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

Part B: Course Detail

Teaching Period: Term1 2016

Course Code: ACCT5396C

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

School: 650T Vocational Business Education

Campus: City Campus

Program: C4369 - Certificate IV in Banking Services

Course Contact : Callie Harvey

Course Contact Phone: +61 3 9925 5772

Course Contact Email:callie.harvey@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Course coordinator

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 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.

It applies to individuals who use specialised knowledge to build relationships and provide financial counselling to contribute to the development of financial literacy in others.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSFLT502 Facilitate customer awareness of the Australian financial system and markets

Element:

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

Performance Criteria:

1.1 Communicate role of Reserve Bank of Australia (RBA) as Australia’s central bank and differences between RBA and other banking institutions to customers

1.2 Explain importance and effect of RBA’s monetary policy on the Australian economy and consumers’ personal finances to customers in plain language

1.3 Explain role of bank in maintaining financial stability and regulating the Australian Payments System to customers

Element:

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

Performance Criteria:

2.1 Identify and discuss society’s motivations for holding money and various functions of money with customers

2.2 Explain impact of changes in supply of money to customers in plain language

Element:

3. Outline main features of the Australian financial markets

Performance Criteria:

3.1 Identify and communicate purpose of financial markets and major markets in the Australian financial system to customers

3.2 Discuss role of banks and financial institutions as financial intermediaries with customers

3.3 Outline, in basic language, the role and function of short-term money market and types of products it deals in for customers

Element:

4. Provide information to customers about regulation of financial system

Performance Criteria:

4.1 Identify role of independent regulation in the financial system and main regulators of financial system, and discuss their roles with customers

4.2 Provide examples of protection afforded individuals by regulators to customers


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 may include your contribution to wikis and discussion threads, reflective journals, quizzes and interactive sessions.

The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.

We expect you to participate and contribute in all scheduled learning activities.
 


Teaching Schedule

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
    • Assessment of current skills and knowledge
  • Competency/Grading Criteria
  • Plagiarism
  • Appeals
  • Extensions
  • Feedback
  • Privacy
  • Submission requirements
  • Resubmission policy
  • Where to get support
  • Student responsibilities 

 The Teaching Schedule for this course is as follows but please note that it is subject to change.

     Week Week CommencingTopics                                                             Assessment   
 1 08/02/16 Introduction to the course and RMIT requirements 
 2 150/2/16 Financial system and markets: structure, role and participants 
 3 22/02/16 Defining money; measuring Money Supply and its importance Task 1 due, feedback by Week 5
 4 29/02/16 Money and economic activity; The Quantity Theory of Exchange and the Credit Creation Process 
 5 07/03/16 The role and function of the Reserve Bank of Australia 
 6 14/03/16 Implementing monetary policy 
 7a 21/03/16 How APRA prudentially supervises and regulates Approved Deposit-taking Institutions. 
  24/03/16 - 30/03/2016 - Mid Semester Break 
 7b 28/03/16 How APRA prudentially supervises and regulates Approved Deposit-taking Institutions. 
 804/04/16 Revision: the role of money, financial markets, RBA and APRA’s role and activities 
 911/04/16 Task 2, feedback provided at the end of the simulation
1018/04/16 Key features of the Financial Services Reform Act and its Impact on Financial Markets 
 1125/04/16 Role of ASIC in regulating companies and protecting investors 
 1202/05/16 Uniform Consumer Credit code; recent credit and credit card reforms, Banking code of Conduct; recent reforms to Australian banking, Privacy Act 
 1309/05/16 Victorian consumer credit legislation and debt recovery 
 1416/05/16 Task 3, feedback provided during Week 15
1523/05/16 Feedback 
 1630/05/16 Reassessment 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 bit also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.


Learning Resources

Prescribed Texts

Long, Aitken, Seddon & Alison (2016) Principles of Professional Practice, 7th Edition, Better Teams Publications. This is the same text as prescribed for Applied Principles of Professional Practice. It can be ordered direct from the publisher from their website learnnowbiz.com

9781876124304


References


Other Resources


Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

 Evidence of the ability to:

  • explain clearly to customers the features and roles of the participants in the Australian financial system and markets
  • convert complex information into plain language that may be understood by a variety of people with minimal financial market knowledge

Knowledge Evidence

To complete the unit requirements safely and effectively, you must:

  • identify the functions of money and motivations for holding money
  • list instruments traded on the short-term money market
  • identify and explain the key features of the Australian financial system and markets, and state of the economic environment
  • describe key features of relevant industry codes of practice and legislation relating to privacy, consumer credit and protection, and debt recovery
  • identify and explain the roles and relationships between participants in the Australian financial services industry, including:
    • the Reserve Bank of Australia
    • banks and other financial intermediaries
    • key regulators

 Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial literacy field and include access to:

  • office equipment, technology, software and consumables
  • Australian financial system and markets information

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.

Feedback

Feedback will be provided throughout the semester in class and/or online discussions.  You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.


Assessment Tasks

Overview
You are given a variety of assessment styles in which to demonstrate your competency for the Elements for this course. Assessments for all Elements must be passed in order to demonstrate competency. Once competency has been demonstrated by successful completion of all of the three tasks below, students will be then awarded a grade based on their performance during the semester.

Assessment Tasks:

There are three assessment tasks, all of which must be passed for students to get a GCA or higher grade.
 

TASK 1 - Assignment (Due: End of week 3/ 26 February)
For this assessment students will be undertaking an assignment consisting of True/False and short answer questions covering the purpose of and major financial markets in Australia.
To be deemed competent in this assessment, students in their answers must be able to cover and show an understanding of Elements 2 and 3.
 

TASK 2 – Role play (Due: Week 9)
For this assessment, students will work in groups of up to three. Each student will take turns in the role of customer, and the role of the financial services advisor/customer services officer. When taking the role of the financial advisor, their customers will ask approximately four questions and each student taking the role of the financial advisor will be expected to provide customers with answers and/or advice to their questions. The questions and hence student’s answers must show competence in explaining to customers the Australian financial system, its safeguards, how interest rates change, why, and their effects.
 

TASK 3 - In class supervised assessment (Due: Week 14)
For this task you will undertake an open book in class supervised test during your normal class time. This will be based on legal aspects of the Australian financial system and markets.
 


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, Callie Harvey, 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. <check links are still current>


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. <check links are still current>
 

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: <check link is still current>
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