Unit of competency Outline

Date retreived
23/07/2026 5:22 AM AWST

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Lead compliance with financial services legislation and industry codes of practice

Lead compliance with financial services legislation and industry codes of practice

Unit of competency
National Code
FNSINC801
State Code
AWF26
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
14/01/2016
View on TGA
State Implementation and Classification
Approved Date
12/05/2016
Field of Education
081101 - Banking And Finance
Original Release Date
12/05/2016
Nominal Hours
70
Description
This unit describes the skills and knowledge required to manage organisational processes and compliance with finance industry regulations and industry codes of practice at an organisational level.It applies to individuals who use specialised knowledge and skills to evaluate complex information and compliance requirements and apply to relevant tasks. Individuals typically lead and review organisation wide activities, exercise significant autonomy, responsibility and accountability and contribute to the strategic goals and operations of the organisation. They review, critically analyse, consolidate and synthesise knowledge to generate ideas and provide solutions to complex problems. No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Evaluate organisational requirements of regulatory obligations
  • 1.1 Research and access source documents for regulations relevant to provision of financial products and services
  • 1.2 Evaluate procedural requirements of source documents and their impact on organisational requirements and work practices
  • 1.3 Implement procedural requirements in line with organisational policy
  • 1.4 Establish role authorities and restrictions in position profiles and organisational procedures
  • 1.5 Design and implement internal monitoring or audit program according to organisational requirements
2. Analyse changes to regulations and procedural implications
  • 2.1 Design and establish systems to ensure currency of regulatory information and requirements
  • 2.2 Establish and lead processes to communicate changes to regulations and policies in a timely manner in accordance with organisational policy
  • 2.3 Review operational procedures to accurately reflect changes to regulations
  • 2.4 Evaluate and communicate implications of change for products and services in accordance with client, regulatory and organisational requirements
3. Manage compliance with relevant industry or professional codes
  • 3.1 Evaluate implications of industry codes of practice relevant to organisational operations
  • 3.2 Oversee the execution of changes to organisational policies, procedures and practices to align with industry codes of practice
4. Review processes for maintaining statutory records
  • 4.1 Establish a system to maintain relevant records and documentary requirements
  • 4.2 Oversee maintenance of evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements
No information
No information
Replaced By
State Code National Code Title Type
OBR73 FNSINC811 Lead compliance with financial services regulations and industry codes of practice Unit of competency