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Elements and Performance Criteria

Required Skills

Required skills

communication skills to

liaise and share information with others

communicate appropriately with people from diverse backgrounds

use computer applications word processing spreadsheet database specific purpose computer systems

access and update records electronically

access webbased information services

organisational skills to efficiently plan and sequence work

problem solving skills to address errors in life insurance documentation

research and analysis skills to

identify and interpret relevant information

effectively analyse information and data

maintain currency of products and services knowledge

reading skills to

read and understand relevant legislation regulation and codes of practice

read and interpret organisational procedures

selfmanagement skills to

monitor and adapt to changes in compliance issues

handle contingencies

writing skills to

accurately record information

draft organisational procedures

Required knowledge

client complaints handling procedures

compliance requirements of legislation regulation and codes of practice relevant to the financial services industry sector

duty of care principles

general obligations of a financial services adviser

organisations products and services

relevant agency agreements andor broker authority

relevant associations and ethics

Evidence Required

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

maintain knowledge of relevant industry codes

maintain knowledge of relevant laws and regulations

comply with operational aspects of laws regulations rules and circulars

explain changes and implications of law regulations rules and circulars when requested

comply with agencybroker agreement and professional indemnity obligations

comply with relevant industry codes

maintain statutory records

Context of and specific resources for assessment

Assessment must ensure

competency is demonstrated in the context of the 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 legislation industry and professional codes of practice and organisation policies and procedures

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge The following examples 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

simulated tasks involving preparation of reports from supplied data

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

Guidance information for assessment

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.

Relevant legislation, regulations and policiesmay include:	Australian Securities and Investments Commission (ASIC) Act, policy and guidelines including RG 146 Australian Prudential Regulation Authority (APRA) supervised regulation Taxation Acts and regulations Corporations Act Competition and Consumer Act 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, General and Trust Law Consumer Affairs legislation social security regulations Privacy Act Amendment (Private Sector) National Consumer Credit Protection Act Consumer Protection state based legislation
Organisational requirementsmay be outlined and reflected in:	use of compliance documentation (e.g. 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
Internal monitoring/audit programs may include:	monthly journal audits Financial Services Reform (FSR) document audits loan document audits audits of disclosure documentation qualification checks
Relevant industry and professional codesinclude:	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