Course Title: Comply with financial planning practice ethical and operational guidelines and regulations

Part B: Course Detail

Teaching Period: Term2 2008

Course Code: BAFI5130C

Course Title: Comply with financial planning practice ethical and operational guidelines and regulations

School: 650T TAFE Business

Campus: City Campus

Program: C5179 - Diploma of Financial Services

Course Contact : Craig Kingsley

Course Contact Phone: 61 3 9925 5456

Course Contact Email:craig.kingsley@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Nominal Hours: 50

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

The unit identifies the skills and knowledge associated with complying with ethical and operation guidelines in the preparation of a financial plan and where there is a responsibility to provide guidance to others on the application of regulatory ethical and organisational guideline requirements.
This course aims to draw together knowledge and skills acquired from earlier studies within the Diploma.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSFPLN501A Comply with financial planning practice ethical and operational guidelines and regulations

Element:

Apply standards of ethical behaviour

Performance Criteria:

• Standards of ethical behaviours are identified from training, peers, industry codes of practice and organisation guidelines
• Work is continually monitored to ensure it meets ethical standards
• Tasks to be completed that are in any way doubtful as to their propriety are checked and cleared with an expert source

Element:

Identify and comply with industry codes of practice

Performance Criteria:

• Industry codes of practice are identified and applied to own work
• Mechanisms for accessing updates to codes of practice are identified and accessed
• Experts within organisation are identified and contacted when needed

Element:

Identify and comply with legislative and regulatory requirements

Performance Criteria:

• Sources of information on legislative, regulatory and industry codes of practice requirements are identified and complied with
• Compliance requirements are identified with complied with
• Sources are accessed regularly including updated memorandums, web pages and journals
• Experts within the practice are identified and contacted when needed
• External regulatory advisory services and experts are identified and accessed when required

Element:

Identify and comply with organisational operation guidelines

Performance Criteria:

• Operation guidelines are identified and applied to own work
• Mechanisms for accessing updates are identified and utilised
• Experts within organisation responsible for guidelines interpretation and assistance are identified and contacted when needed
• Personal monitoring system is established, for example, checklists or a peer review mechanism to ensure compliance
• Opportunities for professional development are identified and acted on


Learning Outcomes


As per the performance elements above.


Details of Learning Activities

In this course students will undertake a range of learning activities, which will include:
An initial introduction to topics and techniques via teacher directed learning, tutorial-based discussion groups, role-plays to explore individual reactions to particular situations, a group project (case-study, tutorial exercises in order to develop competency including underpinning skills and knowledge.


Teaching Schedule

This program is intended as a guide only. It is subject to variation. Any changes will be communicated to students.

 Weekly Schedule 
WeekTopicsTutorial/class work
Week 1Review of Financial Services Industry An overview of the financial services industry and the economic environment in with it operates.
Week 2Review of Financial Services Industry An overview of the financial services industry and the economic environment in with it operates.
Week 3Review of Financial Services Industry An overview of the financial services industry and the economic environment in with it operates.
Week 4Test on Financial Services IndustryTest.
Week 5Superannuation. Overview of the Superannuation Industry in Australia.
Week 6Superannuation. The Regulatory Framework for Superannuation in Australia
Week 7SuperannuationContributions to and withdrawals from superannuation funds
Week 8Superannuation Self managed Superannuation Funds
Week 9Test on SuperannuationTest
Week 10Managed InvestmentsOverview of Managed Investments
Week 11Managed InvestmentsThe Regulatory Framework for Managed Investments
Week 12Managed InvestmentsInvestment strategies
Week 13Test on Managed InvestmentsTest
Week 14Financial Planning IndustryOverview of the Financial Planning Industry in Australia
Week 15Financial PlanningFinancial Planning strategies
Week 16Financial PlanningStatement of Advice
Week 17Test on Financial Planning IndustryTest
Week 18Reedback on assessment 


Learning Resources

Prescribed Texts


References

Recommended readings for this course include:

Beal D and McKeown W, Personal Finance, John Wiley and Sons Australia Ltd, 3rd Edition

Gitman LJ, Morrison DS and Joehnk MD, Personal Financial Planning – an Australian Perspective, Thomson, 1st Edition.


Other Resources

• Print-based resources
Students will be provided with a learner’s guide that will include tutorial discussion questions, short answer questions and problem sets, self-directed exercises, some solutions and core notes for each topic.

• On-line resources
Students will be provided with on-line resources in the learning hub that include lectures and self-directed exercises, on-line feedback exercises and relevant URL’s.

• Other prescribed requirements:
You will be required to have access to a financial calculator within the course. Questions in the examination may be based on your having access to a financial calculator to perform financial calculations.

Students must be very familiar with the course material and its entire contents. Additional reading is required from contemporary sources. Students are required to undertake their own reading and research of the course independently and to properly acknowledge sources of information used for assignment work.


Overview of Assessment

Assessment will incorporate a variety of methods including tests, a group assignment and exam.
Tests comprise multiple choice and short answer questions will assess performance element one relating to the regulatory compliance requirements.
The assignment may consist of an investigation and report on the impact of legislation on the conduct of financial advisers.
Exam will be closed book test consisting of multiple-choice questions, a case study and some short answer questions.

You will receive ongoing feedback on your progress in the course. Feedback on assessment will be given in a timely manner. You will be informed about how to improve your performance in the competency/course and what you need to do to be deemed competent or to gain a pass in the assessment.


Assessment Tasks

The assessment will consist of:
1. A series of Tests comprising multiple choice and strcutured short answer questions. 

Assessment weighting for this course takes the following form:
Test 1 – Financial Services Industry 20%
Test 2 – Superannuation 25%
Test 3 – Managed Investments 25%
Test 4 – Financial Planning 30%

Students are assessed against all the performance elements of the course and must demonstrate an understanding of all elements to be deemed competent. To receive a pass for this course a student must also achieve 50% overall.


Assessment Matrix

 Test
Identify and comply with legislative and regulatory requirements Y
Apply standards of ethical behaviour Y
Identify and comply with industry codes of practice Y
Identify and comply with organisational operational guidelines
Y

Course Overview: Access Course Overview