FNSINC401A Apply principles of

professional practice to work in the

financial services industry

Release: 1
FNSINC401A Apply principles of professional practice to work in the financial services industry Date this document was generated: 5 October
2012

FNSINC401A Apply principles of professional practice to work in the

financial services industry

Modification History
Not applicable.

Unit Descriptor
Unit descriptor This unit describes the performance outcomes, skills and
knowledge required to identify industry professional
approaches to procedures, guidelines, policies and
standards, including ethical requirements and model and
meet expectations of these in all aspects of work.

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.

Application of the Unit

Application of the unit This unit covers skills required to work in senior roles in
the financial services industry and underpins other
specialist units used in all sectors of the industry.

Licensing/Regulatory Information
Not applicable.

Pre-Requisites
Prerequisite units

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© Commonwealth of Australia, 2012 Innovation and Business Skills Australia
FNSINC401A Apply principles of professional practice to work in the financial services industry Date this document was generated: 5 October
2012

Employability Skills Information

Employability skills This unit contains employability skills.

Elements and Performance Criteria Pre-Content

Elements describe the Performance criteria describe the performance needed to
essential outcomes of a demonstrate achievement of the element. Where bold
unit of competency. italicised text is used, further information is detailed in the
required skills and knowledge section and the range
statement. Assessment of performance is to be consistent
with the evidence guide.

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© Commonwealth of Australia, 2012 Innovation and Business Skills Australia
FNSINC401A Apply principles of professional practice to work in the financial services industry Date this document was generated: 5 October
2012

Elements and Performance Criteria

ELEMENT PERFORMANCE CRITERIA
1. Identify the scope, 1.1.External forces impacting on the financial services
sectors and industry are identified and considered in carrying out
responsibilities of the activities
industry 1.2.The main sectors of the financial services industry
and the interrelationship between sectors are
identified and considered in carrying out activities
1.3.The roles and responsibilities of other participants in
the financial services industry are identified and
considered in carrying out activities
2. Identify and apply 2.1.Information on relevant legislation, regulations and
financial services codes of practice is collected, analysed and
industry guidelines, effectively applied to the job role
procedures and 2.2.Own work practice is clarified and regularly refined
legislation in light of relevant legislation, regulations and codes
of practice and organisation policies, guidelines and
procedures
2.3.Relevant codes of practice are used to guide an
ethical approach to workplace practice and
decisions
3. Identify sustainability 3.1.Information on sustainability policies, strategies
issues for the and impacts on industry is obtained and from a
financial services range of sources and analysed
industry 3.2.Environmental sustainability is identified as an
integral part of business planning and promoted as a
business opportunity
3.3.Work planning incorporates and supports triple
bottom line principles
4. Manage information 4.1.Relevant documents and reports that could impact
on work effectiveness and compliance are read and
understood, and any implications discussed with
appropriate persons
4.2.Documents, reports, data and numerical calculations
are analysed, checked, evaluated and organised to
meet customer and organisation requirements
4.3.Information is presented in a format appropriate for
the audience
5. Participate in and 5.1.Provide feedback to team members to encourage,
facilitate work team value and reward individual and team efforts and
activities contributions
5.2.Actively encourage team members to participate in
and take responsibility for team activities and
communication processes

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© Commonwealth of Australia, 2012 Innovation and Business Skills Australia
FNSINC401A Apply principles of professional practice to work in the financial services industry Date this document was generated: 5 October
2012

ELEMENT PERFORMANCE CRITERIA

5.3.Give the team support to identify and resolve
problems which impede its performance
5.4.Ensure own contribution to work team serves as a
role model for others and enhances the organisation's
image within the work group the organisation and
with clients/customers
6. Plan work to be 6.1.Tasks to be done and relevant conditions are
completed taking into determined and work planned either for working
consideration time, autonomously or with others in a team environment
resources and other 6.2.Work is planned for a given period managing
constraints resources, time and priorities
6.3.Contributions are made to organisation planning
process as required to achieve service improvement
6.4.Changes in technology and work organisation are
adapted to in a timely manner
7. Develop and 7.1.Professional development needs and goals are
maintain personal identified and reviewed on a regular basis
competency 7.2.Competency, authorisation and licensing
requirements are clarified and complied with
7.3.Professional development opportunities that reflect
needs and goals are sought and completed in an
agreed upon timeframe

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© Commonwealth of Australia, 2012 Innovation and Business Skills Australia
FNSINC401A Apply principles of professional practice to work in the financial services industry Date this document was generated: 5 October
2012

Required Skills and Knowledge

REQUIRED SKILLS AND KNOWLEDGE

This section describes the skills and knowledge required for this unit.

Required skills
 well-developed communication skills to:
 determine and confirm work requirements, using questioning and active
listening as required
 relate to clients/customers and determine their needs
 liaise with others, share information, listen and understand
 use language and concepts appropriate to cultural differences
 well-developed numeracy and IT skills to:
 undertake a wide range of financial calculations
 use appropriate software for complex tasks such as specialist industry
information management systems, word processors, spreadsheets and databases
 access, evaluate and use internet information
 research and analysis skills for accessing interpreting and managing information
 well-developed literacy skills to read and interpret documentation from a variety of
sources and recording, gathering and consolidating financial information
 teamwork skills to work effectively and cooperatively with others and provide
team leadership as required
 planning skills to implement environmental and energy efficiency policies and
procedures relevant to the organisation
 organisational and time management skills to sequence tasks, meet timelines and
arrange meetings
 learning skills to:
 maintain knowledge of changes to organisation and industry requirements and
expectations
 comply with the most current legislative, regulatory and ethical requirements
 judgement skills for forming recommendations in operational situations
 problem solving skills to identify any issues that have the potential to impact on the
work role or outcome and to develop options to resolve these issues when they
arise
 self-management skills for complying with ethical, legal and procedural
requirements
Required knowledge
 environmental or sustainability legislation, regulations and codes of practice
applicable to industry and organisations
 industry and organisation policies and procedures and ethical behaviours in regard
to customer service and administration

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© Commonwealth of Australia, 2012 Innovation and Business Skills Australia
FNSINC401A Apply principles of professional practice to work in the financial services industry Date this document was generated: 5 October
2012

REQUIRED SKILLS AND KNOWLEDGE

 industry and organisation security practices and rationale
 internal administration systems such as accounting systems and databases
 principles, practices and available tools and techniques of sustainability
management relevant to the industry context
 relevant legislation and statutory requirements and industry codes of practice
including:
 Consumer Credit Code
 Privacy Act
 Credit Act
 Financial Transaction Reports Act
 Corporations Act (including Accounting Standards)
 Financial Services Reform Act (FSRA)
 the economic and political climate relating to the financial industry

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© Commonwealth of Australia, 2012 Innovation and Business Skills Australia
FNSINC401A Apply principles of professional practice to work in the financial services industry Date this document was generated: 5 October
2012

Evidence Guide
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 Evidence of the ability to:

assessment and evidence
 access, interpret and analyse product and service information
required to demonstrate
provided by industry sectors
competency in this unit
 interpret and comply with relevant legislation, regulations and
industry codes of practice and ethics applicable to the workplace
 recognise and implement sustainability principles and work
practices
 analyse, evaluate and organise relevant information
 plan work and maintain a team environment taking into account
any constraints and available resources
 identify and evaluate professional development opportunities.
Context of and specific Assessment must ensure:
resources for assessment
 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 specialist financial services software and data
 access to financial services industry and organisational policy,
procedures and codes of practice information.
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
 observing processes and procedures in workplaces or role plays
 verbal or written questioning on underpinning knowledge and
skills
 setting and reviewing workplace simulations or scenarios
 evaluating samples of work
 accessing and validating third party reports.

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© Commonwealth of Australia, 2012 Innovation and Business Skills Australia
FNSINC401A Apply principles of professional practice to work in the financial services industry Date this document was generated: 5 October
2012

EVIDENCE GUIDE

Guidance information for

assessment

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© Commonwealth of Australia, 2012 Innovation and Business Skills Australia
FNSINC401A Apply principles of professional practice to work in the financial services industry Date this document was generated: 5 October
2012

Range Statement
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.

External forces may  economic climate

include:  interest rates
 media, press and public relations reports
 political climate
 value of the dollar.
Main sectors may  accounting
include:  banking
 conveyancing
 credit and lending services
 credit management
 finance and mortgage broking
 financial markets
 financial planning
 insurance
 lending services
 loss adjusting
 mercantile management
 retail financial services
 risk management
 personal injury management.
Legislation, regulations  anti-discrimination legislation
and codes of practice  Anti-Money Laundering and Counter Terrorism
may include: Financing Acts
 Business Names legislation
 Consumer Credit Code
 Electronic Funds Transfer (EFT) code of conduct
 finance code of conduct
 Financial Services Reform Act (FSRA)
 Financial Transaction Reports Act
 industry codes of practice
 legislation covering competition, prudential regulation
 occupational health and safety (OHS) legislation

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© Commonwealth of Australia, 2012 Innovation and Business Skills Australia
FNSINC401A Apply principles of professional practice to work in the financial services industry Date this document was generated: 5 October
2012

RANGE STATEMENT
 Privacy Act.

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© Commonwealth of Australia, 2012 Innovation and Business Skills Australia
FNSINC401A Apply principles of professional practice to work in the financial services industry Date this document was generated: 5 October
2012

RANGE STATEMENT

Policies, guidelines and  best practice guidelines

procedures may  organisation and customer charters
include:  organisation codes of practice
 complaint and grievance procedures
 customer services statements
 franchise agreements
 induction program
 industry policy documents
 industry procedures manuals
 operating manuals.
Ethical approach to  conflict of interest
workplace practice and  duty of care
decisions may include:  full disclosure of remuneration and fees and other
conflicts of interest which may influence
recommendations
 good faith
 guidance from supervisor
 maintaining confidentiality
 mission statements
 non-discriminatory practices
 correct use of organisation:
 property
 resources
 authority.
Information on  Corporations Act, Section 169 (Director's Statement on
sustainability policies, environment)
strategies and impacts  Trade Practices Act Section 52 - Green marketing
on industry may  Australian Standard Greenhouse Gases Parts 1 and 3
include:  Department of Climate Change - National Greenhouse
Reporting Act
 National Environment Protection Council guidelines
 Greenhouse Gas Protocol
 Global Reporting Initiative (GRI)
 sustainability initiatives in standards, guidelines and
approaches such as:
 carbon trading
 ecological footprinting
 green office program
 green purchasing
 Greenhouse Challenge Plus

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© Commonwealth of Australia, 2012 Innovation and Business Skills Australia
FNSINC401A Apply principles of professional practice to work in the financial services industry Date this document was generated: 5 October
2012

RANGE STATEMENT
 life cycle analyses
 product stewardship
 supply chain management
 sustainability covenants and compacts
 triple bottom line reporting
 integrated approach to sustainability which includes
environmental, economic and social aspects, or a specific
approach that focuses on each aspect individually
 investigating particular business and market context of
the financial services industry and organisations
 meeting relevant laws, by laws and regulations or best
practice to support compliance in environmental
performance and sustainability at each level as required:
 international
 Commonwealth
 State or Territory
 industry
 organisation.

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© Commonwealth of Australia, 2012 Innovation and Business Skills Australia
FNSINC401A Apply principles of professional practice to work in the financial services industry Date this document was generated: 5 October
2012

RANGE STATEMENT

Triple bottom line  social

principles encompass:  economic
 environmental
 goals of sustainability for:
 people
 planet
 profit.
Calculations may be  bank balances and reconciliations
required for:  forecasts of capital growth
 income expected
 insurance premiums
 interest
 payments
 profits forecasts
 tax.
Feedback may refer to:  formal/informal gatherings between team members
where there is communication on work related matters
 informal communication of ideas and thoughts on
specific tasks, outcomes, decisions, issues or behaviours.
Format appropriate for  forms
the audience may  by telephone, facsimile or other electronic means
include:  in person
 written documentation.
Professional  coaching and mentoring
development  community courses
opportunities may  conferences
include:  e-learning
 in-house programs
 professional workshops.

Unit Sector(s)
Unit sector Industry capability

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© Commonwealth of Australia, 2012 Innovation and Business Skills Australia
FNSINC401A Apply principles of professional practice to work in the financial services industry Date this document was generated: 5 October
2012

Competency field
Competency field

Co-requisite units
Co-requisite units

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© Commonwealth of Australia, 2012 Innovation and Business Skills Australia