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.

Courts and other regulatory bodies include:
Australian Consumer and Competition Commission (ACCC)
Australian Securities and Investments Commission (ASIC)
Australian Tax Office (ATO)
Australian Securities Exchange
Australian Prudential Regulation Authority
Commonwealth and state courts
state and territory consumer affairs bodies
Tax Practitioners Board (TPB).
Relevant legislation includes:
Australian commercial law
Australian taxation law (including the Tax Agents Services Act)
Australian corporations law
Australian competition law
consumer credit legislation
Financial Transactions Reports Act
Privacy Act
Sale of Goods Acts
Stamp Duties Act
TPB Guidelines

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:
demonstrate knowledge and understanding of the Australian legal system such that current statute, common law and equitable principles can be applied, to particular fact circumstances in order to provide advice
access information on relevant legislation, statutes, regulation and legal judgements
draw conclusions having regard to the facts and relevant law
develop organisational procedures to meet compliance requirements
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
internet access
relevant legislative and regulatory documentation.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
analysis of responses to case studies and scenarios
direct questioning combined with review of portfolios of evidence and third-party workplace reports of on-the-job performance by the candidate
observation of role plays
review of documentation outlining legal obligations, criteria and purpose
oral or written questioning to assess knowledge of legal terminology, practice and application
conducting a summative assessment of knowledge.
Guidance information for assessment
Where assessment of this unit is designed to meet regulatory requirements, users must refer to the appropriate regulator or current guidelines published on the IBSA website www.ibsa.org.au (under training packages/financial services).