Unit of competency Outline

Date retreived
22/07/2026 10:02 PM AWST

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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
FNSFMK515
State Code
OBR52
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
01/07/2020
View on TGA
State Implementation and Classification
Approved Date
02/10/2020
Field of Education
081101 - Banking And Finance
Original Release Date
02/10/2020
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 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 Identify, access and communicate changed regulations and policies according to organisational policy, within organisational time frames
  • 2.2 Review operational procedures to reflect changes to regulations
  • 2.3 Identify implications for products and services
  • 2.4 Implement changes according to client, regulatory and organisational requirements
3. Monitor compliance with relevant industry and 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
  • 3.3 Implement internal monitoring and audit program according to organisational and role requirements
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 according to organisational, legal and regulatory requirements
No information
No information
Replaces
State Code National Code Title Type
AUR11 FNSFMK505 Comply with financial services regulation and industry codes of practice Unit of competency