Unit of competency Outline

Date retreived
22/07/2026 8:30 AM 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 planning practice ethical and operational guidelines and regulations

Comply with financial planning practice ethical and operational guidelines and regulations

Unit of competency
National Code
FNSFPL501
State Code
AUR22
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081105 - Investment And Securities
Original Release Date
16/09/2015
Nominal Hours
50
Description
This unit describes the skills and knowledge required to comply with ethical and operational guidelines in one’s own work.It applies to individuals who use specialised knowledge to carefully review and check detailed information in their own work to ensure quality standards are maintained.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Identify and comply with legislative and regulatory requirements
  • 1.1 Identify sources of information on legislative, regulatory and industry codes of practice requirements
  • 1.2 Adhere to compliance requirements in financial planning practice
  • 1.3 Regularly access sources of relevant information, including updated memorandums, web pages and journals
  • 1.4 Identify experts within practice and external regulatory advisory services, and access for advice and guidance when required
2. Apply standards of ethical behaviour
  • 2.1 Identify principles and standards of ethical behaviours from training programs, peers, industry codes of practice and organisational guidelines
  • 2.2 Continually monitor work to ensure it meets ethical standards
  • 2.3 Check tasks to be completed that may raise doubt regarding their propriety, and clear with an expert source
3. Identify and comply with organisational operation guidelines
  • 3.1 Identify and regularly check updates to operational guidelines and apply to own work
  • 3.2 Identify experts within organisation responsible for interpretation of guidelines, and seek their assistance and contact when needed
  • 3.3 Establish personal monitoring system, including checklists and peer review mechanisms, to ensure compliance
  • 3.4 Identify and act on opportunities for professional development
No information
No information
State Code National Code Title Type
AVX5 FNS50615 Diploma of Financial Planning Qualification
AWC4 FNS40715 Certificate IV in Financial Practice Support Qualification