Course Title: Promote understanding of the role and effective use of consumer credit
Part B: Course Detail
Teaching Period: Term1 2017
Course Code: BAFI5224C
Course Title: Promote understanding of the role and effective use of consumer credit
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: callie.harvey@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
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
None
Course Description
This unit describes the skills and knowledge required to explain the functions and implications of different forms of consumer credit as part of developing the financial skills of clients.
It applies to individuals who use a range of communication styles and techniques to provide comprehensive analysis of information in managerial support or service roles, particularly to clients with minimal financial awareness.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSCRD503 Promote understanding of the role and effective use of consumer credit |
Element: |
1. Identify types of appropriate consumer credit options for clients |
Performance Criteria: |
1.1 Identify clients’ financial situations, requirements and objectives in regards to consumer credit by making reasonable enquiries |
Element: |
2. Identify and discuss costs of using credit |
Performance Criteria: |
2.1 Explain relevant features, terms and conditions of appropriate consumer credit facilities to clients, with impacts and possible risks disclosed in a clear and concise manner |
Element: |
3. Promote effective use of consumer credit |
Performance Criteria: |
3.1 Discuss strategies to avoid excessive or unmanageable debt with clients in relation to their financial situations |
Element: |
4. Provide clients with information regarding credit reference reports |
Performance Criteria: |
4.1 Explain role of credit reference agencies to clients in plain language |
Learning Outcomes
Details of Learning Activities
In this course students will undertake a range of learning activities which will include:
An initial introduction to topics and techniques via a lecture, including the principles of finance, research techniques, business analysis and reporting information; tutorial-based exercises and questions related to the financial services environment; a range of group activities including a group project /assignment that will assist in developing and applying knowledge in different situations encountered in a business environment.
Self directed learning
Students will be required to prepare answers in their own time and to discuss answers with the other students and the teacher in class time. The self-directed exercises aim to provide students with feedback on their learning. Students can use this feedback to determine the progress of their learning, negotiate this with their teacher and set priorities in their workload.
Teaching Schedule
Induction Session
Prior to training commencement a program level induction session will be conducted that comprises the following:
Program overview and requirements
MyRMIT/Blackboard
Overview of assessment requirements
PreTraining
Recognition of Prior Learning and Credit Transfers
Assessment of current skills and knowledge
Competency/Grading Criteria
Plagiarism
Appeals
Extensions
Feedback
Privacy
Submission requirements
Resubmission policy
Where to get support
Student responsibilities
The Teaching Schedule for this course is attached to this document (Part B) but please note that it is subject to
change.
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 but also the amount of
effort required to undertake, evaluate and complete all assessment requirements, including any nonclassroom
activities including the self paced
activities in the workbooks.
Learning Resources
Prescribed Texts
References
Other Resources
Other Resources
Online learning materials can be accessed by going into the RMIT web sites Online Learning Hub.
The online learning materials listed include:
Course outlines
Power point Presentations
Course Workbooks
Supporting Reading material
Industry relevant articles
Activities
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Performance Evidence
Evidence of the ability to:
- comply with legislative requirements, industry regulations and code of conduct when identifying types of appropriate consumer credit options for clients and providing documentation
- explain the features, terms and conditions of the appropriate consumer credit facilities to clients, taking into account any special needs
- provide clients with a detailed analysis of the fees, costs and risks of appropriate consumer credit facilities
- identify for clients strategies to use appropriate consumer credit facilities effectively
- explain the consequences of a poor credit reference history to clients
Knowledge Evidence
To complete the unit requirements safely and effectively, you must:
- explain the effect of the current economic environment on an individual’s credit and debt options
- explain the advantages and disadvantages of credit
- describe the principles of lending and credit
- outline the key differences between secured and unsecured loans
- describe the key features of relevant legislative requirements, industry regulations and codes of conduct, and how they impact on dealings with clients
- define the roles and relationships between participants within the Australian financial services industry, including banks and other financial intermediaries
- describe key features, terms and conditions, and risks of a range of consumer credit facilities, including fees and costs
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the credit management field of work and include access to:
- common office equipment, technology and consumables
- financial services product information
- relevant software systems and data
- organisational policy and procedures
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
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.
Assessment Tasks
FNSCRD503 Promote understanding of the role and effective use of consumer credit
Assessment Tasks
Overview of Assessment
This course is codelivered and coassessed with the following competencies:
FNSASIC302 Develop, present and negotiate client solutions
FNSASIC301 Establish client relationship and analyse needs
FNSINC402 Develop and maintain in-depth knowledge of products and services used by an organisation or sector
Critical Aspects of assessment are described above in the performance evidence 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.
Task 1 – Supervised Assessment (Week 4)
In class supervised Assessment in 1st hour of class consisting of 10 short answer questions
For this Assessment Task you are required to demonstrate your knowledge by completing an open book in class supervised assessment comprised of a series of 10 short answer questions based on rapport building, Spam Act, NCCP, Credit Representatives, Australian Credit License, Approved product lists, fact finds,
The purpose of this task is to assess your understanding of the concepts and issues included in the topics from weeks 1 to 3. The duration of the assessment is one hour. This assessment will take place during your normal scheduled class time.
You are required to satisfactorily complete all questions in this task.
Task 2 Workplace Simulated Projects (Week 7) Assignment Activity Handed Out
Partnered Assignment of two Due Week 11
The purpose of the assessment is to enable you to demonstrate a breadth of understanding across all of the course material at an independent level. It assesses the knowledge you have obtained through undertaking the topic, your communication skills in presenting that knowledge and your problem-solving skills in answering the questions posed.
The assessment will be available on Blackboard in Week 7 and your teacher will provide you with guidance. You will have the opportunity to seek advice from your teacher on a number of check points throughout the semester referred to as learning audit dates.
Specifically, the aims of this assessment are for students to be able to do the following:
- Undertake research and document the findings into a business format document. The information should be written in plain English that can be easily read and understood by an everyday consumer.
- Understand and display knowledge of the various questions asked with the assignment.
You are required to satisfactorily complete all questions in this task.
Learning Audit Dates
You will be required to show drafts of your work to the teacher to received regular feedback before the final submission. The Assessment Schedule includes the weeks of the scheduled Learning Audit Dates.
Task 3 – Final Assessment Supervised Assessment (Week 14)
For this Assessment Task you are required to demonstrate your knowledge by completing an open book in class supervised assessment comprised of a series of theoretical and practical questions including: short answer and mini case studies. The purpose of this Task is to assess your understanding of the concepts and issues included in the topics from weeks 4 to 13.
This assessment will take place during your normal scheduled class time.
You are required to satisfactorily complete all questions in this task.
Your teacher, when giving feedback may ask you to identify key issues or clarify your understanding of specific information given in the assessment.
Assessment Matrix
Other Information
Submission Requirements
You should:
• 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.
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
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
Further information regarding the application of the grading criteria will be provided by your teacher
Course Overview: Access Course Overview