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.


Australian Securities and Investments Commission (ASIC) Act, policy and guidelines including PS 146

legislation and regulations administered by Australian Prudential Regulation Authority (APRA)

Taxation Acts and regulations

Superannuation Acts and regulations

Workplace Relations Act, State Industrial Relations Acts, awards and enterprise agreements

occupational health and safety (OH&S) legislation

applicable state legislation and regulations

organisational codes of conduct

Contract Law

General Law

Trust Law

Consumer Affairs Act

social security regulations

Insurance Act

Privacy Act Amendment (Private Sector) 2000


use of compliance documentation (eg Product Disclosure Statements, Statements of Advice)

legal and organisational policies/guidelines

policies and procedures in relation to client service

formal procedures manual and/or quality assurance documents

goals, objectives, plans, systems and processes

business and performance plans

mission statements, strategic plans

cash handling and storage procedures

teller cash count procedures

dispute resolution processes

referral procedures

access and equity principles an practice guidelines

ethical standards, codes of practice

product or service development

complaints and dispute resolution procedures

OH&S policies, procedures and programs

quality and continuous improvement process and standards


ASIC

Trade Practices

Consumer Protection

Corporation Law

compliance with professional and ethical codes may include organisations such as:

LISA, ALA and FPA, GAMA and LIMRA


monthly journal audits

Financial Services Reform (FSR) document audits

loan document audits

audits of disclosure documentation

qualification checks


Life Insurance Code of Practice

Banking Code of Practice

Australian Society of Certified Practicing Accountants (ASCPA) Code of Practice

Mortgage Brokers Code of Practice

any ethical codes of any association or body to which the adviser belongs


tax records

training records

statutory records


life offices

life brokers

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

To achieve competency in this unit, a person must be able to demonstrate:

knowledge of relevant industry codes
knowledge of relevant laws and regulations
ability to comply with operational aspects of laws, regulations, rules and circulars
ability to explain changes and implications of law, regulations, rules and circulars when requested
ability to comply with agency/broker agreement and professional indemnity obligations
ability to comply with relevant industry codes
ability to maintain statutory records

Evidence required for demonstration of consistent performance:
Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.

Delivery/assessment relationship to other units:
This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.
Evidence is most relevant when provided through an integrated activity which combines the elements of competency for the unit, or a cluster of units of competency.

Method of assessment:
For valid and reliable assessment of this unit, evidence must be gathered through a range of methods to indicate consistent performance.
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:
This unit may be assessed in a simulated work environment. Assessment of performance requirements in the unit should be undertaken in an industry context.

Resources required for assessment:
Unless otherwise specified, there are no significant resource implications for assessment of this unit, apart from access to a relevant workplace or closely simulated office environment and the use of a range of office equipment, technology and consumables. These may include routine commercial computer hardware, software, telephones, facsimiles, and other relevant office equipment found in a financial services workplace.