Unit of competency Outline

Date retreived
22/07/2026 7:57 AM AWST

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Monitor and supervise work practices to meet financial services regulatory requirements

Monitor and supervise work practices to meet financial services regulatory requirements

Unit of competency
National Code
FNSORG504
State Code
AUS32
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
081101 - Banking And Finance
Original Release Date
16/09/2015
Nominal Hours
60
Description
This unit describes the skills and knowledge required to supervise staff and work practices within a defined area of responsibility, assess the effectiveness of workplace procedures, and implement regulatory and quality assurance measures.It applies to individuals who use a range of specialised and managerial techniques to manage their own work and supervise that of others.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. Communicate knowledge of relevant products and services offered
  • 1.1 Inform staff on financial products and services offered by organisation, and roles and requirements of industry organisations and service providers
  • 1.2 Define features and processes of specific products and services clearly so staff can promote them effectively
  • 1.3 Conduct research and continual professional development to maintain current knowledge of industry product and service developments
2. Monitor work for compliance with financial services regulatory framework
  • 2.1 Monitor work practices to ensure compliance with legislation relevant to financial services industry
  • 2.2 Supervise client interaction to ensure adherence to advisory limitations regulated by Australian Securities and Investments Commission (ASIC)
  • 2.3 Maintain compliance with government body information and regularly access sources of information involved in regulation of financial products and services
  • 2.4 Establish, maintain and monitor work systems with relevant documentation to ensure compliance with legislative guidelines
3. Supervise work within organisational policy, procedures and guidelines, and accepted industry codes of conduct
  • 3.1 Review organisational policy, procedures and guidelines for effectiveness
  • 3.2 Monitor work conducted for compliance with organisational policy, procedures and guidelines
  • 3.3 Implement organisational policy and procedures, and promote philosophy and objectives of organisation with cooperative peer work practices
  • 3.4 Monitor all work for adherence to accepted codes of conduct
4. Assess workplace procedures
  • 4.1 Identify processes and procedures within area of responsibility and review implementation of procedures
  • 4.2 Assess implementation of procedures for efficiency in attaining organisational goals
  • 4.3 Identify areas for improvement in procedures and make recommendations to appropriate personnel
5. Implement organisational quality assurance procedures
  • 5.1 Implement organisational quality assurance measures and systems as required
  • 5.2 Monitor quality assurance measures and outcomes, and document results regularly
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