Unit of competency Outline
Date retreived
22/07/2026 5:27 AM AWST
22/07/2026 5:27 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.
Apply principles of professional practice to work in the financial services industry
Apply principles of professional practice to work in the financial services industry
Unit of competency
National Code
FNSINC401
FNSINC401
State Code
AUR82
AUR82
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080305 - Personal Management Training
Original Release Date
16/09/2015
Nominal Hours
20
Description
This unit describes the skills and knowledge required to identify industry professional approaches to procedures, guidelines, policies and standards, including ethical requirements, and to model and meet expectations of these in all aspects of work.It applies to individuals who work in senior roles in the financial services industry and underpins other specialist units used in all sectors of the industry.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 scope, sectors and responsibilities of industry
- 1.1 Identify and consider external forces impacting on financial services industry while carrying out activities
- 1.2 Identify main sectors of financial services industry and interrelationship between sectors in carrying out activities
- 1.3 Identify roles and responsibilities of other participants in financial services industry in carrying out activities
2. Identify and apply guidelines, procedures and legislation
- 2.1 Collect, apply and analyse information on relevant legislation, regulations and codes of practice as applied to financial services industry
- 2.2 Clarify own work practice and regularly refine in light of relevant legislation, regulations and codes of practice, and organisational policy, guidelines and procedures
- 2.3 Apply relevant codes of practice in an ethical approach to workplace practice and decisions
3. Identify sustainability issues
- 3.1 Obtain and analyse information on sustainability policies, strategies and impacts on industry from a range of sources
- 3.2 Identify and promote environmental sustainability as an integral part of business planning and business opportunity
- 3.3 Incorporate and support triple bottom line principles in work planning
4. Manage information
- 4.1 Read and discuss with appropriate persons relevant documents and reports that could impact on work effectiveness and compliance
- 4.2 Analyse, evaluate and check documents, reports, data and numerical calculations to meet customer and organisational requirements
- 4.3 Present information in format appropriate for audience
5. Participate in and facilitate work team activities
- 5.1 Provide feedback to team members to encourage, value and reward individual and team efforts, and contributions
- 5.2 Actively encourage team members to participate in and take responsibility for team activities and communication processes
- 5.3 Support team to identify and resolve problems which impede its performance
- 5.4 Ensure own work serves as role model for others and enhances organisation's image and financial services industry
6. Plan work to be completed
- 6.1 Determine tasks to be done and identify relevant conditions to work autonomously or in team environment
- 6.2 Plan work to manage resources, time and priorities
- 6.3 Contribute to organisational planning process as required to achieve service improvement
- 6.4 Adapt to changes in technology and work organisation in timely manner
7. Develop and maintain personal competency
- 7.1 Identify and review personal professional development needs and goals on regular basis
- 7.2 Clarify and comply with competency, authorisation and licensing requirements
- 7.3 Seek professional development opportunities that reflect needs and goals in agreed timeframe
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| D4168 | FNSINC401A | Apply principles of professional practice to work in the financial services industry | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| OBR53 | FNSINC411 | Conduct work according to professional practices in the financial services industry | Unit of competency |