Key Requirements of Relevant Legislation and Codes of Practice in Financial Services Industry

ASSESSMENT INFORMATION FOR STUDENTS
Throughout your training we are committed to your learning by providing a training and assessment
framework that ensures the knowledge gained through training is translated into practical on the job
improvements.
You are going to be assessed for:
Your skills and knowledge using written and observation activities that apply to the workplace.
Your ability to apply your learning.
Your ability to recognise common principles and actively use these on the job.
All of your assessment and training is provided as a positive learning tool. Your assessor will guide
your learning and provide feedback on your responses to the assessment materials until you have been
deemed competent in this unit.
HOW YOU WILL BE ASSESSED
The process we follow is known as competency-based assessment. This means that evidence of your
current skills and knowledge will be measured against national standards of best practice, not against
the learning you have undertaken either recently or in the past. Some of the assessment will be
concerned with how you apply your skills and knowledge in the workplace, and some in the training
room as required by each unit.
The assessment tasks have been designed to enable you to demonstrate the required skills and
knowledge and produce the critical evidence to successfully demonstrate competency at the required
standard.
Your assessor will ensure that you are ready for assessment and will explain the assessment process.
Your assessment tasks will outline the evidence to be collected and how it will be collected, for
example; a written activity, case study, or demonstration and observation.
The assessor will also have determined if you have any special needs to be considered during
assessment. Changes can be made to the way assessment is undertaken to account for special needs
and this is called making Reasonable Adjustment.
What if I believe I am already competent before training?
If you believe you already have the knowledge and skills to be able to demonstrate competence in this
unit, speak with your trainer, as you may be able to apply for Recognition of Prior Learning (RPL).
How should I format my assessments?
Your assessments should be typed in a 11 or 12 size font for ease of reading. You must include a
footer on each page with the student name, unit code and date. Your assessment needs to be submitted
as a hardcopy or electronic copy as requested by your trainer.
How long should my answers be?
The length of your answers will be guided by the description in each assessment, for example:
Type of Answer Answer Guidelines
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Short Answer 4 typed lines = 50 words
Long Answer 8 typed lines = 100 words
Brief Report 500 words = 1-page typed report
Mid Report 1,000 words = 2-page typed report
Long Report 2,000 words = 4-page typed report
How should I reference the sources of information I use in my assessments?
Include a reference list at the end of your work on a separate page. You should reference the sources
you have used in your assessments in the Harvard Style. For example:
Website Name – Page or document Name, retrieved (insert the date), webpage link.
For a book: Author surname, author initial Year of publication, Title of book, Publisher, City, State
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ASSESSMENT GUIDE
The following table shows you how to achieve a satisfactory result against the criteria for each type of
assessment task. The following is a list of general assessment methods that can be used in assessing a
unit of competency. Check your assessment tasks to identify the ones used in this unit of competency.
Assessment Method Satisfactory Result Non-Satisfactory Result
You will receive an overall
result of Competent or Not Yet
Competent for the unit. The
assessment process is made up
of a number of assessment
methods. You are required to
achieve a satisfactory result in
each of these to be deemed
competent overall. Your
assessment may include the
following assessment types.
Questions
All questions answered correctly Incorrect answers for one or
more questions
Answers address the question in full;
referring to appropriate sources from
your workbook and/or workplace
Answers do not address the
question in full. Does not refer
to appropriate or correct
sources.
Third Party Report
Supervisor or manager observes
work performance and confirms that
you consistently meet the standards
expected from an experienced
operator
Could not demonstrate
consistency. Could not
demonstrate the ability to
achieve the required standard
Written Activity
The assessor will mark the activity
against the detailed
guidelines/instructions
Does not follow
guidelines/instructions
Attachments if requested are
attached
Requested supplementary
items are not attached
All requirements of the written
activity are addressed/covered.
Response does not address the
requirements in full; is missing
a response for one or more
areas.
Responses must refer to appropriate
sources from your workbook and/or
workplace
One or more of the
requirements are answered
incorrectly.
Does not refer to or utilise
appropriate or correct sources
of information
Observation/
Demonstration
All elements, criteria, knowledge and
performance evidence and critical
aspects of evidence, are
demonstrated at the appropriate AQF
level
Could not demonstrate
elements, criteria, knowledge
and performance evidence
and/or critical aspects of
evidence, at the appropriate
AQF level
Case Study
All comprehension questions
answered correctly; demonstrating
an application of knowledge of the
Lack of demonstrated
comprehension of the
underpinning knowledge
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Assessment Method Satisfactory Result Non-Satisfactory Result
You will receive an overall
result of Competent or Not Yet
Competent for the unit. The
assessment process is made up
of a number of assessment
methods. You are required to
achieve a satisfactory result in
each of these to be deemed
competent overall. Your
assessment may include the
following assessment types.
topic case study. (remove) required to complete
the case study questions
correctly. One or more
questions are answered
incorrectly.
Answers address the question in full;
referring to appropriate sources from
your workbook and/or workplace
Answers do not address the
question in full; do not refer to
appropriate sources.
Practical Activity
All tasks in the practical activity
must be competed and evidence of
completion must be provided to your
trainer/assessor.
All tasks have been completed
accurately and evidence provided for
each stated task.
Tasks have not been
completed effectively and
evidence of completion has not
been provided.
Attachments if requested are
attached
Requested supplementary
items are not attached
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Assessment Cover
Sheet
Unit Code and
Name:
FNSINC401 Apply
principles of professional
practice to work in the
financial services industry
Student name: Student
Number:
Assessor Name: Date:
The following
questions are to be
completed by the
assessor:
Is the Student ready for assessment? Yes N
o
Has the assessment process been explained? Yes N
o
Does the Student understand which evidence is to be collected and
how? Yes N
o
Have the Student’s rights and the appeal system been fully
explained? Yes N
o
Have you discussed any special needs to be considered during
assessment? Yes N
o
The following
documents must be
completed and
attached:
 Project and Project Checklist
The student will complete the project tasks provided to them by the
assessor. The Project Checklist will be completed by the assessor.
S
N
Y
S
 Short Answer Questions and Short Answer Questions
Checklist
The student will answer a range of questions with written
responses. The Short Answer Questions Checklist will be
completed by the assessor.
S
N
Y
S
Student
Declaration
I agree to undertake
assessment in the
knowledge that
information gathered
will only be used for
professional
development purposes
and can only be
accessed by the RTO
I declare that:
The material I have
submitted is my own
work;
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I have kept a copy of
all relevant notes and
reference material that
I used in the
production of my
work;
I have given
references for all
sources of information
that are not my own,
including the words,
ideas and images of
others.
Student
Signature: Date:
ASSESSMENT COVER SHEET
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Result and Feedback
Feedback to Student:
Overall Outcome
Competent
Not yet
Competent
Assessor
Signature: Date:
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