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

Part B: Course Detail

Teaching Period: Term1 2009

Course Code: BAFI5144C

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

School: 650T TAFE Business

Campus: City Campus

Program: C5205 - Diploma of Financial Services

Course Contact : Michael Elliot

Course Contact Phone: 61 3 9925 5519

Course Contact Email:michael.elliot@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Michael Elliot
Course Co-ordinator
Tel: 61 3 9925 5519
Email: michael.elliot@rmit.edu

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.

If you are undertaking this course in Melbourne from semester 2, 2012 onwards your teacher will advise you if you require access to a computer for the course. It is recommended that you have access to a mobile computing device to allow greater flexibility in terms of where you can work on campus outside class times.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSFPLN501B Comply with financial planning practice ethical and operational guidelines and regulations

Element:

FNSFPLN501B/01 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:

FNSFPLN501B/02 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:

FNSFPLN501B/03 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:

FNSFPLN501B/04 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



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 
Week beginningTopicsTutorial/class work
Week 1 – 9 FebReview of Financial Services Industry An overview of the financial services industry and the economic environment in with it operates.
Week 2 – 16 FebReview of Financial Services Industry An overview of the financial services industry and the economic environment in with it operates.
Week 3 – 23 FebReview of Financial Services Industry An overview of the financial services industry and the economic environment in with it operates.
Week 4 – 2 MarTest on Financial Services IndustryTest.
Week 5 – 9 MarSuperannuation. Overview of the Superannuation Industry in Australia.
Week 6 – 16 MarSuperannuation. The Regulatory Framework for Superannuation in Australia
Week 7 – 23 MarSuperannuationContributions to and withdrawals from superannuation funds
Week 8 – 30 MarSuperannuation Self managed Superannuation Funds
Week 9 - 6 AprilTest on SuperannuationTest
 Easter Break (9th to 15 April inclusive) 
Week 9 – 13 AprilTest on SuperannuationTest
Week 10 – 20 AprilManaged InvestmentsOverview of Managed Investments
Week 11 – 27 AprilManaged InvestmentsThe Regulatory Framework for Managed Investments
Week 12 – 4 MayManaged InvestmentsInvestment strategies
Week 13 – 11 MayTest on Managed InvestmentsTest
Week 14 – 18 MayFinancial PlanningFinancial Planning strategies
Week 15 – 25 MayFinancial PlanningStatement of Advice
Week 16 – 1 JuneTest on Financial Planning IndustryTest
Week 17 – 8 JuneFeedback 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.

Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met. Students will be provided with feedback throughout the course to check their progress.


Assessment Tasks

The assessment will consist of:
1. A series of Tests comprising multiple choice and strcutured short answer questions. These assess each performance element.

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 1Test 2Test 3Test 4
Identify and comply with legislative and regulatory requirements YYYY
Apply standards of ethical behaviour YYYY
Identify and comply with industry codes of practice YYYY
Identify and comply with organisational operational guidelines
YYYY

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