Assessor Resource

FNSPRM604A
Prepare, supervise and monitor application of practice guidelines

Assessment tool

Version 1.0
Issue Date: May 2024


This unit requires the application of management and professional skills and may be applied to a professional practice or to a discrete unit of a larger organisation in any sector of the financial services industry.

This unit does not cover the skills and knowledge required for meeting Australian Securities and Investments Commission (ASIC) requirements of an individual financial planning licensee or authorised representative.

This unit describes the performance outcomes, skills and knowledge required to implement organisational guidelines in a practice or business unit providing professional services.

This unit has application to a variety of 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.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

Employability Skills

This unit contains employability skills.



Evidence Required

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.

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:

test and assess the integrity of information sourced from a wide range of available information sources and develop strategies to attain information not readily available within a practice

identify and address factors which may affect practice and client service performance

assess risks and benefits associated with using a range of products and services within a practice

evaluate management systems against practice requirements and form and make recommendations

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 relevant legislation, regulations and codes of practice.

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 workplace projects and business simulations/scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

highly developed communication skills to:

determine and confirm practice guidelines and procedures, using questioning and active listening as required

liaise with peers, staff and external service providers, share information, listen and understand

use language and concepts appropriate to cultural differences

highly developed research skills for:

accessing and managing complex information from a wide variety of sources

interpreting complex data

coordinating multiple tasks across an organisation

highly developed literacy skills to read and interpret documentation from a variety of sources and produce high quality reports and organisational guidelines

IT skills for accessing and using appropriate software such as word processors, spreadsheets and databases and using internet information

management skills for working effectively in a constantly changing environment

interpersonal skills to establish rapport with peers, staff and clients

highly developed judgement skills for forming recommendations in senior organisational situations

organisational and time management skills to sequence tasks, meet timelines and arrange meetings

problem solving skills to identify business issues that have the potential to impact on the practice and to develop options to resolve these issues when they arise

self-management skills for complying with ethical, legal and procedural requirements

learning skills to maintain knowledge of changes to compliance legislation and best practice management techniques

teamwork skills

high level project management skills

Required knowledge

financial practice administrative processes and systems

financial practice documentation systems including registry and library processes

financial products and their characteristics and risk profile

human resources procedures

business development, marketing and advertising processes

project management processes and techniques

relevant acts, regulations and codes of practice impacting on the financial services industry

office IT systems and software

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.

Key external relationships may include:

clients

regulators

service providers

suppliers.

Legislation and regulations may include:

Australian Securities and Investments Commission (ASIC) Act,

Consumer Affairs Act

Consumer Credit Code

contract law

Corporations Act

industry codes of practice

Insurance Act

Life Insurance Act

Privacy Act

social security regulations

State and Territory legislation

Tax Act

Trade Practices Act

Trust law.

Codes of practice in the finance industry include but are not limited to those relating to:

accountants

financial advisers

practice managers.

Administrative procedures may include:

accounting

data storage and security

information flows

record keeping.

Client service may be pre, point of, or post sale and may include:

appropriate personal contact

complaints handling

conservation activity

inquiries

policy changes

reports

timely and accurate documentation

written communication.

Reporting and monitoring procedures are established for:

client advice and plan implementation

fee collection and processing

legislative and regulatory reporting requirements

ongoing services

professional and ethical practices

research and para-planning

transactions.

Corrective action may include:

clarification and correction of procedures and guidelines

counselling of staff

developing and implementing training.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
The scope of the practice or business unit including any service specialisations and restrictions are identified and documented in the organisation guidelines 
Key external relationships and the intended client groups are identified, defined and documented in the organisation guidelines 
The scope of the practice is matched to legislation, regulations and codes of practice and required compliance issues and procedures are identified 
Compliance issues, ethical procedures and standards for the practice are confirmed and incorporated into the practice guidelines 
Key positions, personnel, job descriptions and authorities are established for the practice and documented in the organisation guidelines 
Administrative procedures including information flow requirements and internal and external resources available to assist in the delivery of services to clients are established and documented in the organisation guidelines 
Organisation guidelines are finalised and distributed to all staff with mechanisms for distributing updates and amendments established 
Opportunities for feedback and interpretation requests are established and briefings for new staff on the guidelines are included in induction procedures 
Sections of guidelines relevant to clients including client rights, performance standards, complaint procedures, etc., are communicated to clients and displayed where appropriate 
Client service is established to requirements in organisation guidelines 
Reporting and monitoring procedures are established with any breaches of guidelines identified and corrective action taken 

Forms

Assessment Cover Sheet

FNSPRM604A - Prepare, supervise and monitor application of practice guidelines
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSPRM604A - Prepare, supervise and monitor application of practice guidelines

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: