Unit of competency Outline
Date retreived
22/07/2026 8:26 PM AWST
22/07/2026 8:26 PM 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.
Apply principles of professional practice to work in the financial services industry
Apply principles of professional practice to work in the financial services industry
Unit of competency
National Code
FNSINC401A
FNSINC401A
State Code
D4168
D4168
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
080305 - Personal Management Training
Original Release Date
31/07/2014
Nominal Hours
20
Description
This unit describes the performance outcomes, skills and knowledge required to identify industry professional approaches to procedures, guidelines, policies and standards, including ethical requirements and model and meet expectations of these in all aspects of work.This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Identify the scope, sectors and responsibilities of the industry
- 1.1. External forces impacting on the financial services industry are identified and considered in carrying out activities
- 1.2. The main sectors of the financial services industry and the interrelationship between sectors are identified and considered in carrying out activities
- 1.3. The roles and responsibilities of other participants in the financial services industry are identified and considered in carrying out activities
2. Identify and apply financial services industry guidelines, procedures and legislation
- 2.1. Information on relevant legislation, regulations and codes of practice is collected, analysed and effectively applied to the job role
- 2.2. Own work practice is clarified and regularly refined in light of relevant legislation, regulations and codes of practice and organisation policies, guidelines and procedures
- 2.3. Relevant codes of practice are used to guide an ethical approach to workplace practice and decisions
3. Identify sustainability issues for the financial services industry
- 3.1. Information on sustainability policies, strategies and impacts on industry is obtained and from a range of sources and analysed
- 3.2. Environmental sustainability is identified as an integral part of business planning and promoted as a business opportunity
- 3.3. Work planning incorporates and supports triple bottom line principles
4. Manage information
- 4.1. Relevant documents and reports that could impact on work effectiveness and compliance are read and understood, and any implications discussed with appropriate persons
- 4.2. Documents, reports, data and numerical calculations are analysed, checked, evaluated and organised to meet customer and organisation requirements
- 4.3. Information is presented in a format appropriate for the audience
5. Participate in and facilitate work team activities
- 5.1. Provide feedback to team members to encourage, value and reward individual and team efforts and contributions
- 5.2. Actively encourage team members to participate in and take responsibility for team activities and communication processes
- 5.3. Give the team support to identify and resolve problems which impede its performance
- 5.4. Ensure own contribution to work team serves as a role model for others and enhances the organisation's image within the work group the organisation and with clients/customers
6. Plan work to be completed taking into consideration time, resources and other constraints
- 6.1. Tasks to be done and relevant conditions are determined and work planned either for working autonomously or with others in a team environment
- 6.2. Work is planned for a given period managing resources, time and priorities
- 6.3. Contributions are made to organisation planning process as required to achieve service improvement
- 6.4. Changes in technology and work organisation are adapted to in a timely manner
7. Develop and maintain personal competency
- 7.1. Professional development needs and goals are identified and reviewed on a regular basis
- 7.2. Competency, authorisation and licensing requirements are clarified and complied with
- 7.3. Professional development opportunities that reflect needs and goals are sought and completed in an agreed upon timeframe
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.
External forces may include:
economic climate
interest rates
media, press and public relations reports
political climate
value of the dollar.
Main sectors may include:
accounting
banking
conveyancing
credit and lending services
credit management
finance and mortgage broking
financial markets
financial planning
insurance
lending services
loss adjusting
mercantile management
retail financial services
risk management
personal injury management.
Legislation, regulations and codes of practice may include:
anti-discrimination legislation
Anti-Money Laundering and Counter Terrorism Financing Acts
Business Names legislation
Consumer Credit Code
Electronic Funds Transfer (EFT) code of conduct
finance code of conduct
Financial Services Reform Act (FSRA)
Financial Transaction Reports Act
industry codes of practice
legislation covering competition, prudential regulation
occupational health and safety (OHS) legislation
Privacy Act.
Policies, guidelines and procedures may include:
best practice guidelines
organisation and customer charters
organisation codes of practice
complaint and grievance procedures
customer services statements
franchise agreements
induction program
industry policy documents
industry procedures manuals
operating manuals.
Ethical approach to workplace practice and decisions may include:
conflict of interest
duty of care
full disclosure of remuneration and fees and other conflicts of interest which may influence recommendations
good faith
guidance from supervisor
maintaining confidentiality
mission statements
non-discriminatory practices
correct use of organisation:
property
resources
authority.
Information on sustainability policies, strategies and impacts on industry may include:
Corporations Act, Section 169 (Director's Statement on environment)
Trade Practices Act Section 52 - Green marketing
Australian Standard Greenhouse Gases Parts 1 and 3
Department of Climate Change - National Greenhouse Reporting Act
National Environment Protection Council guidelines
Greenhouse Gas Protocol
Global Reporting Initiative (GRI)
sustainability initiatives in standards, guidelines and approaches such as:
carbon trading
ecological footprinting
green office program
green purchasing
Greenhouse Challenge Plus
life cycle analyses
product stewardship
supply chain management
sustainability covenants and compacts
triple bottom line reporting
integrated approach to sustainability which includes environmental, economic and social aspects, or a specific approach that focuses on each aspect individually
investigating particular business and market context of the financial services industry and organisations
meeting relevant laws, by laws and regulations or best practice to support compliance in environmental performance and sustainability at each level as required:
international
Commonwealth
State or Territory
industry
organisation.
Triple bottom line principles encompass:
social
economic
environmental
goals of sustainability for:
people
planet
profit.
Calculations may be required for:
bank balances and reconciliations
forecasts of capital growth
income expected
insurance premiums
interest
payments
profits forecasts
tax.
Feedback may refer to:
formal/informal gatherings between team members where there is communication on work related matters
informal communication of ideas and thoughts on specific tasks, outcomes, decisions, issues or behaviours.
Format appropriate for the audience may include:
forms
by telephone, facsimile or other electronic means
in person
written documentation.
Professional development opportunities may include:
coaching and mentoring
community courses
conferences
e-learning
in-house programs
professional workshops.
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.
External forces may include:
economic climate
interest rates
media, press and public relations reports
political climate
value of the dollar.
Main sectors may include:
accounting
banking
conveyancing
credit and lending services
credit management
finance and mortgage broking
financial markets
financial planning
insurance
lending services
loss adjusting
mercantile management
retail financial services
risk management
personal injury management.
Legislation, regulations and codes of practice may include:
anti-discrimination legislation
Anti-Money Laundering and Counter Terrorism Financing Acts
Business Names legislation
Consumer Credit Code
Electronic Funds Transfer (EFT) code of conduct
finance code of conduct
Financial Services Reform Act (FSRA)
Financial Transaction Reports Act
industry codes of practice
legislation covering competition, prudential regulation
occupational health and safety (OHS) legislation
Privacy Act.
Policies, guidelines and procedures may include:
best practice guidelines
organisation and customer charters
organisation codes of practice
complaint and grievance procedures
customer services statements
franchise agreements
induction program
industry policy documents
industry procedures manuals
operating manuals.
Ethical approach to workplace practice and decisions may include:
conflict of interest
duty of care
full disclosure of remuneration and fees and other conflicts of interest which may influence recommendations
good faith
guidance from supervisor
maintaining confidentiality
mission statements
non-discriminatory practices
correct use of organisation:
property
resources
authority.
Information on sustainability policies, strategies and impacts on industry may include:
Corporations Act, Section 169 (Director's Statement on environment)
Trade Practices Act Section 52 - Green marketing
Australian Standard Greenhouse Gases Parts 1 and 3
Department of Climate Change - National Greenhouse Reporting Act
National Environment Protection Council guidelines
Greenhouse Gas Protocol
Global Reporting Initiative (GRI)
sustainability initiatives in standards, guidelines and approaches such as:
carbon trading
ecological footprinting
green office program
green purchasing
Greenhouse Challenge Plus
life cycle analyses
product stewardship
supply chain management
sustainability covenants and compacts
triple bottom line reporting
integrated approach to sustainability which includes environmental, economic and social aspects, or a specific approach that focuses on each aspect individually
investigating particular business and market context of the financial services industry and organisations
meeting relevant laws, by laws and regulations or best practice to support compliance in environmental performance and sustainability at each level as required:
international
Commonwealth
State or Territory
industry
organisation.
Triple bottom line principles encompass:
social
economic
environmental
goals of sustainability for:
people
planet
profit.
Calculations may be required for:
bank balances and reconciliations
forecasts of capital growth
income expected
insurance premiums
interest
payments
profits forecasts
tax.
Feedback may refer to:
formal/informal gatherings between team members where there is communication on work related matters
informal communication of ideas and thoughts on specific tasks, outcomes, decisions, issues or behaviours.
Format appropriate for the audience may include:
forms
by telephone, facsimile or other electronic means
in person
written documentation.
Professional development opportunities may include:
coaching and mentoring
community courses
conferences
e-learning
in-house programs
professional workshops.
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:
access, interpret and analyse product and service information provided by industry sectors
interpret and comply with relevant legislation, regulations and industry codes of practice and ethics applicable to the workplace
recognise and implement sustainability principles and work practices
analyse, evaluate and organise relevant information
plan work and maintain a team environment taking into account any constraints and available resources
identify and evaluate professional development opportunities.
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 specialist financial services software and data
access to financial services industry and organisational policy, procedures and codes of practice information.
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 workplace simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
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:
access, interpret and analyse product and service information provided by industry sectors
interpret and comply with relevant legislation, regulations and industry codes of practice and ethics applicable to the workplace
recognise and implement sustainability principles and work practices
analyse, evaluate and organise relevant information
plan work and maintain a team environment taking into account any constraints and available resources
identify and evaluate professional development opportunities.
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 specialist financial services software and data
access to financial services industry and organisational policy, procedures and codes of practice information.
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 workplace simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9758 | FNSICIND401B | Apply principles of professional practice to work in the financial services industry | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR82 | FNSINC401 | Apply principles of professional practice to work in the financial services industry | Unit of competency |