Unit of competency Outline
Date retreived
22/07/2026 6:05 PM AWST
22/07/2026 6:05 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.
Comply with financial services legislation
Comply with financial services legislation
Unit of competency
National Code
FNSCMP501A
FNSCMP501A
State Code
WC233
WC233
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
090901 - Business And Commercial Law
Original Release Date
29/07/2014
Nominal Hours
40
Description
This unit describes the functions involved with ensuring compliance with financial laws, regulations, ethics and industry codes of practice on an organisational level.
Notes
Elements and Performance Criteria
1. Identify and apply organisational requirements of legal principles and regulatory obligations
- 1.1 Source documents for legislation, regulations and policies relevant to the provision of financial products and services are sourced and accessed
- 1.2 Key legal principles and organisational implications relating to the provision of financial products and services are interpreted and analysed
- 1.3 The organisational requirements of these documents and their impact on work practices are identified in terms of procedural requirements
- 1.4 Procedural requirements relating to operational aspects of laws and regulations and codes of practice are executed in line with organisational policy
- 1.5 Role authorities and restrictions as identified in position profiles are complied with
- 1.6 Internal monitoring/audit program is implemented according to organisational and role requirements
- 1.7 Mechanism is established to ensure currency of regulatory literature is maintained
2. Identify changes and implications of laws, regulations, rules and circulars
- 2.1 Changed legislation, regulations and policies are accessed in a timely manner
- 2.2 Changes to regulatory requirements are identified and communicated in line with organisational policy
- 2.3 Operational procedures are reviewed and reflect changes to regulation and legislation
- 2.4 Implications for products and services are identified and changes implemented in accordance with client, legislative and organisational requirements
3. Comply with any relevant industry or professional codes
- 3.1 Relevant industry and professional codes of practice are sourced, accessed and applied to own work in accordance with industry and organisational requirements
- 3.2 Key principles and responsibilities are interpreted in accordance with industry codes of practice
- 3.3 Own interpretation and application of industry codes of practice is confirmed and clarified as required with relevant persons
- 3.4 Impact of codes of practice on work practices is understood and implemented
- 3.5 Own ethical behaviour demonstrates a commitment to comply with industry and professional codes of practice
4. Maintain statutory records
- 4.1 Copies of relevant records are maintained
- 4.2 Copies of any relevant agreements are kept on file
- 4.3 Evidence of current authorisation, training and relevant licences are maintained in accordance with organisational, legal and regulatory requirements available
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.
Relevant legislation, regulations and policiesmay include:
Australian Securities and Investments Commission (ASIC) Act, policy and guidelines including RG 146
Australian Prudential Regulation Authority (APRA) supervised regulation
Taxation Acts and regulations
Corporations Act
Competition and Consumer Act
Workplace Relations Act, State Industrial Relations Acts, awards and enterprise agreements
occupational health and safety (OH&S) legislation
applicable state legislation and regulations
organisational codes of conduct
Contract, General and Trust Law
Consumer Affairs legislation
social security regulations
Privacy Act Amendment (Private Sector)
National Consumer Credit Protection Act
Consumer Protection state based legislation
Organisational requirementsmay be outlined and reflected in:
use of compliance documentation (e.g. Product Disclosure Statements, Statements of Advice)
legal and organisational policies/guidelines
policies and procedures in relation to client service
formal procedures manual and/or quality assurance documents
goals, objectives, plans, systems and processes
business and performance plans
mission statements, strategic plans
cash handling and storage procedures
teller cash count procedures
dispute resolution processes
referral procedures
access and equity principles an practice guidelines
ethical standards, codes of practice
product or service development
complaints and dispute resolution procedures
OH&S policies, procedures and programs
quality and continuous improvement process and standards
Internal monitoring/audit programs may include:
monthly journal audits
Financial Services Reform (FSR) document audits
loan document audits
audits of disclosure documentation
qualification checks
Relevant industry and professional codesinclude:
Life Insurance Code of Practice
Banking Code of Practice
Australian Society of Certified Practicing Accountants (ASCPA) Code of Practice
Mortgage Brokers Code of Practice
any ethical codes of any association or body to which the adviser belongs
Relevant legislation, regulations and policiesmay include:
Australian Securities and Investments Commission (ASIC) Act, policy and guidelines including RG 146
Australian Prudential Regulation Authority (APRA) supervised regulation
Taxation Acts and regulations
Corporations Act
Competition and Consumer Act
Workplace Relations Act, State Industrial Relations Acts, awards and enterprise agreements
occupational health and safety (OH&S) legislation
applicable state legislation and regulations
organisational codes of conduct
Contract, General and Trust Law
Consumer Affairs legislation
social security regulations
Privacy Act Amendment (Private Sector)
National Consumer Credit Protection Act
Consumer Protection state based legislation
Organisational requirementsmay be outlined and reflected in:
use of compliance documentation (e.g. Product Disclosure Statements, Statements of Advice)
legal and organisational policies/guidelines
policies and procedures in relation to client service
formal procedures manual and/or quality assurance documents
goals, objectives, plans, systems and processes
business and performance plans
mission statements, strategic plans
cash handling and storage procedures
teller cash count procedures
dispute resolution processes
referral procedures
access and equity principles an practice guidelines
ethical standards, codes of practice
product or service development
complaints and dispute resolution procedures
OH&S policies, procedures and programs
quality and continuous improvement process and standards
Internal monitoring/audit programs may include:
monthly journal audits
Financial Services Reform (FSR) document audits
loan document audits
audits of disclosure documentation
qualification checks
Relevant industry and professional codesinclude:
Life Insurance Code of Practice
Banking Code of Practice
Australian Society of Certified Practicing Accountants (ASCPA) Code of Practice
Mortgage Brokers Code of Practice
any ethical codes of any association or body to which the adviser belongs
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:
maintain knowledge of relevant industry codes
maintain knowledge of relevant laws and regulations
comply with operational aspects of laws, regulations, rules and circulars
explain changes and implications of law, regulations, rules and circulars when requested
comply with agency/broker agreement and professional indemnity obligations
comply with relevant industry codes
maintain statutory records.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the 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 financial services legislation, industry and professional codes of practice, and organisation policies and procedures.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples 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
simulated tasks involving preparation of reports from supplied data
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work.
Guidance information for assessment
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
maintain knowledge of relevant industry codes
maintain knowledge of relevant laws and regulations
comply with operational aspects of laws, regulations, rules and circulars
explain changes and implications of law, regulations, rules and circulars when requested
comply with agency/broker agreement and professional indemnity obligations
comply with relevant industry codes
maintain statutory records.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the 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 financial services legislation, industry and professional codes of practice, and organisation policies and procedures.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples 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
simulated tasks involving preparation of reports from supplied data
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9645 | FNSCOMP501B | Comply with financial services legislation, industry and professional codes of practice | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUQ79 | FNSCMP501 | Comply with financial services legislation | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D775 | FNS41512 | Certificate IV in Life Insurance | Qualification |
| D776 | FNS51312 | Diploma of Life Insurance | Qualification |