Course Title: Apply principles of professional practice to work in the financial services industry

Part B: Course Detail

Teaching Period: Term1 2012

Course Code: EMPL5892C

Course Title: Apply principles of professional practice to work in the financial services industry

School: 650T TAFE Business

Campus: City Campus

Program: C4296 - Certificate IV in Accounting

Course Contact : Callie Harvey

Course Contact Phone: +61 3 99255772

Course Contact

Name and Contact Details of All Other Relevant Staff

Colin Byron

Ian Nash   99255733

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


Course Description

This unit describes the performance outcomes, skills and knowledge required to identify industry professional approaches to procedures, guidelines, policies and standards, including ethical requirements and model and meet expectations of these in all aspects of work. This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.

If you are undertaking this course in Melbourne from semester 2, 2012 onward your class will be held in a device-equipped teaching space. Each student group will have access to a laptop. It is however recommended that you have access to a mobile computing device to allow greater flexibility in terms of where you can work on campus both in and outside class times.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSINC401A Apply principles of professional practice to work in the financial services industry


1. Identify the scope, sectors and responsibilities of the industry
2. Identify and apply financial services industry guidelines, procedures and legislation
3. Identify sustainability issues for the financial services industry
4. Manage information
5. Participate in and facilitate work team activities
6. Plan work to be completed taking into consideration time, resources and other constraints
7. Develop and maintain personal competency

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 interrelationship between sectors are identified and considered in carrying out activities
1.3. The roles and responsibilities of other participants in the financial services industry are identified and considered in carrying out activities

2.1. Information on relevant legislation, regulations and codes of practice is collected, analysed and effectively applied to the job role
2.2. Own work practice is clarified and regularly refined in light of relevant legislation, regulations and codes of practice and organisation policies, guidelines and procedures
2.3. Relevant codes of practice are used to guide an ethical approach to workplace practice and decisions

3. Identify sustainability issues for the financial services industry 3.1. Information on sustainability policies, strategies and impacts on industry is obtained and from a range of sources and analysed
3.2. Environmental sustainability is identified as an integral part of business planning and promoted as a business opportunity
3.3. Work planning incorporates and supports triple bottom line principles

4. Manage information 4.1. Relevant documents and reports that could impact on work effectiveness and compliance are read and understood, and any implications discussed with appropriate persons
4.2. Documents, reports, data and numerical calculations are analysed, checked, evaluated and organised to meet customer and organisation requirements
4.3. Information is presented in a format appropriate for the audience

5. Participate in and facilitate work team activities 5.1. Provide feedback to team members to encourage, value and reward individual and team efforts and contributions
5.2. Actively encourage team members to participate in and take responsibility for team activities and communication processes
5.3. Give the team support to identify and resolve problems which impede its performance
5.4. Ensure own contribution to work team serves as a role model for others and enhances the organisation’s image within the work group the organisation and with clients/customers

6. Plan work to be completed taking into consideration time, resources and other constraints 6.1. Tasks to be done and relevant conditions are determined and work planned either for working autonomously or with others in a team environment
6.2. Work is planned for a given period managing resources, time and priorities
6.3. Contributions are made to organisation planning process as required to achieve service improvement
6.4. Changes in technology and work organisation are adapted to in a timely manner

7. Develop and maintain personal competency 7.1. Professional development needs and goals are identified and reviewed on a regular basis
7.2. Competency, authorisation and licensing requirements are clarified and complied with
7.3. Professional development opportunities that reflect needs and goals are sought and completed in an agreed upon timeframe

Learning Outcomes

Details of Learning Activities

Students will be expected to complete the  exercises selected from their text book and supplementary exercises provided, in class time and also devote time for completion of these exercises at home. Guideline notes covering key concepts for each element of competency will be provided on the Learning Hub for student access. Students will be expected to read the prescribed text references in order to consolidate their understanding.

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, maintaining a reflective journal for the program and working co -operatively in a group environment.  We expect you to particiapte and contribute in all scheduled learning activities.

Teaching Schedule

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.


Topic 1: Introduction to Financial Markets and Institutions and Responsibilities of the Industry

Main Sectors,  Regulators and Career paths

1 Instructions provided for Reflective Journal assessment (Due in week 17)
2Topic 1: Introduction to Financial Markets and Institutions and Responsibilities of the Industry

Main Sectors, Regulators and Career paths

 Assignment 1 available

3Topic 2 Financial services Industry Codes of Practice2
4Topic 2 Financial services Industry Codes of Practice  

Topic 3 Regulation and Legislation of Industry

Consumer Credit Act

Privacy Act

Credit Act


Corporations Act



Topic 3 Regulation and Legislation of Industry

Consumer Credit Act

Privacy Act

Credit Act


Corporations Act



7Assessment 1-Group presentation 1 and 2Conduct Presentations (Assignment 1)
8Topic 4 Identify Sustainability issues for the Financial services Industry 3 Assignment 2 available
9Tiopic 4 Identify Sustainability issues for the Financial services Industry 3 
10Topic 5 Managing Information 4 
11Topic 5 Managing Information 4Assignment 2 due

Topic 6 Work Team Activities

Topic to be determined

 5 and 6 

Topic 6 Work Team Activities

 5 and 6


14 Topic 6 Work Team activities 5 and 6 
 15Topic 7 Professional Development 7 
 16 Topic7 Professional Development 7 
 17 Retests/Resubmission of Assignment work 1-7 Reflective Journal assessment due

Learning Resources

Prescribed Texts

Apply Principles of Professional Practice to Work in the Financial Services Industry.  Edition 3 (November 2011)  Author Peter Bull Software Publications



Relevant learning resources will be placed on the learning hub (DLS) progressively throughout the semester. Students will need to access this site on a weekly basis, print the materials and bring them to class.

Other Resources

Online Learning Materials

Online learning materials can be accessed by going to the RMIT website where there is a link to the Online Learning Hub.  Log in and select EMPL5892C -Apply Principles of Professional Practice in the Financial Services Industry

It is essential to have access to an internet connected computer outside of class times.  Internet computers are available in the Business Labs on Level 3 Bourke Street Melbourne

Overview of Assessment

Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.

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. Students will be provided with feedback throughout the course to check their progress.


Assessment Tasks

Critical aspects of assessment:

Evidence of the ability to:
• access, interpret and analyse product and service information provided by industry sectors
• interpret and comply with relevant legislation, regulations and industry codes of practice and ethics applicable to the workplace
• recognise and implement sustainability principles and work practices
• analyse, evaluate and organise relevant information
• plan work and maintain a team environment taking into account any constraints and available resources
• identify and evaluate professional development opportunities

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 applied 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. 

Task 1:  Due date:  End of week 7
For this Assessment task you are required to work in groups of up to 4  students.  The task is to prepare a 5 minute group presentation on one of the following topics:

a) An ASIC Investigation
b) One or more "scams" listed on the ASIC website
c) A case of Identity theft or other Data security violation
d) Any other relevant Financial sector market misconduct investigation or prosecution

In all the above topics students should endeavour to explain the following:

a) The facts of the case
b) How the "scam" worked
c) The relevant Law
d) The outcome of the case, including the consequences for any parties/stakeholders

Task 2:  Due date:  End of week 11
The task for this assessment is to research 3 websites for organisations that publish Sustainability (TBL) reports either as part of their Financial Report or as a stand alone report.  Students are required to thoroughly read the material presented and to make an assessment of the standard of the each of the reports relative to the others researched.   A presentation is required with the student to demonstrate their understanding of the concept off Sustainability (TBL)

Task 3: Due date:week 16
Students are required to submit their Reflective Journal report providing evidence collected throughout the program on How the competency elements are related and the understanding of Why this is an important Unit within their program.  Students will be expected to answer questions directed by the teacher on specific sections of their studies to judge competency

Submission Requirements

You should:

• Ensure that you submit assessments on or before the due date. If your performance in the assessment is affected by unexpected circumstances, you should consider applying for Special Consideration. Information on the process and application forms is available at;ID=ls0ydfokry9rz website.
• 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 work for assessment 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, Julie Macpherson, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.

Marking Guide (competency)
Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace. Because VET courses are informed by practical application of knowledge and skills, they are based on a system known as ‘competency based training’ (CBT). So when you are assessed in VET it is about whether you are competent to do the job, as well as having a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention.

You need to demonstrate you are competent in each element of the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing. Once competent in all elements of the unit you receive a competency grading.

Please refer to the Final Grades table below.

Marking Guide (Grading)

After achieving competency we then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognized against industry standards and employability skills.

The grading is according to the following criteria:


We are looking for a high level of ability to complete all tasks independently or as a group depnding on the assessment task..


We are looking for depth of understanding of the key concepts and knowledge required in working in the Financial services Industry. You should be able to demonstrate a thorough understanding of all applicable  legislative requirements in all the assessment tasks.


We are looking for appropriate use of technology to assist in presenting all tasks clearly and suitable for the intended audience. .


We expect to see ongoing uploading of information from Blackboard and timely submission of all required assessment tasks.


We expect to see contributions to relevant discussions and scheduled Collaborate sessions. In addition some of your tasks should demonstrate a very good understanding of strategies for a collaborative approach (ie.Group work)
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.

Assessment Matrix

Assessment taskMarks TopicsElements
Group PresentationsCA/NYC 1-31 and 2
Research assignment  -Sustainability issues CA/NYC 43
Individual Presentations- Reflective Journal CA/NYC 1-71-7

Other Information

In adherence with RMIT’s commitment to sustainability, course teachers will seek to incorporate environmental concerns in the facilitation of this course. These include, but are not limited to:
• Conserving natural resources
• Using recycled materials wherever possible
• Minimising pollution
• Applying energy savings measures
• Reducing waste
Students are encouraged to identify and follow environmental and resource efficient ways of working whilst studying this course

Course Overview: Access Course Overview