List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Identify and comply with legislative and regulatory requirements | 1.1 Identify sources of information on legislative, regulatory and industry codes of practice requirements 1.2 Adhere to compliance requirements in financial planning practice 1.3 Regularly access sources of relevant information, including updated memorandums, web pages and journals 1.4 Identify experts within practice and external regulatory advisory services, and access for advice and guidance when required |
2. Apply standards of ethical behaviour | 2.1 Identify principles and standards of ethical behaviours from training programs, peers, industry codes of practice and organisational guidelines 2.2 Continually monitor work to ensure it meets ethical standards 2.3 Check tasks to be completed that may raise doubt regarding their propriety, and clear with an expert source |
3. Identify and comply with organisational operation guidelines | 3.1 Identify and regularly check updates to operational guidelines and apply to own work 3.2 Identify experts within organisation responsible for interpretation of guidelines, and seek their assistance and contact when needed 3.3 Establish personal monitoring system, including checklists and peer review mechanisms, to ensure compliance 3.4 Identify and act on opportunities for professional development |
Evidence of the ability to:
follow organisational procedures and comply with regulations relating to financial planning practice
demonstrate expected standards of ethical behaviour.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
outline the key requirements of relevant legislation and regulation impacting on financial planning and explain their application to financial planning job roles
describe the key features and requirements of:
current government financial policy
organisational operational procedures
industry codes of practice
describe the principles and standards of ethical behaviours in financial planning
outline the key sources of financial planning information and expert or specialist personnel who can provide advice
identify and describe opportunities for professional development and learning.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial planning field of work and include access to:
office equipment, technology, software and consumables.
Assessors must satisfy NVR/AQTF assessor requirements.