Course Title: Facilitate customer awareness of the Australian financial system and markets
Part B: Course Detail
Teaching Period: Term2 2016
Course Code: ACCT5396C
Course Title: Facilitate customer awareness of the Australian financial system and markets
School: 650T Vocational Business Education
Campus: City Campus
Program: C4369 - Certificate IV in Banking Services
Course Contact: Callie Harvey
Course Contact Phone: +61 3 9925 5772
Course Contact Email: firstname.lastname@example.org
Name and Contact Details of All Other Relevant Staff
Your Course Coordinator and Teacher for this course in Semester 2, 2016 will be:
Claude Marasco, Phone: 9925 1651
Office Hours Monday - Thursday, by appointment only.
Nominal Hours: 40
Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Pre-requisites and Co-requisites
This unit describes the skills and knowledge required to develop customer awareness of how the monetary and financial systems and markets operate in Australia, with the aim of enhancing basic consumer financial literacy.
It applies to individuals who use specialised knowledge to build relationships and provide financial counselling to contribute to the development of financial literacy in others.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title:
FNSFLT502 Facilitate customer awareness of the Australian financial system and markets
1. Explain to customers the function and role of Reserve Bank of Australia (RBA)
1.1 Communicate role of Reserve Bank of Australia (RBA) as Australia’s central bank and differences between RBA and other banking institutions to customers
1.2 Explain importance and effect of RBA’s monetary policy on the Australian economy and consumers’ personal finances to customers in plain language
1.3 Explain role of bank in maintaining financial stability and regulating the Australian Payments System to customers
2. Outline role of money and Australia's monetary base
2.1 Identify and discuss society’s motivations for holding money and various functions of money with customers
2.2 Explain impact of changes in supply of money to customers in plain language
3. Outline main features of the Australian financial markets
3.1 Identify and communicate purpose of financial markets and major markets in the Australian financial system to customers
3.2 Discuss role of banks and financial institutions as financial intermediaries with customers
3.3 Outline, in basic language, the role and function of short-term money market and types of products it deals in for customers
4. Provide information to customers about regulation of financial system
4.1 Identify role of independent regulation in the financial system and main regulators of financial system, and discuss their roles with customers
4.2 Provide examples of protection afforded individuals by regulators to customers
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom based activities, class discussions, debate and reviews. In-class activities will account for 32 of the total nominal hours of 40 allocated to this cluster of three courses. The 8 hours of self-directed learning by students will be taken-up by work on their assessments outside scheduled class time. It is expected that all students participate and contribute in all scheduled learning activities.
The self-paced activities will be delivered thought various technology platforms and include your contribution to wikis and discussion threads, reflective journals, quizzes and interactive sessions. The collaborative classroom based activities will include group discussion, group problem-solving activities and opportunities to practice your skills in a simulated/real workplace environment. Please note that the format for classes will be a three-hour class per session.
Prior to training commencement a program level induction session will be conducted that comprises the following:
- Program overview and requirements
- Overview of assessment requirements
- Pre-Training Review including:
- Recognition of Prior Learning and Credit Transfers
- Assessment of current skills and knowledge
- Competency/Grading Criteria
- Submission requirements
- Resubmission policy
- Where to get support
- Student responsibilities
The Teaching Schedule for this course is as follows but please note that it is subject to change as per the Course Coordinators discretion.
Introduction to the course and RMIT requirements
Financial system and markets: structure, role and participants
|2||11/7/2016||Financial system and markets: structure, role and participants continued|
|3||18/7/2016||Defining money; measuring Money Supply and its importance|
|4||25/7/2016||Money and economic activity; The Quantity Theory of Exchange and the Credit Creation Process||Assessment 1 Due|
|5||1/8/2016||The role and function of the Reserve Bank of Australia|
|6||8/8/2016||Implementing monetary policy|
|7||15/8/2016||How APRA prudentially supervises and regulates Approved Deposit-taking Institutions|
|8||22/8/2016||Revision: the role of money, financial markets, RBA and APRA’s role and activities|
|Mid-Semester Break: 29/8/2016 - 2/9/2016|
|9||5/9/2016||Role Play Practice or Assessments||Assessment 2|
|10||12/9/2016||Role Play Assessments||Assessment 2|
|11||19/9/2016||Key features of the Financial Services Reform Act and its Impact on Financial Markets|
|12||26/9/2016||Role of ASIC in regulating companies and protecting investors|
|13||3/10/2016||Uniform Consumer Credit code; recent credit and credit card reforms, Banking code of Conduct; recent reforms to Australian banking, Privacy Act|
Victorian consumer credit legislation and debt recovery
Revision for In-class Open Book Test
|15||17/10/2016||In-Class open-book Test||Assessment 3|
|16||24/10/2016||Any Re-assessments and Resits (if necessary)|
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes bit also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Long, Aitken, Seddon & Alison (2016) Principles of Professional Practice, 7th Edition, Better Teams Publications. This is the same text as prescribed for Applied Principles of Professional Practice. It can be ordered direct from the publisher from their website learnnowbiz.com
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Evidence of the ability to:
- explain clearly to customers the features and roles of the participants in the Australian financial system and markets
- convert complex information into plain language that may be understood by a variety of people with minimal financial market knowledge
To complete the unit requirements safely and effectively, you must:
- identify the functions of money and motivations for holding money
- list instruments traded on the short-term money market
- identify and explain the key features of the Australian financial system and markets, and state of the economic environment
- describe key features of relevant industry codes of practice and legislation relating to privacy, consumer credit and protection, and debt recovery
- identify and explain the roles and relationships between participants in the Australian financial services industry, including:
- the Reserve Bank of Australia
- banks and other financial intermediaries
- key regulators
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial literacy field and include access to:
- office equipment, technology, software and consumables
- Australian financial system and markets information
You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.
Feedback will be provided throughout the semester in class and/or online discussions. You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.
You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.
Critical Aspects of Assessment
The critical aspects of assessments are described above in the Performance Evidence requirements for this course.
The assessments for this course have been designed to allow participants to apply their learning to particular simulated work scenarios and demonstrate their competence in a variety of ways.
You are required to complete 3 assessments in this course and you must successfully complete all three assessment tasks to achieve competency in this course.
There are three assessment tasks, all of which must be passed for students to get a CAG (competency grade )or higher.
TASK 1 - Assignment (Due: End of week 4, 29/7/2016) - 20% of final mark
For this assessment students will be undertaking an assignment consisting of True/False and short answer questions covering the purpose of and major financial markets in Australia.
To be deemed competent in this assessment, students in their answers must be able to cover and show an understanding of Elements 2 and 3.
TASK 2 – Role Play (In-Class in Week 10 but may be completed in two parts commencing from week 9) - 30% of final mark
For this assessment, students will work in groups of up to three. Each student will take turns in the role of customer, and the role of the financial services advisor/customer services officer. When taking the role of the financial advisor, their customers will ask approximately four questions and each student taking the role of the financial advisor will be expected to provide customers with answers and/or advice to their questions. The questions and hence student’s answers must show competence in explaining to customers the Australian financial system, its safeguards, how interest rates change, why, and their effects.
Students will undertake practice sessions with their teacher, in-class beforehand.
TASK 3 - In class, supervised, open-book test (Week 15) - 50% of final mark
For this task you will undertake an open book in class supervised test during your normal class time. This will be based on legal aspects of the Australian financial system and markets. Revision for this test will be conducted in week 14, in class.
The purpose of these three assessment tasks is to provide you with the skills and knowledge required to find new clients, sell them products and services, provide good customer service to these clients and how the quality of customer service can consistently be improved across an organisation.
To be deemed competent students must demonstrate an understanding of all elements of a competency. Assessment methods have been designed to measure achievement of each competency in a flexible manner over multiple tasks. Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met.
All competency based assessments for this course must be completed to achieve competency, a CA. The grade applied will only be awarded if a CA has been achieved in all compulsory assessment tasks. Grades for each assessment after competency has been achieved are from lowest to highest, CA-ENT (Enterprise), CA-HGH (High) and CA-EXC (Excellent).
If a student has been marked NYC (Not Yet Competent) in any of the assessment tasks, then competency, a CA has not been obtained. If a CA is achieved on re-assessment then only a competent – enterprise (CA-ENT) will be granted for that assessment.
Reassessments will only be granted to students who were either unsuccessful in the first attempt or have an approved special consideration application.
To be deemed competent in this unit the participant will be required to demonstrate all indicators which are shown in the Assessment Record and Cover Sheet for each assessment and the Graded Assessment Grading Sheet. The indicators described above are detailed further in this document together with the three assessments.
• Ensure that you submit assessments on or before the due date.
• Always retain a copy of your assessment tasks. (hard copy and soft copy)
• When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on blackboard.
• Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, Callie Harvey, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.
Late Submission Procedures
You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.
If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.
More Information: http://www.rmit.edu.au/students/assessment/extension
Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf
Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.
More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w
Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf
Resubmissions (VET Programs):
If you are found to be unsuccessful in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.
If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.
Adjustments to Assessment
In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website:
More Information: http://rmit.edu.au/browse;ID=7usdbki1fjf31
Marking Guide (Competency):
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.
Marking Guide (Grading)
After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:
Final Grades table:
CHD - Competent with High Distinction
CDI - Competent with Distinction
CC - Competent with Credit
CAG - Competency Achieved – Graded
NYC - Not Yet Competent
DNS - Did Not Submit for assessment.
Further information regarding the application of the grading criteria will be provided by your teacher.
Course Overview: Access Course Overview