57 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Comply with financial services regulation and industry codes of practice
Comply with financial services regulation and industry codes of practice
Unit of competency
National Code
FNSFMK505
FNSFMK505
State Code
AUR11
AUR11
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081101 - Banking And Finance
Original Release Date
16/09/2015
Nominal Hours
40
Description
This unit describes the skills and knowledge required to ensure compliance with finance industry regulations and industry codes of practice on an organisational level.It applies to individuals who use, maintain and disseminate highly specialised knowledge to a range of personnel to ensure compliance and quality standards.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Identify and apply organisational requirements of regulatory obligations
- 1.1 Access source documents for regulations relevant to provision of financial products and services
- 1.2 Identify procedural requirements of these source documents and their impact on organisational requirements and work practices
- 1.3 Execute procedural requirements in line with organisational policy
- 1.4 Comply with role authorities and restrictions identified in position profiles
- 1.5 Implement internal monitoring or audit program according to organisational and role requirements
2. Identify changes to regulations and procedural implications
- 2.1 Establish mechanism to ensure currency of regulatory literature is maintained
- 2.2 Identify, access and communicate changed regulations and policies in a timely manner in accordance with organisational policy
- 2.3 Review operational procedures to accurately reflect changes to regulations
- 2.4 Identify implications for products and services, and implement changes in accordance with client, regulatory and organisational requirements
3. Comply with any relevant industry or professional codes
- 3.1 Source and access relevant industry codes of practice
- 3.2 Interpret implications of industry codes of practice and confirm and clarify with relevant persons as required
- 3.3 Execute changes to organisational policy, procedures and practices to align with industry codes of practice
4. Maintain statutory records
- 4.1 Maintain relevant records and keep copies of any relevant agreements on file
- 4.2 Maintain evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| D4127 | FNSFMK505A | Comply with financial services legislation and industry codes of practice | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| OBR52 | FNSFMK515 | Comply with financial services regulation and industry codes of practice | Unit of competency |