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

Name and Contact Details of All Other Relevant Staff

For course and program enquiries
Clem Simonetto
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


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.
1.2 The main sectors of the financial services industry and the inter-relationship between sectors are identified and considered in carrying out activities.
1.3 The roles and responsibilities of the participants in the financial services industry are identified and considered in carrying out activities


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.
2.2 Work practice is clarified and refined in light of relevant legislation, regulations and codes of practice.
2.3 Relevant codes of practice are used to guide an ethical approach to workplace practice and decisions.


FNSICIND401B/03 Manage information

Performance Criteria:

3.1 Relevant documents and reports are read, understood and any implications discussed with relevant persons.
3.2 Documents, reports, data and numerical calculations are analysed, checked, evaluated and organised to meet the customer’s and/or the organisation’s requirements.
3.3 Information is presented in a format appropriate for the audience.


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.
4.2 Work is planned either working alone or with others.
4.3 Work is planned for a given period managing resources, time and priorities.
4.4 Contributions are made to organisation’s planning process.
4.5 Changes in technology and work organisation are adapted to.


FNSICIND401B/05 Develop and maintain personal competency

Performance Criteria:

5.1 Professional development needs and goals are identified and reviewed on a regular basis.
5.2 Competency, authorisation and licensing requirements are clarified.
5.3 Professional development opportunities that reflect needs and goals are sought and completed in an agreed upon timeframe

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 beginningTopics and assessment tasks


Learning Activities

Week 1  Topic 1: Industry Overview
1A: Main Sectors
Calculate compound interest
Week 2 1B: RegulatorsFNSICIND401B/01, FNSICIND401B/02
Search ASIC, APRA and ACCC websites
Week 3 1C: Career pathsFNSICIND401B/01 FNSICIND401B/03 FNSICIND401B/04 FNSICIND401B/05 Complete careers test
Week 4 Assessment - AssignmentFNSICIND401B/01, FNSICIND401B/03 FNSICIND401B/04 Complete assessment 1 and form groups for assessment 2
Week 5 Topic 2 Compliance
2A: Financial Services Reform Act
Analyse CBA’s FSG for compliance
Week 6 2B: ASIC Regulatory GuidesFNSICIND401B/01, FNSICIND401B/02
Complete case study
Week 72C: Uniform consumer credit codeFNSICIND401B/01, FNSICIND401B/02
Finalise topics and groups for assessment 2
Week 8 Assesment PreparationFNSICIND401B/01, FNSICIND401B/02
Finalise presentation
Week 9 -Assessment - Group PresentationFNSICIND401B/01, FNSICIND401B/02
Complete assessement 2
Week 10 Topic 3: Confidentiality
Debate the right to privacy
Week 11 3B: Privacy and Statue Law
3C: Privacy and the Code of Banking Practice
Apply NPPs to real-life situations
Week 12 Topic 4: Professionalism
4A: Conflict Resolution
Complete case study
Week 13 4B: EthicsFNSICIND401B/05 Workshop conflicts of interest
Week 14 Assessment - Open Book Test FNSICIND401B/02, FNSICIND401B/03
Complete assessment 3
Week 15 Topic 5: Health and Safety
5A: Legal Framework
FNSICGEN401B/01, FNSICGEN401B/02 Complete risk assessment
Week 165B: Ergonomics and Office safety
5C: Human behaviour and attitudes
FNSICGEN401B/01, FNSICGEN401B/02Complete accident/incident report
Week 17Assessment – Oral ExamFNSICGEN401B/01, FNSICGEN401B/02
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 ( Students will need to access this site on a weekly basis, print off materials, and bring them to class.


Long, Mark. Workskills for Financial Services. Better Teams Publications: Russell Lea (2009).

Waters, Kay. Working in the Financial Services Industry. Tertiary Press: Croydon (2003).

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. 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 This website is a useful resource for assessment tasks. 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.

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:;ID=g43abm17hc9w
This site includes a link to the application form.

All assignments must be submitted using the faculty cover sheet for assignments. These are available from the foyer on level 13 or at:

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