Unit of competency Outline
Date retreived
22/07/2026 3:30 PM AWST
22/07/2026 3:30 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.
Review financial plans and provide ongoing service
Review financial plans and provide ongoing service
Unit of competency
National Code
FNSFPL505A
FNSFPL505A
State Code
D4143
D4143
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
19/03/2012
Field of Education
081105 - Investment And Securities
Original Release Date
19/03/2012
Nominal Hours
40
Description
This unit describes the performance outcomes, skills and knowledge required to monitor the implementation and progress of financial plans and establish ongoing client service arrangements.It encompasses discussing and confirming arrangements and procedures for ongoing service with clients, establishing procedures for providing ongoing service and undertaking or supervising review of a financial plan.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Notes
Elements and Performance Criteria
1. Discuss and confirm arrangements for ongoing service
- 1.1. Ongoing service options are identified for the client and appropriate options recommended
- 1.2. The ongoing standard of service is proposed for the client including quality parameters, reporting frequency and arrangements for reviews and client initiated changes
- 1.3. Fees and charges for ongoing service are explained and confirmed to the client
- 1.4. An agreement for ongoing service is developed when agreement is reached
2. Establish procedures for providing ongoing service
- 2.1. Personnel to implement each action in the ongoing service arrangements are identified and briefed
- 2.2. Internal and external documentation requirements are identified and followed
- 2.3. Key revision dates are diarised and client contact arrangements established
- 2.4. Monitoring procedures are established for critical timings and priorities and client objectives are periodically reviewed
3. Undertake and/or supervise review of financial plan
- 3.1. Arrangements are established for reviewing the ongoing relevance and performance of the financial plan
- 3.2. Arrangements are made for reviewing quality of ongoing service with the authorised representative ensuring the quality of ongoing service meets organisation and regulatory requirements
- 3.3. Instructions are issued to internal and external personnel as per plan requirements with checks and follow-ups made on lodgement of documentation to ensure plan timings are met
- 3.4. Fees and charges are obtained by the authorised representative and processed according to organisation and legislative requirements
- 3.5. Clear arrangements are established for clients to contact representatives at any time with concerns or queries
RANGE STATEMENT
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.
Documentation may include, but is not limited to:
computer and manual applications
disclaimers
disclosures
Eligible Termination Payment (ETP) forms
insurance policies
prospectus
receipts
written advice.
Legislative requirements may include:
Australian Securities and Investments Commission (ASIC) Act, policy and guidelines
Consumer Affairs Act
Consumer Credit Code
contract law
Corporations Act
industry codes of practice
Insurance Act
Life Insurance Act
Privacy Act
social security regulations
State and Territory legislation
Taxation Acts
Trade Practices Act
trust law.
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.
Documentation may include, but is not limited to:
computer and manual applications
disclaimers
disclosures
Eligible Termination Payment (ETP) forms
insurance policies
prospectus
receipts
written advice.
Legislative requirements may include:
Australian Securities and Investments Commission (ASIC) Act, policy and guidelines
Consumer Affairs Act
Consumer Credit Code
contract law
Corporations Act
industry codes of practice
Insurance Act
Life Insurance Act
Privacy Act
social security regulations
State and Territory legislation
Taxation Acts
Trade Practices Act
trust law.
EVIDENCE GUIDE
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:
comply withrelevant legislation and regulations and industry codes of conduct and meet organisational operating practises
effectively discuss, negotiateand confirm arrangements for ongoing service with clients including undertaking or supervising review of a financial plan and assessing outcomes against changing needs of the client
use in-depth knowledge of the financial planning industry, industry regulations and codes of practice, financial products, financial markets and investment characteristics
assess impacts of taxation, social security, economic and other government policies on client investment and financial requirements
recognise and act promptly upon signs that modifications to the plan are required and gain client feedback on, and agreement to, modifications
develop ongoing service agreements for clients and maintain accurate documentation of records and data of implementation and review.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services 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.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, 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
verbal or written questioning on underpinning knowledge and skills which may include formal examinations
setting and reviewing workplace projects and business simulations/scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
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:
comply withrelevant legislation and regulations and industry codes of conduct and meet organisational operating practises
effectively discuss, negotiateand confirm arrangements for ongoing service with clients including undertaking or supervising review of a financial plan and assessing outcomes against changing needs of the client
use in-depth knowledge of the financial planning industry, industry regulations and codes of practice, financial products, financial markets and investment characteristics
assess impacts of taxation, social security, economic and other government policies on client investment and financial requirements
recognise and act promptly upon signs that modifications to the plan are required and gain client feedback on, and agreement to, modifications
develop ongoing service agreements for clients and maintain accurate documentation of records and data of implementation and review.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services 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.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, 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
verbal or written questioning on underpinning knowledge and skills which may include formal examinations
setting and reviewing workplace projects and business simulations/scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9698 | FNSFPLN505B | Review financial plan and provide ongoing service | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR40 | FNSFPL505 | Review financial plans and provide ongoing service | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S722 | FNS50610 | Diploma of Financial Planning | Qualification |
| D719 | FNS50611 | Diploma of Financial Planning | Qualification |
| S706 | FNS40710 | Certificate IV in Financial Practice Support | Qualification |