FSPFCC04(SQA Unit Code-F88P 04) Ensure you comply with regulations in your financial services environment
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1 Ensure you comply with regulations in your financial services Overview This Standard is about working within the regulatory of the financial services industry. Most organisations within financial services have to operate within specific regulations. Those working in this must carry out their role in compliance with these regulations. To achieve this unit you will find out about the regulations which affect your role, and make sure that you comply with them. You will identify and correct any failures in compliance, reporting these when necessary. You will also make sure that you maintain your competence to do your job. FSPFCC04 1
2 Performance criteria You must be able to: P1 Find out about relevant regulatory information and evaluate the effect this has on your role P2 Ensure that you work within the regulatory framework appropriate to your job role and that you comply with regulatory requirements P3 Respond as appropriate to any actual or potential failures to comply with regulatory requirements P4 Respond to changes in your organisation's policies and procedures resulting from regulatory requirements P5 Maintain competence in your job role in accordance with regulatory requirements P6 Comply with legal requirements, industry regulations, including ethical standards and health and safety, organisational policies and professional codes FSPFCC04 2
3 Knowledge and understanding You need to know and understand: K1 K2 K3 K4 K5 K6 K7 How to find out about the relevant regulatory requirements which affect your role The agreed requirements of your job including the limits of your responsibilities Your organisation's policies and procedures for ensuring you comply with regulatory requirements Who to ask if you need clarification of the regulatory requirements How to recognise non-compliance and the consequences of noncompliance for you, your organisation and your customers The procedures to follow if you do not comply with regulatory requirements Your organisation's requirements relating to the application of codes, laws and regulatory requirements, including ethical standards and health and safety as they impact on your activities FSPFCC04 3
4 Additional Information Behaviours 1 You use information and knowledge effectively, efficiently and ethically FSPFCC04 4
5 Developed by Financial Skills Partnership Version number 1 Date approved September 2012 Indicative review date Validity Status Originating organisation Original URN September 2015 Current Original Financial Skills Partnership FSPFCC04 Relevant occupations Suite Finance Financial Services Core Competences Key words Self-development; work objectives; teamwork; work role; objectives; work relationships; communication; colleagues; regulatory; policy; procedure; compliance; non-compliance FSPFCC04 5
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