Unit of competency Outline
Date retreived
23/07/2026 2:31 AM AWST
23/07/2026 2:31 AM 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.
Implement financial plans to predetermined guidelines
Implement financial plans to predetermined guidelines
Unit of competency
National Code
FNSFPL403A
FNSFPL403A
State Code
D4138
D4138
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
30/05/2011
Field of Education
081105 - Investment And Securities
Original Release Date
30/05/2011
Nominal Hours
40
Description
This unit describes the performance outcomes, skills and knowledge required to implement financial plans where the implementation actions are routine or predetermined.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. Establish administrative actions needed to implement financial plan
- 1.1. Financial plan is checked to verify that implementation actions are within the planner's skills, knowledge and authority
- 1.2. Implementation actions are established which are consistent with client needs and specifications and prioritised with timings for each action established to maximise advantage to the client
- 1.3. Implementation diaries and other appropriate records are established
2. Undertake required actions for implementation of financial plan
- 2.1. Implementation instructions are issued to internal and external personnel as per plan requirements
- 2.2. Checks and follow up actions are made on lodgement of documentation to ensure plan timings are met
- 2.3. Fees and charges are obtained and processed according to organisation and legislative requirements and codes of practice
- 2.4. Implementation actions are completed an documented
3. Establish administrative actions needed to review financial plan
- 3.1. Standard operating procedures are established for reviewing ongoing performance of the plan
- 3.2. The quality of ongoing service meets organisation and regulatory requirements with any special arrangements agreed to with the client
- 3.3. Review instructions are issued to internal and external personnel as per plan requirements
- 3.4. Arrangements are made for checks and follow-up on lodgement of documentation to ensure plan timings are met
- 3.5. Fees and charges are obtained and processed according to organisation and legislative requirements
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.
Implementation actions include
actions delegated to internal or external staff
those undertaken by the financial planner.
Documentation may include:
computer and manual applications
disclaimers
disclosures
Eligible Termination Payment (ETP) forms
insurance policies
prospectus
receipts
written advice.
Legislative requirements and codes of practice may include:
Australian Securities and Investments Commission (ASIC) Act, policies and guidelines
Consumer Affairs Act
Consumer Credit Code
contract law
Corporations Act
industry codes of practice
Insurance Act
Life 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.
Implementation actions include
actions delegated to internal or external staff
those undertaken by the financial planner.
Documentation may include:
computer and manual applications
disclaimers
disclosures
Eligible Termination Payment (ETP) forms
insurance policies
prospectus
receipts
written advice.
Legislative requirements and codes of practice may include:
Australian Securities and Investments Commission (ASIC) Act, policies and guidelines
Consumer Affairs Act
Consumer Credit Code
contract law
Corporations Act
industry codes of practice
Insurance Act
Life 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:
Interpret and comply with relevant legislative requirements
effectively implement the financial plan
apply knowledge of the financial planning industry, industry regulations and codes of practice to planning tasks
apply knowledge of financial products, financial markets and investment characteristics
apply knowledge of roles of associated financial advisers, impacts of taxation, social security, economic and other government policies on client investment and financial requirements
establish appropriate audit trails and effectively compile records and data.
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
observing processes and procedures in workplaces or role plays
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:
Interpret and comply with relevant legislative requirements
effectively implement the financial plan
apply knowledge of the financial planning industry, industry regulations and codes of practice to planning tasks
apply knowledge of financial products, financial markets and investment characteristics
apply knowledge of roles of associated financial advisers, impacts of taxation, social security, economic and other government policies on client investment and financial requirements
establish appropriate audit trails and effectively compile records and data.
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
observing processes and procedures in workplaces or role plays
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 |
|---|---|---|---|
| C9693 | FNSFPLN403B | Implement financial plan to predetermined guidelines | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR18 | FNSFPL403 | Implement financial plans to predetermined guidelines | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S706 | FNS40710 | Certificate IV in Financial Practice Support | Qualification |