Unit of competency Outline
Date retreived
22/07/2026 2:04 AM AWST
22/07/2026 2:04 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.
Work effectively in the financial services industry
Work effectively in the financial services industry
Unit of competency
National Code
FNSINC301A
FNSINC301A
State Code
D4167
D4167
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
120505 - Work Practices Programmes
Original Release Date
29/07/2014
Nominal Hours
45
Description
This unit describes the performance outcomes, skills and knowledge required to correctly interpret and apply industry and organisation procedures, guidelines, policies, ethical standards and sustainability requirements to day-to-day work in the financial services industry.This unit has application to all financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Work within financial services industry guidelines, procedures and legislation
- 1.1. Guidelines, procedures, legislation and codes of practice applying to the financial industry are identified and the effects on everyday work determined
- 1.2. Workplace procedures and instructions for environmentally sustainable work practices are recognised and followed and any potential improvements suggested to appropriate personnel
- 1.3. Work tasks are carried out in accordance with specific organisation policy, guidelines and procedures
- 1.4. Work tasks undertaken meet the organisation philosophy, values and objectives in relation to customer service, professional practice and ethical principles
- 1.5. Assistance in clarifying the application of the guidelines, procedures and legislation is sought from appropriate personnel where necessary
2. Communicate in the workplace
- 2.1. Effective listening and speaking skills are used in verbal communication
- 2.2. Instructions or enquiries are responded to promptly and in accordance with organisational requirements
- 2.3. Presentation of written information meets organisational standards of style, format and accuracy
- 2.4. Communication is used to develop and maintain positive relationships, mutual trust and confidence
3. Work safely
- 3.1. Established safety procedures are followed when conducting work
- 3.2. Designated persons are identified for reporting queries and concerns about safety in the workplace
- 3.3. Actions are taken to eliminate workplace hazards or to reduce risk
- 3.4. Organisational procedures are followed for responding to emergency incidents
4. Use workplace technology
- 4.1. Relevant information management systems and databases are accessed and used according to organisational procedures
- 4.2. Proprietary or organisational software is used effectively to develop workplace documents, input and extract data and make calculations
5. Work in a team environment
- 5.1. Support to team members is provided to ensure work group goals are met
- 5.2. Constructive contribution is made to work group goals and tasks
- 5.3. Information relevant to work with work group is shared to ensure designated goals are met
- 5.4. Opportunities for improvement of work group activity are shared with work group members
6. Develop effective work habits
- 6.1. Work and personal priorities are identified and planned to achieve a balance between any competing priorities
- 6.2. Time management strategies are applied to work duties
- 6.3. Appropriate dress and behaviour codes as required by the workplace, job role or customer contact are followed
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.
Guidelines, procedures, legislation and codes of practice may include:
anti-discrimination legislation
Electronic Funds Transfer (EFT) code of conduct
relevant environmental legislation
finance code
Financial Services Reform Act (FSRA)
Financial Transaction Reports Act
industry codes of practice
legislation covering competition, prudential regulation
occupational health and safety (OHS) legislation
Privacy Act
Anti-Money Laundering and Counter Terrorism Financing Acts.
Environmentally sustainable work practices include:
improving energy efficiency
increasing use of resources that are:
renewable
recyclable
reusable
recoverable
recognising opportunities to reduce emissions of greenhouse gases
reducing use of non-renewable resources.
Appropriate personnel may include:
colleagues
human resources staff
managers or supervisors
mentors.
Organisation policy, guidelines, and procedures may include:
best practice guidelines
organisation and customer charters
organisation codes of practice
complaint and grievance procedures
customer services statements
induction program
industry policy documents
industry procedures manuals
operating manuals.
Organisation philosophy, values and objectives may include:
best practice guidelines
organisation and customer charters
guidance from supervisor
mission statements.
Verbal communication may include:
answering enquiries from clients
answering telephone calls
informal discussions
requests from colleagues
use of voice mail.
Standards may include:
ethical behaviour expectations
legislation
organisational policies and procedures
specified work standards
standards set by work group.
Safety procedures may include:
completing required documentation
displaying health and safety brochures, magazines and other material
following OHS guidelines relevant to workplace
keeping workplace clean and tidy
local, State or Territory and Commonwealth legislation
office practice manual
undergoing operator training when using new equipment or processes.
Designated persons may include:
designated health and safety officers
managers
other persons authorised or nominated by the enterprise or industry
supervisors
team leaders.
Risk is:
the chance of something occurring in the workplace or when carrying out job role activities that could result in injury or damage to self or others.
Proprietary or organisational software may include
client contact systems
custom designed financial software
databases
spreadsheets
word processers.
Support to team members may include:
explaining and clarifying
helping colleagues
problem solving
providing encouragement
providing feedback to a team member
undertaking extra tasks if necessary.
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.
Guidelines, procedures, legislation and codes of practice may include:
anti-discrimination legislation
Electronic Funds Transfer (EFT) code of conduct
relevant environmental legislation
finance code
Financial Services Reform Act (FSRA)
Financial Transaction Reports Act
industry codes of practice
legislation covering competition, prudential regulation
occupational health and safety (OHS) legislation
Privacy Act
Anti-Money Laundering and Counter Terrorism Financing Acts.
Environmentally sustainable work practices include:
improving energy efficiency
increasing use of resources that are:
renewable
recyclable
reusable
recoverable
recognising opportunities to reduce emissions of greenhouse gases
reducing use of non-renewable resources.
Appropriate personnel may include:
colleagues
human resources staff
managers or supervisors
mentors.
Organisation policy, guidelines, and procedures may include:
best practice guidelines
organisation and customer charters
organisation codes of practice
complaint and grievance procedures
customer services statements
induction program
industry policy documents
industry procedures manuals
operating manuals.
Organisation philosophy, values and objectives may include:
best practice guidelines
organisation and customer charters
guidance from supervisor
mission statements.
Verbal communication may include:
answering enquiries from clients
answering telephone calls
informal discussions
requests from colleagues
use of voice mail.
Standards may include:
ethical behaviour expectations
legislation
organisational policies and procedures
specified work standards
standards set by work group.
Safety procedures may include:
completing required documentation
displaying health and safety brochures, magazines and other material
following OHS guidelines relevant to workplace
keeping workplace clean and tidy
local, State or Territory and Commonwealth legislation
office practice manual
undergoing operator training when using new equipment or processes.
Designated persons may include:
designated health and safety officers
managers
other persons authorised or nominated by the enterprise or industry
supervisors
team leaders.
Risk is:
the chance of something occurring in the workplace or when carrying out job role activities that could result in injury or damage to self or others.
Proprietary or organisational software may include
client contact systems
custom designed financial software
databases
spreadsheets
word processers.
Support to team members may include:
explaining and clarifying
helping colleagues
problem solving
providing encouragement
providing feedback to a team member
undertaking extra tasks if necessary.
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:
apply broad understanding of the relevant financial industry and the way it operates to work to be carried out
access, interpret and comply with organisation policy and procedures
communicate effectively with others and act as an effective team member
use proprietary and industry specific software effectively in day-to-day activities
interpret and comply with relevant workplace legislation and codes of practice
perform work within a quality customer service environment
work in a safe and environmentally sustainable manner.
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
access to financial services industry and organisational policy, procedures and codes of practice information.
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
setting and reviewing business simulations or 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:
apply broad understanding of the relevant financial industry and the way it operates to work to be carried out
access, interpret and comply with organisation policy and procedures
communicate effectively with others and act as an effective team member
use proprietary and industry specific software effectively in day-to-day activities
interpret and comply with relevant workplace legislation and codes of practice
perform work within a quality customer service environment
work in a safe and environmentally sustainable manner.
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
access to financial services industry and organisational policy, procedures and codes of practice information.
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
setting and reviewing business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9754 | FNSICIND301B | Work in the financial services industry | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR92 | FNSINC301 | Work effectively in the financial services industry | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D703 | FNS30311 | Certificate III in Accounts Administration | Qualification |
| S695 | FNS30310 | Certificate III in Accounts Administration | Qualification |
| D701 | FNS20111 | Certificate II in Financial Services | Qualification |
| D702 | FNS30111 | Certificate III in Financial Services | Qualification |
| S692 | FNS20110 | Certificate II in Financial Services | Qualification |
| S693 | FNS30110 | Certificate III in Financial Services | Qualification |
| S697 | FNS30510 | Certificate III in General Insurance | Qualification |
| D704 | FNS30511 | Certificate III in General Insurance | Qualification |
| S698 | FNS30610 | Certificate III in Insurance Broking | Qualification |
| S716 | FNS41710 | Certificate IV in Insurance Broking | Qualification |
| D775 | FNS41512 | Certificate IV in Life Insurance | Qualification |
| S696 | FNS30410 | Certificate III in Mercantile Agents | Qualification |