Course Title: Apply principles of professional practice to work in the financial services industry
Part B: Course Detail
Teaching Period: Term1 2010
Course Code: SOSK5182C
Course Title: Apply principles of professional practice to work in the financial services industry
School: 650T TAFE Business
Campus: City Campus
Program: C4210 - Certificate IV in Financial Services
Course Contact : Michelle Mosiere
Course Contact Phone: +61 3 9925 5455
Course Contact Email:michelle.mosiere@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
For course and program enquiries
Clem Simonetto
Clem.simonetto@rmit.edu.au
03 9925 5426
Nominal Hours: 30
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
There are no pre-requisites and co-requisites for this unit.
Course Description
This unit covers the fundamental principles that underpin professional practice such as compliance, confidentiality, conflict resolution, and professional ethics.
The course examines the legal framework of these principles and explores its applications through procedures, guidelines, policies and standards.
The content is contextualised within the financial services industry.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSICIND401B Apply principles of professional practice to work in the financial services industry |
Element: |
FNSICIND401B/01 Identify the scope, sectors and responsibilities of the industry |
Performance Criteria: |
1.1 External forces impacting on the financial services industry are identified and considered in carrying out activities. |
Element: |
FNSICIND401B/02 Identify and apply financial services industry guidelines, procedures and legislation |
Performance Criteria: |
2.1 Information on relevant legislation, regulations and codes of practice is collected and analysed and the application to the role in the workplace determined. |
Element: |
FNSICIND401B/03 Manage information |
Performance Criteria: |
3.1 Relevant documents and reports are read, understood and any implications discussed with relevant persons. |
Element: |
FNSICIND401B/04 Plan work to be completed taking into consideration time, resources and other constraints |
Performance Criteria: |
4.1 Tasks to be done and relevant conditions are determined. |
Element: |
FNSICIND401B/05 Develop and maintain personal competency |
Performance Criteria: |
5.1 Professional development needs and goals are identified and reviewed on a regular basis. |
Learning Outcomes
Refer to the performance elements and the performance criteria of this unit.
Details of Learning Activities
Each week students will be introduced to the legal theory related to each topic. Examples of the practical applications within industry will also be discussed.
Students will take an active role by reflecting upon and discussing key concepts, summarising key points, solving case studies, undertaking research, delivering presentations, and working co-operatively in a group environment.
Teaching Schedule
Week beginning | Topics and assessment tasks | Elements |
Learning Activities |
Week 1 | Topic 1: Industry Overview 1A: Main Sectors |
FNSICIND401B/01, FNSICIND401B/03 FNSICIND401B/04 |
Calculate compound interest |
Week 2 | 1B: Regulators | FNSICIND401B/01, FNSICIND401B/02 FNSICIND401B/03, FNSICIND401B/04 |
Search ASIC, APRA and ACCC websites |
Week 3 | 1C: Career paths | FNSICIND401B/01 FNSICIND401B/03 FNSICIND401B/04 FNSICIND401B/05 | Complete careers test |
Week 4 | Assessment - Assignment | FNSICIND401B/01, FNSICIND401B/03 FNSICIND401B/04 | Complete assessment 1 and form groups for assessment 2 |
Week 5 | Topic 2 Compliance 2A: Financial Services Reform Act |
FNSICIND401B/01, FNSICIND401B/02 FNSICIND401B/03, FNSICIND401B/04 |
Analyse CBA’s FSG for compliance |
Week 6 | 2B: ASIC Regulatory Guides | FNSICIND401B/01, FNSICIND401B/02 FNSICIND401B/03, FNSICIND401B/04 |
Complete case study |
Week 7 | 2C: Uniform consumer credit code | FNSICIND401B/01, FNSICIND401B/02 FNSICIND401B/03, FNSICIND401B/04 |
Finalise topics and groups for assessment 2 |
Week 8 | Assesment Preparation | FNSICIND401B/01, FNSICIND401B/02 FNSICIND401B/03, FNSICIND401B/04 |
Finalise presentation |
Week 9 - | Assessment - Group Presentation | FNSICIND401B/01, FNSICIND401B/02 FNSICIND401B/03, FNSICIND401B/04 |
Complete assessement 2 |
Week 10 | Topic 3: Confidentiality |
FNSICIND401B/02, FNSICIND401B/03 FNSICIND401B/05 |
Debate the right to privacy |
Week 11 | 3B: Privacy and Statue Law 3C: Privacy and the Code of Banking Practice |
FNSICIND401B/02, FNSICIND401B/03 FNSICIND401B/05 |
Apply NPPs to real-life situations |
Week 12 | Topic 4: Professionalism 4A: Conflict Resolution |
FNSICIND401B/02 FNSICIND401B/03 FNSICIND401B/05 |
Complete case study |
Week 13 | 4B: Ethics | FNSICIND401B/05 | Workshop conflicts of interest |
Week 14 | Assessment - Open Book Test | FNSICIND401B/02, FNSICIND401B/03 FNSICIND401B/04, FNSICIND401B/05 |
Complete assessment 3 |
Week 15 | Topic 5: Health and Safety 5A: Legal Framework |
FNSICGEN401B/01, FNSICGEN401B/02 | Complete risk assessment |
Week 16 | 5B: Ergonomics and Office safety 5C: Human behaviour and attitudes |
FNSICGEN401B/01, FNSICGEN401B/02 | Complete accident/incident report |
Week 17 | Assessment – Oral Exam | FNSICGEN401B/01, FNSICGEN401B/02 FNSICGEN401B/03 |
Demonstrate how to work safely in an office |
This schedule may be subject to change. Students will be advised of changes in class and on the learning hub.
Learning Resources
Prescribed Texts
All relevant learning resources will be placed on the online learning hub (http://www.rmit.edu.au/learninghub). Students will need to access this site on a weekly basis, print off materials, and bring them to class. |
References
Long, Mark. Workskills for Financial Services. Better Teams Publications: Russell Lea (2009). |
Other Resources
Online learning Materials
Online learning materials can be accessed by going to the RMIT website, clicking on Students, under IT Information and Services there is a link to the Online Learning Hub. www.rmit.edu.au/onlineLog inand click on SOSK5138C – Apply principles of professional practice.
It is essential to have access to an internet connected computer outside of class times. Internet connected computers are available in the Business Labs on Level 3 of Building 108, 239 Bourke Street, Melbourne.
Useful Websites
http://www.rmit.edu.au/library This website is a useful resource for assessment tasks.
http://www.rmit.edu.au/lsu The Learning Lab is a learning and study skills site developed by the Learning Skills Unit offering online interactive tutorials, printable handouts and an email learning query service. The site is designed to assist students develop the capabilities for tertiary studies.
Overview of Assessment
Throughout the semester students will be able to gauge their progress by completing and discussing class exercises.
This formative feedback will highlight to students areas in which they may need to do more work to achieve competency.
Assessment Tasks
Overview of Assessment
Throughout the semester students will be able to gauge their progress by completing and discussing class exercises. This formative feedback will highlight to students areas in which they may need to do more work to achieve competency.
All competency based assessments for this course must be completed to achieve CA. Each assessment task will also carry a numerical weighting to be used for grading purposes. The grade applied to this weighting will only be awarded if a CA has been achieved in all compulsory assessment tasks. If a student has been marked NYC (Not Yet Competent) in any of the assessment tasks, the weighting will carry no value until the student has obtained CA. If a CA is achieved on re-assessment then a maximum mark of 50% of the original weighting will be granted for that assessment.
Tests
If a student receives a mark of less than 50% for a test they have completed, they will be given the opportunity to resit the test, as per the teaching schedule, for a maximum grade of 50%.
Missed Tests
If a student misses a test for any reason, they must complete a special consideration application. Please note that applications must be submitted through the online learning hub within 2 working days of the scheduled assessment.
It is expected that students will show their teacher the written receipt granting a deferred assessment as soon as it is received so it can be recorded.
The special consideration policy can be found at: http://www.rmit.edu.au/browse;ID=g43abm17hc9w
This site includes a link to the application form.
Assignments
All assignments must be submitted using the faculty cover sheet for assignments. These are available from the foyer on level 13 or at:
http://prodmams.rmit.edu.au/wcy2b1ka2ioo1.pdf
If a student receives a mark of less than 50% for an assignment they have completed, they will be given the opportunity to re-submit the assignment to achieve a pass grade.
Late Assignments
Students seeking an extension of seven calendar days or less from the original due date must complete an application for extension to time, available at level 13 reception. The application must be lodged with your teacher no later than one working day before the official due date, unless there are exceptional circumstances.
Students should note that schools are not required to accept late submissions, but if it is determined the assignment will be accepted, a 10% per day penalty will be deducted from the final assessment mark. The weekend counts as 2 days.
Assessment Matrix
Assessment Task |
Marks | Topics |
Assignment | 20% | Topic 1 |
Group Presentation | 30% | Topics 1 and 2 |
Open-book test | 50% | Topics 3 and 4 |
Other Information
Employability skills
Refer to the non-technical skills and competencies that are an important part of effective and successful participation in the workplace.
Their inclusion in the training packages represents the progress of competency based training into a system which aims to develop the full range of transferable skills, attitudes and behaviour required for successful participation in the workplace.
These include:
- Communication
- Teamwork
- Problem solving
- Technology
- Planning and Organising
- Initiative and Enterprise
- Self-Management
- Learning
Topic 1. Industry Overview
Required Knowledge and Skills
1.1 Identify the external forces, which impact on the financial services industry.
1.2 Understand why external forces impact upon activities within the financial services industry.
1.3 Identify the roles and responsibilities of the participants in the financial services industry, and evaluate career opportunities.
1.4 Explain how the roles and responsibilities of the participants impact upon the industry.
1.5 Understand the concept of compound interest
1.6 Calculate compound interest according to the provisions of the Credit Act.
1.7 Identify the main sectors of the industry.
1.8 Identify the main regulators, their roles and functions.
1.9 Discuss and evaluate the policy decisions behind regulation.
Topic 2. Compliance
2.1 Define the concepts of compliance, non-compliance and disclosure.
2.2 Explain the significance of compliance within the workplace.
2.3 Analyse disclosure obligations under the Corporations Act, ASIC Regulatory Guides, and the Code of Banking Practice.
2.2 Determine how these disclosure obligations apply to roles in the workplace.
2.3 List relevant disclosure documents.
2.4 Discuss when the disclosure documents need to be distributed and how they need to be drafted.
2.5 Explain the outcomes of non-compliance.
2.6 Explain licensing arrangements and how they affect the duties of licensees and representatives within the industry.
2.7 Discuss the impact of AFSL upon workplace practices.
Topic 3. Confidentiality
3.1 Define and differentiate common law, statue law and codes of practice.
3.2 Discuss and evaluate the right to privacy.
3.3 List the National Privacy Principles (NPPs).
3.4 Identify when the NPPs apply.
3.5 Apply NPPs to workplace conduct.
3.6 Describe circumstances amounting to a breach of the NPPs.
3.7 Discuss remedies and penalties arising from a breach.
Topic 4. Professionalism
4.1 Define IDR, EDR, ADR as dispute resolution methods.
4.2 Identify dispute resolution processes and agencies.
4.3 Compare and contrast remedies available to clients in instances of non-compliance.
4.4 Identify conflicts of interest.
4.5 Explain appropriate responses to conflicts of interest.
4.6 Define ethical principles.
4.7 Evaluate legislation and codes of practice in light of ethical principles.
4.8 Apply ethical approaches to workplace practice and decisions
Course Overview: Access Course Overview