Unit of competency Outline

Date retreived
22/07/2026 8:04 AM AWST

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Make decisions in a legal context

Make decisions in a legal context

Unit of competency
National Code
FNSACC403A
State Code
D4035
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
31/07/2014
Field of Education
091103 - Legal Studies
Original Release Date
31/07/2014
Nominal Hours
60
Description
This unit describes the performance outcomes, skills and knowledge required to make decisions in a legal context. 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 main roles and responsibilities of the key bodies in the legal system
  • 1.1. The functions of the courts and other regulatory bodies relevant to the financial services industry are identified
  • 1.2. Implications of relevant legislation are identified and applied in operational activities
  • 1.3. Implications of common law, including negligence and contract, employment law and business structures, are identified and applied in making operational decisions
2. Identify compliance requirements
  • 2.1. Compliance requirements are interpreted accurately and applied within prescribed time limits
  • 2.2. Requirements are reviewed regularly in a comprehensive manner
  • 2.3. Legislative and regulatory sources of information are constantly reviewed to remain informed of changes and amendments to statutes and finance industry requirements
3. Develop procedures to ensure compliance
  • 3.1. Procedures are developed in consultation with others to address all the requirements to be met for compliance
  • 3.2. Compliance requirements are monitored to ensure that they are adhered to by the organisation
  • 3.3. Timetables to meet compliance requirements are established to align with statutory deadlines
Australian Consumer And Competition Commission (ACCC)
Australian Securities and Investments Commission (ASIC)
Australian Tax Office (ATO)
Commonwealth courts
High Court
Industrial Relations Court
State courts
Australian Securities Exchange.

consumer credit legislation
Department of Climate Change - National Greenhouse Reporting Act
Financial Transactions Reports Act
Global Reporting Initiative (GRI)
National Environment Protection Council
Privacy Act
Sale of Goods Acts
Stamp Duties Act
Taxation Act
The Greenhouse Gas Protocol
Trade Practices Act.

government publications
industry journals
industry networks
internet.

computer system documentation
internal control guidelines
operations manuals.

audits
contracts
policy and procedures
statutory requirements.

Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

access information on relevant courts and regulatory bodies
develop organisational procedures to meet compliance requirements
interpret and apply relevant legislation in operational activities
identify the main roles and responsibilities of key bodies in the legal system.

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.
internet access
relevant legislative and regulatory documentation.

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 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
Replaces
State Code National Code Title Type
C9597 FNSACCT404B Make decisions in a legal context Unit of competency
Replaced By
State Code National Code Title Type
WC230 FNSACC403B Make decisions in a legal context Unit of competency