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:firstname.lastname@example.org
Name and Contact Details of All Other Relevant Staff
Phone: 9925 5897
Nominal Hours: 40
Pre-requisites and Co-requisites
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
1. Explain to customers the function and role of the Reserve Bank of Australia (RBA)
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
2. Outline the role of money and Australia’s monetary base
2.1. Society's motivations for holding money and the various functions of money are identified and discussed with the customer
3. Outline the main features of the Australian financial markets
3.1. The purpose of financial markets and the major markets within the Australian financial markets are identified and communicated to the customer
4. Provide information to the customer about regulation of the financial system
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
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.
Introduction to the Course including:
Familiarisation with Course, Blackboard, Course requirements; Overview of assessment requirements
|2||16 February||Types of financial markets |
Products and Instruments
|3||23 February||Definition of money; Measuring Money Supply and its importance|
|4||2 March||Money and economic activity; The Quantity Theory of Exchange and the Credit Creation Process||Task 1 – Assignment – Due. If required resubmission may be conducted during Week 15|
|5||10 March||The Role and function of the Reserve Bank of Australia|
|6||16 March||The conduct of monetary policy|
|7||23 March||Intro to Prudential Supervision: |
- The role and Function of APRA
- Liquidity and Capital Adequacy
|8a||30 March||Role of ASIC in regulating companies|
|2 - 8 April||EASTER/MID SEMESTER BREAK|
|8b||9-10 April||Unsupervised self study|
|9||13 April||Assessment: Class test||Task 2 Simulation and confirming email - You If required, resubmission for this assessment is scheduled for week 15.|
|10||20 April||Uniform Consumer Credit code; recent credit and credit card reforms, Banking code of Conduct; recent reforms to Australian banking|
|11||27 April||Victorian consumer credit legislation and debt recovery|
|12||4 May||Key features of the Financial Services Reform Act and the Impact on Financial Markets|
|13||11 May||Task 3 Supervised in class assessment. If necessary resubmissions during Week 15.|
|14||18 May||Feedback on Task 3 assessment|
|15||25 May||Resubmissions if necessary|
|16||1 June||Resubmissions 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.
Prior to training commencement a program level induction session will be conducted that comprises the following:
• Program overview and requirements
• 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
• Submission Requirements
• Resubmission policy
• Where to get support
• Student responsibilities
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 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.
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.
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.
• 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