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Nationally Recognised Training

FNSFMK505A Comply with financial services legislation and industry codes of practice

Recognition of Prior Learning (RPL)

EasyRPL is the Leading provider of Recognition of Prior Learning (RPL) for FNSFMK505A Comply with financial services legislation and industry codes of practice. We focus on Skills Recognition for the full qualification. If required we can organise gap training where needed.


This unit describes the performance outcomes, skills and knowledge required to ensure compliance with financial laws, regulations, and industry codes of practice on an organisational level.

This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).


This unit has application to the financial markets and other financial services sectors and is applicable to job roles specifically dealing with compliance functions such as compliance officers and managers.

Required Skills

well-developed communication skills to:
determine and confirm legislative and organisational requirements
inform clients and colleagues of legislative and industry code of practice compliance requirements
liaise with others, share information, listen and understand
use language and concepts appropriate to cultural differences
IT skills to access internet information and manage record security
highly developed research and analysis for accessing, interpreting and managing complex information such as statutory requirements
well-developed literacy skills to:
read and interpret legislative and industry information
identify economic legislative factors which affect the organisation
produce reports and update organisational documentation and records
judgement skills for forming recommendations in complex situations
organisational skills including:
implementation of an internal, monitoring/audit program for staff and authority holders
the ability to plan and sequence work and work effectively in a constantly changing environment
self-management skills for complying with ethical, legal and procedural requirements

Required Knowledge

disclosure of capacity criteria
duty of care principles
general obligations of a financial services officer
laws of principal and agents
organisation's products and services
relevant agency agreements or broker authority
relevant industry codes of practice
relevant regulation pertaining to the financial services industry sector
statutory records a financial services organisation needs to maintain

Critical aspects for assessment and evidence requird to demonstrate competency in this unit

Evidence of the ability to:
access, accurately interpret and comply with relevant industry codes of practice and relevant laws and regulations
explain changes and implications of law, regulations, rules and circulars to clients and colleagues
accurately maintain statutory records in a timely manner.

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 policies may include:
applicable State and Territory legislation and regulations
Australian Securities and Investments Commission (ASIC) Act, policy and guidelines
Consumer Affairs Act
contract law
general law
Insurance Act
legislation and regulations administered by Australian Prudential Regulation Authority (APRA)
occupational health and safety (OHS) legislation
organisational codes of conduct
Privacy Act
social security regulations
Superannuation Acts and regulations
Taxation Acts and regulations
trust law
Workplace Relations Act, State Industrial Relations Acts, awards and enterprise agreements.
Organisational requirements may be outlined and reflected in:
access and equity principles and practice guidelines
business and performance plans
cash handling and storage procedures
complaints and dispute resolution procedures
dispute resolution processes
ethical standards, codes of practice
formal procedures manual and quality assurance documents
goals, objectives, plans, systems and processes
legal and organisational policies and guidelines
mission statements, strategic plans
OHS policies, procedures and programs
policies and procedures in relation to client service
product or service development
quality and continuous improvement process and standards
referral procedures
use of compliance documentation such as:
product disclosure statements
statements of advice.
Laws and regulations may include:
ASIC regulations and guidelines
Consumer Protection Acts
corporations law
Trade Practices Act.
Internal monitoring/audit programs may include:
audits of disclosure documentation
Financial Services Reform (FSR) document audits
loan document audits
monthly journal audits
qualification checks.
Relevant industry codes include:
CPA Australia Code of Practice
Banking Code of Practice
Mortgage Brokers Code of Practice
other codes of any financial services association or body.
Relevant records include:
statutory records
tax records
training records.

Licensing & Regulatory Information

Not applicable.

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