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

Part B: Course Detail

Teaching Period: Term1 2015

Course Code: ACCT5324C

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

School: 650T Vocational Business Education

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
Phone:  9925 5897
Email:  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.


Teaching Schedule

Weeks

CommencingTopics

 

 

Assessments

19 February

 

Introduction to the Course including:


• Course requirements
• Course support documents Course Blackboard access
• Accuracy of enrolment
• Assessment requirements/cover sheets including RPF & credit
transfers
• Reminder re Plagiarism
• Reminder re Appeals
• Extensions and Resubmissions
• Feedback in the course
• Reminder re re submission requirements
• Getting help

 

 

Familiarisation 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

 
216 FebruaryTypes of financial markets
Products and Instruments
 

 
323 FebruaryDefinition of money; Measuring Money Supply and its importance 
42 MarchMoney and economic activity; The Quantity Theory of Exchange and the Credit Creation ProcessTask 1 – Assignment – Due. If required resubmission may be conducted during Week 15
510 MarchThe Role and function of the Reserve Bank of Australia 
616 MarchThe conduct of monetary policy 
723 MarchIntro to Prudential Supervision:
- The role and Function of APRA
- Liquidity and Capital Adequacy
 
8a30 MarchRole of ASIC in regulating companies 
 2 - 8 AprilEASTER/MID SEMESTER BREAK 
8b9-10 AprilUnsupervised self study 
913 AprilAssessment: Class testTask 2  Simulation and confirming email - You If required, resubmission for this assessment is scheduled for week 15.
1020 AprilUniform Consumer Credit code; recent credit and credit card reforms, Banking code of Conduct; recent reforms to Australian banking 
1127 AprilVictorian consumer credit legislation and debt recovery 
124 MayKey features of the Financial Services Reform Act and the Impact on Financial Markets 
1311 May Task 3 Supervised in class assessment. If necessary resubmissions during Week 15.
1418 MayFeedback on Task 3 assessment 
1525 MayResubmissions if necessary 
161 JuneResubmissions if necessary 

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.

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 and Assessment of current skills and knowledge
• Competency/grading criteria
• Plagiarism
• Appeals
• Extentions
• Feedback
• Privacy
• Submission Requirements
• Resubmission policy
• Where to get support
• Student responsibilities
 


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

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

TASK 1 - Assignment (Due: Week 4)


This is a take home research  assessment task consisting of 12 True/False questions and five short answer questions covering the purpose of the major financial markets in Australia.


To be deemed competent in this assessment, you must be able to cover and show an understanding of Elements 2 and 3.

TASK 2 – Simulations and confirming email (Due: Week 9)


For this assessment task, you will work in groups of three to explore and discuss a series of questions relating to appropriate types of finance, with the aim to learn more about the Australian financial system, its safeguards, how interest rates are determined and their effects. You will have to write your own notes/answers from the discussions in your group. You will then participate in a simulated work environment exercise where each of you  will take turns simulating the role of the broker/advisor, and as the potential customers. When taking the role of the financial advisor, your potential customers will be given a list of three-four unseen questions that they will ask you for advice and you will be expected to provide them with answers.Then in turn each of your group member’s will take the role of the financial advisor, and you will have the opportunity to be be the customer and ask them unseen questions and seek their advice

Each one of you will then have to write a professionally presented email to your customers summarising and confirming the main details of the discussion and suggesting where the customer can get further information that would not be too difficult for them to understand.
 

You will be expected to write an in class response to potential clients considering and seeking advice about their options when borrowing and/or investing surplus funds.

All detailed information will be provided during class.

TASK 3 - In class supervised assessment (Due: Week 13)

For this task you will undertake a closed book  in class supervised assessment during your normal class time.



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