Unit of competency Outline

Date retreived
22/07/2026 3:12 PM AWST

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Comply with financial services legislation

Comply with financial services legislation

Unit of competency
National Code
FNSCMP501
State Code
AUQ79
TGA Status
Current
DTWD Status
Approved
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
090901 - Business And Commercial Law
Original Release Date
16/09/2015
Nominal Hours
40
Description
This unit describes the skills and knowledge involved in ensuring compliance with relevant provisions in financial laws, regulations, ethics and industry codes of practice at an organisational level.It applies to individuals with responsibility for operational aspects of laws, regulations, rules, circulars and company policies and procedures; understanding changes and implications of laws, regulations, rules and circulars; complying with any relevant codes; and maintaining statutory records.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Identify and apply organisational requirements of legal principles and regulatory obligations
  • 1.1 Source and access documents for legislation, regulations and policies relevant to provision of financial products and services
  • 1.2 Interpret and analyse legal principles and organisational implications relating to provision of financial products and services
  • 1.3 Identify organisational requirements of these documents and their impact on work practices in terms of procedural requirements
  • 1.4 Execute the procedural requirements relating to operational aspects of laws and regulations, and codes of practice in line with organisational policy
  • 1.5 Comply with role authorities and restrictions as identified in position profiles
  • 1.6 Implement internal monitoring/audit program according to organisational and role requirements
  • 1.7 Establish mechanisms to ensure maintenance and currency of regulatory literature
2. Identify changes and implications of laws, regulations, rules and circulars
  • 2.1 Access changed legislation, regulations and policies in a timely manner
  • 2.2 Identify and communicate changes to regulatory requirements in line with organisational policy
  • 2.3 Review operational procedures to reflect changes to regulation and legislation
  • 2.4 Identify implications for products and services and implement changes in accordance with client, legislative and organisational requirements
3. Comply with any relevant industry or professional codes
  • 3.1 Source, access and apply relevant industry and professional codes of practice to own work in accordance with industry and organisational requirements
  • 3.2 Interpret key principles and responsibilities in accordance with industry codes of practice
  • 3.3 Confirm and clarify own interpretation and application of industry codes of practice as required with relevant persons
  • 3.4 Understand and implement impact of codes of practice on work practices
  • 3.5 Demonstrate a commitment to comply with industry and professional codes of practice through own ethical behaviour
4. Maintain statutory records
  • 4.1 Maintain copies of relevant records
  • 4.2 Keep copies of any relevant agreements on file
  • 4.3 Maintain evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements available
No information
No information
Replaces
State Code National Code Title Type
WC233 FNSCMP501A Comply with financial services legislation Unit of competency