Unit of competency Outline
Date retreived
23/07/2026 9:34 PM AWST
23/07/2026 9:34 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.
Comply with financial services legislation and industry codes of practice
Comply with financial services legislation and industry codes of practice
Unit of competency
National Code
FNSFMK505A
FNSFMK505A
State Code
D4127
D4127
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
081101 - Banking And Finance
Original Release Date
31/07/2014
Nominal Hours
40
Description
This unit describes the performance outcomes, skills and knowledge required to ensure compliance with financial laws, regulations, and industry codes of practice on an organisational level.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) and the Australian Prudential Regulation Authority (APRA).
Notes
Elements and Performance Criteria
1. Identify and apply organisational requirements of legal principles and regulatory obligations
- 1.1. Source documents for legislation, regulations and policies relevant to the provision of financial products and services are sourced and accessed
- 1.2. Key legal principles and organisational implications relating to the provision of financial products and services are interpreted and analysed
- 1.3. The organisational requirements of these documents and their impact on work practices are identified in terms of procedural requirements
- 1.4. Procedural requirements relating to operational aspects of laws and regulations and codes of practice are executed in line with organisational policy
- 1.5. Role authorities and restrictions as identified in position profiles are complied with
- 1.6. Internal monitoring/audit program is implemented according to organisational and role requirements
- 1.7. Mechanism is established to ensure currency of regulatory literature is maintained
2. Identify changes and implications of laws, regulations, rules and circulars
- 2.1. Changed legislation, regulations and policies are identified and accessed in a timely manner and communicated in accordance with organisational policy
- 2.2. Operational procedures are reviewed to accurately reflect changes to regulation and legislation
- 2.3. Implications for products and services are identified and changes implemented in accordance with client, legislative and organisational requirements
3. Comply with any relevant industry or professional codes
- 3.1. Relevant industry codes of practice are sourced, accessed and applied to own work in accordance with organisational requirements
- 3.2. Key principles and responsibilities are interpreted in accordance with industry codes of practice with own interpretation and application of industry codes of practice confirmed and clarified as required with relevant persons
- 3.3. Impact of codes of practice on work practices is understood and implemented
4. Maintain statutory records
- 4.1. Relevant records are maintained and copies of any relevant agreements kept on file
- 4.2. Evidence of current authorisation, training and relevant licences are maintained in accordance with organisational, legal and regulatory requirements
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 legislation, regulations and policies may include:
applicable State and Territory legislation and regulations
Australian Securities and Investments Commission (ASIC) Act, policy and guidelines
Consumer Affairs Act
contract law
general law
Insurance Act
legislation and regulations administered by Australian Prudential Regulation Authority (APRA)
occupational health and safety (OHS) legislation
organisational codes of conduct
Privacy Act
social security regulations
Superannuation Acts and regulations
Taxation Acts and regulations
trust law
Workplace Relations Act, State Industrial Relations Acts, awards and enterprise agreements.
Organisational requirements may be outlined and reflected in:
access and equity principles and practice guidelines
business and performance plans
cash handling and storage procedures
complaints and dispute resolution procedures
dispute resolution processes
ethical standards, codes of practice
formal procedures manual and quality assurance documents
goals, objectives, plans, systems and processes
legal and organisational policies and guidelines
mission statements, strategic plans
OHS policies, procedures and programs
policies and procedures in relation to client service
product or service development
quality and continuous improvement process and standards
referral procedures
use of compliance documentation such as:
product disclosure statements
statements of advice.
Laws and regulations may include:
ASIC regulations and guidelines
Consumer Protection Acts
corporations law
Trade Practices Act.
Internal monitoring/audit programs may include:
audits of disclosure documentation
Financial Services Reform (FSR) document audits
loan document audits
monthly journal audits
qualification checks.
Relevant industry codes include:
CPA Australia Code of Practice
Banking Code of Practice
Mortgage Brokers Code of Practice
other codes of any financial services association or body.
Relevant records include:
statutory records
tax records
training records.
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 legislation, regulations and policies may include:
applicable State and Territory legislation and regulations
Australian Securities and Investments Commission (ASIC) Act, policy and guidelines
Consumer Affairs Act
contract law
general law
Insurance Act
legislation and regulations administered by Australian Prudential Regulation Authority (APRA)
occupational health and safety (OHS) legislation
organisational codes of conduct
Privacy Act
social security regulations
Superannuation Acts and regulations
Taxation Acts and regulations
trust law
Workplace Relations Act, State Industrial Relations Acts, awards and enterprise agreements.
Organisational requirements may be outlined and reflected in:
access and equity principles and practice guidelines
business and performance plans
cash handling and storage procedures
complaints and dispute resolution procedures
dispute resolution processes
ethical standards, codes of practice
formal procedures manual and quality assurance documents
goals, objectives, plans, systems and processes
legal and organisational policies and guidelines
mission statements, strategic plans
OHS policies, procedures and programs
policies and procedures in relation to client service
product or service development
quality and continuous improvement process and standards
referral procedures
use of compliance documentation such as:
product disclosure statements
statements of advice.
Laws and regulations may include:
ASIC regulations and guidelines
Consumer Protection Acts
corporations law
Trade Practices Act.
Internal monitoring/audit programs may include:
audits of disclosure documentation
Financial Services Reform (FSR) document audits
loan document audits
monthly journal audits
qualification checks.
Relevant industry codes include:
CPA Australia Code of Practice
Banking Code of Practice
Mortgage Brokers Code of Practice
other codes of any financial services association or body.
Relevant records include:
statutory records
tax records
training records.
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, accurately interpret and comply with relevant industry codes of practice and relevant laws and regulations
explain changes and implications of law, regulations, rules and circulars to clients and colleagues
accurately maintain statutory records in a timely manner.
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 financial services legislative and industry code 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
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
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, accurately interpret and comply with relevant industry codes of practice and relevant laws and regulations
explain changes and implications of law, regulations, rules and circulars to clients and colleagues
accurately maintain statutory records in a timely manner.
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 financial services legislative and industry code 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
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
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9645 | FNSCOMP501B | Comply with financial services legislation, industry and professional codes of practice | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR11 | FNSFMK505 | Comply with financial services regulation and industry codes of practice | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S735 | FNS60210 | Advanced Diploma of Accounting | Qualification |
| S718 | FNS50210 | Diploma of Accounting | Qualification |
| S733 | FNS51710 | Diploma of Applied Anti-Money Laundering and Counter Terrorism Financing Management | Qualification |
| D708 | FNS40811 | Certificate IV in Finance and Mortgage Broking | Qualification |
| D716 | FNS50311 | Diploma of Finance and Mortgage Broking Management | Qualification |
| D727 | FNS60711 | Advanced Diploma of Financial Licensing Management | Qualification |
| D715 | FNS41811 | Certificate IV in Financial Services | Qualification |
| D725 | FNS51811 | Diploma of Financial Services | Qualification |
| D728 | FNS60811 | Advanced Diploma of Integrated Risk Management | Qualification |
| D721 | FNS50811 | Diploma of Integrated Risk Management | Qualification |
| S717 | FNS50110 | Diploma of Personal Injury Management | Qualification |
| D724 | FNS51611 | Diploma of Securitisation | Qualification |
| D720 | FNS50711 | Diploma of Superannuation | Qualification |