Unit of competency Outline
Date retreived
23/07/2026 1:22 AM AWST
23/07/2026 1:22 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.
Establish and prepare operational guidelines in a financial services organisation
Establish and prepare operational guidelines in a financial services organisation
Unit of competency
National Code
FNSORG603A
FNSORG603A
State Code
D4272
D4272
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
080101 - Accounting
Original Release Date
31/07/2014
Nominal Hours
50
Description
This unit describes the performance outcomes, skills and knowledge required to establish the scope of an organisation, identify relevant legislation, regulation and codes of practice, establish strategies for delivery of services, and distribute information on operational guidelines and correct implementation of operational procedures.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. Establish scope of the organisation
- 1.1. The scope of the organisation, including any service specialisations and restrictions, are identified and documented in the operational guidelines
- 1.2. Key external relationships and intended client groups are identified and documented in the operational guidelines
2. Identify legislation, regulations and codes of practice relevant to the organisation
- 2.1. The scope of the organisation is matched to legislation and regulations and compliance issues and procedures are identified and documented
- 2.2. The scope of the organisation is matched to industry codes of practice and compliance issues and procedures are incorporated into the operational guidelines
- 2.3. Ethical procedures and standards for the organisation are established and incorporated into the guidelines
3. Establish strategies for the delivery of services
- 3.1. Key positions, personnel, job descriptions and authorities are established for the organisation and documented in the operational guidelines
- 3.2. Administrative procedures including information flow requirements are established and documented in the operational guidelines
- 3.3. Internal and external resources available to assist in the delivery of services to clients are identified and incorporated into the operational guidelines
4. Arrange for distribution of information on operational guidelines
- 4.1. Mechanisms for distributing updates and amendments are established with opportunities for feedback and interpretation requests established
- 4.2. Operational guidelines are distributed to all relevant staff with briefings for new staff on the guidelines included as part of induction procedures
- 4.3. Sections of guidelines relevant to clients including client rights, performance standards and complaint procedures are communicated to clients and displayed where appropriate
5. Implement and monitor operational guidelines
- 5.1. Client service is established to requirements in operational guidelines
- 5.2. Reporting and monitoring procedures are established for research, client service, transactions, collection and processing of payments and receipts, legislative and regulatory reporting requirements, ongoing services and professional and ethical practices
- 5.3. Breaches in operational guidelines are identified and appropriate actions are taken
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.
Organisations may include:
accounting organisations
banks
credit unions
financial planning organisations
investment organisations
mortgage brokers
service providers
superannuation funds.
Relevant legislation and regulations may include:
anti-discrimination legislation (Commonwealth and State or Territory)
Banking Act
Commonwealth Criminal Code
Consumer Affairs Act
Consumer Credit Code
contract law
Corporations Act
Financial Services Reform Act (FSRA)
Financial Transaction Reports Act
Income Tax Assessment Act
Industrial legislation
Insurance Act
Insurance Contracts Act
Life Insurance Act
Privacy Act
Reserve Bank Act
Retirement Savings Account Act
stamp duty legislation
Superannuation Industry (Supervision) Act (SIS)
Taxation Act
Trade Practices Act
trust law
workers compensation Acts.
Administrative procedures may include:
accounting
cleaning and maintenance
courier
data storage
external consultants
legal
post
printing
procurement
provision of utilities
public relations
security
travel and transportation
warehousing.
Client service may be pre, point of, or post sale and may include:
complaints handling
conservation activity
inquiries
policy changes
reports
timely and accurate documentation
written communication.
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.
Organisations may include:
accounting organisations
banks
credit unions
financial planning organisations
investment organisations
mortgage brokers
service providers
superannuation funds.
Relevant legislation and regulations may include:
anti-discrimination legislation (Commonwealth and State or Territory)
Banking Act
Commonwealth Criminal Code
Consumer Affairs Act
Consumer Credit Code
contract law
Corporations Act
Financial Services Reform Act (FSRA)
Financial Transaction Reports Act
Income Tax Assessment Act
Industrial legislation
Insurance Act
Insurance Contracts Act
Life Insurance Act
Privacy Act
Reserve Bank Act
Retirement Savings Account Act
stamp duty legislation
Superannuation Industry (Supervision) Act (SIS)
Taxation Act
Trade Practices Act
trust law
workers compensation Acts.
Administrative procedures may include:
accounting
cleaning and maintenance
courier
data storage
external consultants
legal
post
printing
procurement
provision of utilities
public relations
security
travel and transportation
warehousing.
Client service may be pre, point of, or post sale and may include:
complaints handling
conservation activity
inquiries
policy changes
reports
timely and accurate documentation
written communication.
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 legislation and regulations
establish strategies for delivery of client service
test and assess the integrity of information systems
identify and address factors which may affect client service performance
assess risks and benefits associated with using a range of products and services
apply cost-benefit analysis to systems and procedures.
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 product information
access to an financial information systems and data.
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
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:
interpret and comply with relevant legislation and regulations
establish strategies for delivery of client service
test and assess the integrity of information systems
identify and address factors which may affect client service performance
assess risks and benefits associated with using a range of products and services
apply cost-benefit analysis to systems and procedures.
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 product information
access to an financial information systems and data.
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
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
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUS53 | FNSORG603 | Establish and prepare operational guidelines in a financial services organisation | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D728 | FNS60811 | Advanced Diploma of Integrated Risk Management | Qualification |
| D721 | FNS50811 | Diploma of Integrated Risk Management | Qualification |
| J604 | FNS60513 | Advanced Diploma of Superannuation | Qualification |