Unit of competency Outline

Date retreived
22/07/2026 9:30 AM AWST

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Comply with ethical and operational guidelines, legislation and regulations in financial planning

Comply with ethical and operational guidelines, legislation and regulations in financial planning

Unit of competency
National Code
FNSFPL621
State Code
OCI23
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
04/11/2020
View on TGA
State Implementation and Classification
Approved Date
11/03/2021
Field of Education
081105 - Investment And Securities
Original Release Date
11/03/2021
Nominal Hours
45
Description
This unit describes the skills and knowledge required to meet compliance requirements in financial planning work, including ethical and operational guidelines, industry codes of practice, legislation and regulations.The unit applies to those experienced in the financial planning industry who use specialised knowledge to review and check information in their own work to ensure quality standards are maintained.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Identify and apply compliance requirements to financial planning work
  • 1.1 Identify and access information on legislative, regulatory and industry codes of practice requirements relating to own work
  • 1.2 Apply compliance requirements in own work tasks
  • 1.3 Identify experts within practice, and regulatory advisory services external to practice, and seek their guidance on compliance where required
  • 1.4 Apply advice and guidance where required
2. Apply ethical standards and operational compliance guidelines to financial planning
  • 2.1 Identify principles and standards of ethical behaviour relating to own work
  • 2.2 Identify and check updates to operational compliance guidelines and apply to own work
  • 2.3 Identify experts within organisation responsible for interpreting identified guidelines and seek their assistance where required
  • 2.4 Check tasks to be completed that may raise doubt regarding their propriety, and clear with an expert source
3. Review compliance of own work
  • 3.1 Establish personal monitoring system to self-monitor own compliance with compliance requirements, ethical standards and operational guidelines
  • 3.2 Use monitoring system to confirm that own work meets legislative and regulatory requirements, ethical and operational guidelines, and industry codes of practice
  • 3.3 Identify where own performance does not meet compliance requirements and make necessary adjustments
  • 3.4 Seek feedback on identified required compliance adjustments from required stakeholders
No information
No information
State Code National Code Title Type
BFX2 FNS60920 Advanced Diploma of Paraplanning Qualification