Course Title: Facilitate customer awareness of the Australian financial system and markets

Part B: Course Detail

Teaching Period: Term2 2014

Course Code: ACCT5324C

Course Title: Facilitate customer awareness of the Australian financial system and markets

School: 650T TAFE Business

Campus: City Campus

Program: C4342 - Certificate IV in Banking Services

Course Contact : Doug Gourlay

Course Contact Phone: +61 3 9925-5944

Course Contact Email:doug.gourlay@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Arie Herrnstadt

9925 5897

arie.herrnstadt@rmit.edu.au

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 performance outcomes, skills and knowledge required to develop customer awareness of how the monetary and financial systems and markets operate in Australia, with the aim of enhancing basic consumer financial literacy.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
 


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSFLT502A Facilitate customer awareness of the Australian financial system and markets

Element:

1. Explain to customers the function and role of the Reserve Bank of Australia (RBA)
 

Performance Criteria:

1.1. The role of the RBA as Australia's central bank is and differences between the RBA and other banking institutions is communicated to the customer

1.2. The importance and effect of the RBA's monetary policy on the Australian economy and consumer's personal finances is explained to the customer in plain language

1.3. The role of the bank in maintaining financial stability and regulating the Australian Payments System is explained to the customer
 

Element:

2. Outline the role of money and Australia's monetary base
 

Performance Criteria:

2.1. Society's motivations for holding money and the various functions of money are identified and discussed with the customer

2.2. The impact of changes in the supply of money is explained to the customer in plain language
 

Element:

3. Outline the main features of the Australian financial markets
 

Performance Criteria:

3.1. The purpose of financial markets and the major markets within the Australian financial markets are identified and communicated to the customer

3.2. The role of banks and financial institutions as financial intermediaries is discussed with customer

3.3. The role and function of the short term money market and types of products it deals in, are outlined in basic language for the customer
 

Element:

4. Provide information to the customer about regulation of the financial system
 

Performance Criteria:

4.1. The role of independent regulation in the financial system and the main regulators of the financial system are identified and their roles discussed with the customer

4.2. Examples of the protection afforded individuals by the regulators are provided to the customer
 


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 wikis and discussion threads, reflective journals, quizzes and interactive sessions.


Teaching Schedule

Weeks

CommencingTopicsAssessments
17 JulyFamiliarisation with Course, Blackboard, Course requirements; Overview of assessment requirements
Where to get support, Student responsibilities.

Introduction to the Australian Financial System:
- Structure and role of the Financial System
- Main Participants in the Financial System
 
214 July- Types of Financial Markets
- Products and Instruments
Task 1 – Assignment – Due
You will receive the feedback in week 3. If required, resubmission for this assessment is due by the end of week 4.
321 JulyDefinition of money; Measuring Money Supply and its importance 
428 JulyMoney and economic activity; The Quantity Theory of Exchange and the Credit Creation Process 
54 AugThe Role and function of the Reserve Bank of Australia 
611 AugThe conduct of monetary policy 
718 AugIntro to Prudential Supervision:
- The role and Function of APRA
- Liquidity and Capital Adequacy
 
825 AugReview of weeks 1 to 7 
 1 - 7 SeptMID SEMESTER BREAK 
98 SeptAssessment: Class testTask 2  -In Class Assessment Task - You will receive the feedback in week 11. If required, resubmission for this assessment is scheduled for week 16.
1015 SeptKey features of the Financial Services Reform Act and the Impact on Financial Markets 
1122 SeptMarkets; Key features of ASIC’s regulatory guides and the impact on Financial Markets 
1229 SeptKey features of the Uniform Consumer Credit code; recent credit and credit card reforms. Banking code of Conduct; recent reforms to Australian banking 
136 OctKey features of the Privacy Act and the Impact on Financial Markets 
1413 OctJob application: role of CV, cover letter and job application 
1520 OctIndividual Assignment dueTask 3 Due Assignment - Due  . If required, resubmission for this assessment is due by COB Wednesday 13th November.
1627 OctFeedback 

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.


Learning Resources

Prescribed Texts


References

RMIT University, Tier 1 Compliance Program notes (available for download from Learning Hub)

Fraser, I et al (2011) Economics for Business, McGraw Hill

Hunt, B. and Terry, C. (2008) Financial institutions & markets, 5th ed, Thomson, Melbourne

Layton, Robinson and Tucker, Economics for today, Thomson, Melbourne

Reserve Bank of Australia home page, rba.gov.au/

Australian Prudential Regulation Authority home page, http://www.apra.gov.au/Pages/default.aspx

Australian Securities Investment Commission home page, http://asic.gov.au/


Other Resources

Other materials will be placed on the Blackboard and will be used when directed so by your teacher.


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.

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.   You will be provided with feedback throughout the course to check your progress.
 


Assessment Tasks

Co-Delivered Courses

This course is co-delivered with EMPL5892C Apply Principles of Professional Practice.

Critical aspects of assessment


Evidence of the ability to:
• develop customer awareness of the features and roles of the participants within the Australian financial system and markets
• translate complex information into plain language that may be understood by a variety of people with minimal financial market knowledge.

Assessment Tasks


You are required to complete 3 tasks. You must successfully complete all 3 tasks to be deemed competent in this unit.

TASK 1  - Assignment  (Due Date: End of week 2)


For this assessment task you will be undertaking an assignment consisting of 12 True/False questions and five short answer question covering the purpose of financial markets and the major markets within the Australian financial markets.

To be deemed competent in this assessment you must be able to cover and show an understanding of Elements 1

TASK 2 - In Class Assessment Task (Due Date: End of week  9)

For this assessment task you will you will undertake an in class assessment  in week nine - during normal class time for the duration of one and half hours

The task incorporates six questions comprised of short answer style questions and case studies.

To be deemed competent in this assessment you must be able to cover and show an understanding of Elements 1 to 4

TASK 3 - Assignment (Due Date: End of week 15)


For this assessment task you will be undertaking an assignment that incorporates group and individual components.

The group component comprises three hypothetical or case study questions requiring research into the financial system, its regulation and sustainability issues.

The individual component requires students to submit a professionally presented job application incorporating both a cover letter and resume that answers specific requirements of financial services employers. 

To be deemed competent in this assessment you must be able to cover and show an understanding of all the elements in Apply Principles of Professional Practice.


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, Julie Macpherson, 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.
More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w


Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf


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 please access the following website:
More Information: http://rmit.edu.au/browse;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