Elements and Performance Criteria

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.


Corporations Law

ASIC Act

other legislation administered by ASIC

legislation and regulations administered by Australian Prudential Regulation Authority (APRA)

Taxation Acts and regulations

Life Act

Superannuation Acts and regulations

Workplace Relations Act, State Industrial Relations Acts, awards and enterprise agreements

occupational health and safety (OH&S) legislation

Privacy legislation

Trade Practices Act

applicable State legislation and regulations


those who need to authorise procedures, guidelines and so on, and those who are key to implementing them


financial advisors

accountants

practice managers


managed in compliance with Australian and New Zealand risk management standards or equivalent


general support staff

client service representatives

personal or clerical assistants

financial planners

para-planners

licensees

specialists

specific skilled personnel (eg account managers/ representatives, receptionists)


accredited training delivered by a registered training organisation (RTO)

in-house (structured/unstructured)

industry or common interest groups

external seminars

induction training

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

To achieve competency in this unit, a person must be able to demonstrate:

ability to identify the relevant legislation, regulations and codes of practice
knowledge of a wide range of available information sources
ability to develop strategies to obtain information not readily available within a practice
ability to assess risks and benefits associated with using legislation and regulation databases
ability to evaluate systems against practice requirements and form recommendations and/or make recommendations
ability to assess the accuracy and relevance of information
ability to apply cost-benefit analyses to systems and procedures
compliance with Australian and New Zealand risk management (or equivalent) standards

Evidence required for demonstration of consistent performance:
Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.

Delivery/assessment relationship to other units:
This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.
Evidence is most relevant when provided through an integrated activity which combines the elements of competency for the unit, or a cluster of units of competency.

Method of assessment:
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:
Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.
Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.

Resources required for assessment:
Assessment of this unit of competence requires access to relevant legislation, regulations and codes of practice.