Course Title: Comply with financial planning practice ethical and operational guidelines and regulations

Part B: Course Detail

Teaching Period: Term2 2017

Course Code: BAFI5212C

Course Title: Comply with financial planning practice ethical and operational guidelines and regulations

School: 650T Vocational Business Education

Campus: City Campus

Program: C5343 - Diploma of Financial Planning

Course Contact: Callie Harvey

Course Contact Phone: +61 3 9925 5772

Course Contact Email:

Name and Contact Details of All Other Relevant Staff

Andrew Shiangolis


Nominal Hours: 50

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


Course Description

This unit describes the skills and knowledge required to comply with ethical and operational guidelines in one’s own work.

It applies to individuals who use specialised knowledge to carefully review and check detailed information in their own work to ensure quality standards are maintained.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSFPL501 Comply with financial planning practice ethical and operational guidelines and regulations


1. Identify and comply with legislative and regulatory requirements

Performance Criteria:

1.1 Identify sources of information on legislative, regulatory and industry codes of practice requirements 1.2 Adhere to compliance requirements in financial planning practice 1.3 Regularly access sources of relevant information, including updated memorandums, web pages and journals 1.4 Identify experts within practice and external regulatory advisory services, and access for advice and guidance when required


2. Apply standards of ethical behaviour

Performance Criteria:

2.1 Identify principles and standards of ethical behaviours from training programs, peers, industry codes of practice and organisational guidelines 2.2 Continually monitor work to ensure it meets ethical standards 2.3 Check tasks to be completed that may raise doubt regarding their propriety, and clear with an expert source


3. Identify and comply with organisational operation guidelines

Performance Criteria:

3.1 Identify and regularly check updates to operational guidelines and apply to own work 3.2 Identify experts within organisation responsible for interpretation of guidelines, and seek their assistance and contact when needed 3.3 Establish personal monitoring system, including checklists and peer review mechanisms, to ensure compliance 3.4 Identify and act on opportunities for professional development

Learning Outcomes

Details of Learning Activities

A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.

The self-paced activities will be delivered thought various technology platforms and include your contribution to activities, discussion threads, reflective journals on industry updates, presentations, quizzes and interactive sessions.

The collaborative classroom based activities will include role plays, group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.

You are expected to participate and contribute in all scheduled learning activities


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
  • Pre-Training Review including:
    • 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 non-classroom activities including the self - paced activities in the workbooks. 

Learning Resources

Prescribed Texts


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:

  • follow organisational procedures and comply with regulations relating to financial planning practice
  • demonstrate expected standards of ethical behaviour.

Knowledge Evidence

To complete the unit requirements safely and effectively, you must:

  • outline the key requirements of relevant legislation and regulation impacting on financial planning and explain their application to financial planning job roles
  • describe the key features and requirements of:
    • current government financial policy
    • organisational operational procedures
    • industry codes of practice
  • describe the principles and standards of ethical behaviours in financial planning
  • outline the key sources of financial planning information and expert or specialist personnel who can provide advice
  • identify and describe opportunities for professional development and learning.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial planning field of work and include access to:

  • office equipment, technology, software and consumables. 

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.

Assessment Tasks


This course is comprised of two competencies that are co-delivered and co-assessed (delivered and assessed together).

FNSFPL501 Comply with financial practice ethical and operational guidelines and regulations

FNSINC401 Apply principles of professional practice to work in the financial services industry

You will demonstrate competency by undertaking three assessments, a workplace simulated project – Financial Services Guide, a research and application assignment and a supervised assessment.

The assessments for this course have been designed to allow you to apply your learning to particular workplace scenarios and demonstrate your competence in a variety of ways.

Critical Aspects of assessment are described above in the performance evidence for this course.

Task 1 - Workplace Simulated Project – Financial Services Guide (Week 4)

For this assessment task you are to you are required to complete two parts, Part 1 (A - C) and Part 2 (D & E).

Part 1 (A- C) – requires you to prepare a Financial Services Guide for the Swanston Banking Group (Practice Firm) and outline how it can be used in an initial meeting with a client. You be required to prepare and deliver a short five minute presentation to showcase the Financial Services Guide.

Part 2 (D and E) –requires you to prepare an information kit for the Swanston Banking Group Ltd potential clients, a briefing paper for the Bank’s induction program for new staff.

The workplace simulated project is linked to a simulated workplace environment “the practice firm”, referred as Swanston Banking Group Ltd. The practice firm has a physical presence in Building 80, level 6, room 7. The Swanston Banking Group Ltd. has been set up as a simulated publicly listed company in the Financial Services (Banking) industry offering a retail banking and customer service experience of the highest level not offered or matched by its competitors. 

The products and services offered to its personal customers (simulated clients) include banking and investment products and financial services such as bank accounts and debit cards, savings and investment accounts, credit cards, travel money cards, overseas and local money transfers, foreign exchange, Superannuation, home and personal loans and Insurance. For this project you will focus only on the services provided by financial planners.

The Swanston Banking Group has a website for prospective clients and an employee portal via the Learning Management System (Learning Hub).

The purpose of the assessment is to enable you to demonstrate your understanding across the course material from weeks 1 - 3. It assesses the knowledge you have obtained through undertaking the topics, your communication skills in presenting that knowledge to your peers.


For Part 1 of the assessment task you will be required to produce a Financial Services Guide covering a range of items that a client will need to carefully consider before using the financial services of the Swanston Banking Group Ltd. You need to provide an outline of its benefits as a marketing tool and then present your FSG to your peers.


For Part 2 of the assessment you will be required to produce an information kit explaining to potential clients the type of documents that they will be referred to during the financial planning process.  You will then need to write a briefing document to accompany the information kit to be used as part of the induction process for a new staff member commencing work at the bank.


This Workplace Simulated Project requires you to satisfactorily complete both parts, Part 1(A - C) and Part 2 (D & E) and all the questions in each part to fulfil the criteria of this competency.

Task 2 - ​Research and Application Assignment ​ (Week 10)

This assessment has been designed for you to further develop your knowledge and skills to comply with the ethical, operational guidelines and regulations of financial practices and to apply the principles of professional practice to work in the financial services industry.

You are required to demonstrate your knowledge by completing a series of theory and problem solving questions that involve research and the application of concepts relevant to compliance and professional practices.

The purpose of this assignment is to enhance your understanding and ability to apply the knowledge to practice in the following areas relevant to the financial services industry:

  1. key economic indicators
  2. regulatory bodies of the financial services industry and their specific role
  3. managed investment products as managed funds and their suitability to particular client demographics
  4. disclosure requirements required in a statement of advice
  5. client engagement and methods in building a rapport with the client
  6. key content items to be included in an agenda of a corporate licensee standard for an initial financial planning meeting with a new client

Task 3 – Supervised Assessment (week 14)

For this Assessment Task you are required to demonstrate your knowledge of all the topics covered in throughout the semester from weeks 1 – 13 by completing an open book in class supervised assessment. The assessment is comprised of a series of theoretical and practical questions including: short answer and mini case studies. You will only be permitted to bring a hard copy of the relevant workbook(s) to the assessment.

The purpose of this task is to assess your understanding of the concepts and issues included in the topics covered throughout the semester.  This assessment will take place during your normal scheduled class time.

You must successfully complete all assessments, Task 1 – Workplace Simulated Project, Task 2 - Research and Application Assignment and Task 3 - Supervised Assessment to be deemed competent.

Grading will be applied once you have been deemed competent for both competencies.


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. <check links are still current>

More Information:

Form to use:

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. <check links are still current>

More Information:;ID=g43abm17hc9w

Form to use:

Resubmissions (VET Programs):


If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission.  Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. 

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.

Grading & re-submissions

Re-submissions do not contribute to your overall grade for the course.

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: <check link is still current>
More Information:;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