Unit of competency Outline
Information current as of
21/10/2026 9:52 PM AWST
21/10/2026 9:52 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.
Prepare, supervise and monitor application of practice guidelines
Prepare, supervise and monitor application of practice guidelines
Unit of competency
National Code
FNSPRM604A
FNSPRM604A
State Code
D4307
D4307
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
28/07/2014
Original Release Date
24/11/2010
Nominal Hours
60
Field of Education
080303 - Human Resource Management
Description
This unit describes the performance outcomes, skills and knowledge required to implement organisational guidelines in a practice or business unit providing professional services.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.
General notes
N/A
Elements and Performance Criteria
1. Establish scope of the practice
- 1.1. The scope of the practice or business unit including any service specialisations and restrictions are identified and documented in the organisation guidelines
- 1.2. Key external relationships and the intended client groups are identified, defined and documented in the organisation guidelines
2. Identify legislation, regulations and codes of practice relevant to the practice
- 2.1. The scope of the practice is matched to legislation, regulations and codes of practice and required compliance issues and procedures are identified
- 2.2. Compliance issues, ethical procedures and standards for the practice are confirmed and incorporated into the practice guidelines
3. Establish strategies for the delivery of services
- 3.1. Key positions, personnel, job descriptions and authorities are established for the practice and documented in the organisation guidelines
- 3.2. Administrative procedures including information flow requirements and internal and external resources available to assist in the delivery of services to clients are established and documented in the organisation guidelines
4. Arrange for distribution of information on organisation guidelines
- 4.1. Organisation guidelines are finalised and distributed to all staff with mechanisms for distributing updates and amendments established
- 4.2. Opportunities for feedback and interpretation requests are established and briefings for new staff on the guidelines are included in induction procedures
- 4.3. Sections of guidelines relevant to clients including client rights, performance standards, complaint procedures, etc., are communicated to clients and displayed where appropriate
5. Implement and monitor operational procedures and guidelines
- 5.1. Client service is established to requirements in organisation guidelines
- 5.2. Reporting and monitoring procedures are established with any breaches of guidelines identified and corrective action taken
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.
Key external relationships may include:
clients
regulators
service providers
suppliers.
Legislation and regulations may include:
Australian Securities and Investments Commission (ASIC) Act,
Consumer Affairs Act
Consumer Credit Code
contract law
Corporations Act
industry codes of practice
Insurance Act
Life Insurance Act
Privacy Act
social security regulations
State and Territory legislation
Tax Act
Trade Practices Act
Trust law.
Codes of practice in the finance industry include but are not limited to those relating to:
accountants
financial advisers
practice managers.
Administrative procedures may include:
accounting
data storage and security
information flows
record keeping.
Client service may be pre, point of, or post sale and may include:
appropriate personal contact
complaints handling
conservation activity
inquiries
policy changes
reports
timely and accurate documentation
written communication.
Reporting and monitoring procedures are established for:
client advice and plan implementation
fee collection and processing
legislative and regulatory reporting requirements
ongoing services
professional and ethical practices
research and para-planning
transactions.
Corrective action may include:
clarification and correction of procedures and guidelines
counselling of staff
developing and implementing training.
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.
Key external relationships may include:
clients
regulators
service providers
suppliers.
Legislation and regulations may include:
Australian Securities and Investments Commission (ASIC) Act,
Consumer Affairs Act
Consumer Credit Code
contract law
Corporations Act
industry codes of practice
Insurance Act
Life Insurance Act
Privacy Act
social security regulations
State and Territory legislation
Tax Act
Trade Practices Act
Trust law.
Codes of practice in the finance industry include but are not limited to those relating to:
accountants
financial advisers
practice managers.
Administrative procedures may include:
accounting
data storage and security
information flows
record keeping.
Client service may be pre, point of, or post sale and may include:
appropriate personal contact
complaints handling
conservation activity
inquiries
policy changes
reports
timely and accurate documentation
written communication.
Reporting and monitoring procedures are established for:
client advice and plan implementation
fee collection and processing
legislative and regulatory reporting requirements
ongoing services
professional and ethical practices
research and para-planning
transactions.
Corrective action may include:
clarification and correction of procedures and guidelines
counselling of staff
developing and implementing training.
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:
test and assess the integrity of information sourced from a wide range of available information sources and develop strategies to attain information not readily available within a practice
identify and address factors which may affect practice and client service performance
assess risks and benefits associated with using a range of products and services within a practice
evaluate management systems against practice requirements and form and make recommendations
apply cost-benefit analysis to systems and 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 relevant legislation, regulations and codes of practice.
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 workplace projects and business simulations/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:
test and assess the integrity of information sourced from a wide range of available information sources and develop strategies to attain information not readily available within a practice
identify and address factors which may affect practice and client service performance
assess risks and benefits associated with using a range of products and services within a practice
evaluate management systems against practice requirements and form and make recommendations
apply cost-benefit analysis to systems and 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 relevant legislation, regulations and codes of practice.
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 workplace projects and business simulations/scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUS81 | FNSPRM604 | Prepare, supervise and monitor application of practice guidelines | Unit of competency |
