Document ID: chunk:federal_register_of_legislation:F2018L01804:reg:6
Version: federal_register_of_legislation:F2018L01804
Segment Type: reg
Provision Reference: reg 6
Character Range: 4420–6515

6  Outcomes and key competencies

Outcome of the professional year
 (1) The outcomes to be achieved through the professional year of a person are that, by the end of the year, the person:
 (a) is able to undertake all the activities specified in subsection (2); and
 (b) has acquired and satisfactorily demonstrated all the key competencies specified in subsection (3); and
 (c) has passed the exam approved by the Corporations (Relevant Providers Exam Standard) Determination 2018.

Activities
 (2) The activities are:
 (a) to analyse, compare and apply underlying principles and theories from relevant areas of technical competence to complete work assignments and make decisions, and to do so effectively; and
 (b) to integrate technical competence and professional skills in managing and completing work assignments; and
 (c) to understand and apply the Code of Ethics, including in relation to avoiding inappropriate personal advantage, and applying professional values and attitudes, to work assignments; and
 (d) to present information and recommendations, and explain ideas, orally and in writing in a clear confident and professional manner likely to be understood by retail clients; and
 (e) to make appropriate judgments on courses of action, drawing on professional values, ethics and attitudes; and
 (f) with appropriate consultation, to assess, research and develop appropriate solutions for complex business or client problems and issues.

Key competencies
 (3) The key competencies are:
 (a) technical competence: technical proficiency to ensure that advice strategies are appropriate to the objectives, financial situations and needs of different classes of retail clients;
 (b) client care and practice: the ability to act as a client-centric practitioner in advising both new and existing clients;
 (c) regulatory compliance and consumer protection: a satisfactory understanding of applicable legal obligations and how to comply with them; and
 (d) professionalism and ethics: the ability to act as an ethical professional.
 (4) Subsection (3) does not limit subsection (2).