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

Part B: Course Detail

Teaching Period: Term2 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 beginning	Topics	Tutorial/class work
Week 1	Class introduction and The Regulation of the Financial Services Industry	An overview of the financial services industry and the economic environment in with it operates.
Week 2	Completion of The Regulation of the Financial Services Industry	An overview of the financial services industry and the economic environment in with it operates.
Week 3	Compliance & Ethics	The Compliance & Ethical stance for the provision of financial advice.
Week 4	Uniform Consumer Credit Code/Managed Investments Act 1998	How the UCCC impacts on an adviser and what the UCCC encompasses. The Regulatory Framework for Managed Investments
Week 5	Licensing Regime	How this affects licensees, advisers and the compliance management within the practice
Week 6	Test on Topics 1 to 4 (Week 6)	Short Answer and Multiple Choice Questions Test. 20%
Week 7	Superannuation	Overview of the Superannuation Industry in Australia
Week 8	Superannuation	The Regulatory Framework for Superannuation in Australia
Week 9	Superannuation	The Regulatory Framework for Superannuation in Australia
Week 10	Superannuation	Contributions to and withdrawals from superannuation funds
Week 11	Superannuation	Self Managed Superannuation Funds
Week 12	Superannuation Test	Short Answer and Multiple Choice Questions Test. 15%
Week 13	Case Studies introduced for Preparing Statements of Advice	Students will be paired together so that they can work on this assignment. It will be essential to attend these classes to enable the successful completion of this task of preparing a compliant Statement of Advice to align with the client’s requests.
Week 14	Preparing Statements of Advice	As per above. The class will collectively develop their SOA in preparation for the class presentation
Week 15	Preparing Statements of Advice	As per above. The class will collectively develop their SOA in preparation for the class presentation
Week 16	Assignment Presentations Statements of Advice	Assignment Presentations (50%) Preparing Statements of Advice
Week 17	Assignment Presentations Statements of Advice	Assignment Presentations Preparing Statements of Advice

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.
Financial Planning In Australia, S.Taylor, R. Juchau, B. Houterman, T. McDonald LexisNexis, Butterworths 2nd 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

1. Individual employability skills of each student will be assessed by taking into account, communication, team work, problem-solving, initiative and enterprise, planning and organising, self-management, learning and technology skills.
Worth 15% of the assessment of the course.

2. A multiple choice and short answer question assessment that will consist of questions from topics 1 to 4. (Worth 20%)

3. A multiple choice and short answer question assessment that will be based on the regulatory environment of the Superannuation Industry. (Worth 15%)

4. An assignment that is compiled in groups of (2) on a financial scenario case study. The students are required to research the case study topic and present the findings in the format of a compliant SOA. (Statement of Advice). The findings will be presented to the class as an adviser presentation. Worth 50%

To be deemed competent in this course, students will be assessed on the unit of competence and performance criteria over a period of time in order to ensure consistency of performance over the range statement and contexts applicable to the work environment. Assessment will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.
The final mark is based on all assessment components. To receive a pass for this course a student must achieve an overall pass mark of 50% and must pass the assignment to be deemed competent.

Additionally, students will be graded in this course. The grade will be determined on the overall mark attained and will be based on the grade criteria listed below.

Graded results will apply the following
Grade HD Mark > = 80 Description High Distinction
Grade DI Mark 70 - 79 Description Distinction
Grade CR Mark 60 - 69 Description Credit
Grade PA Mark 50 - 59 Description Pass
Grade NN Mark 0 - 49 Description Fail
Grade NYC Mark Not Applicable Description Not Yet Competent
Grade DNS Mark Not Applicable Description Did Not Submit

Assessment Matrix

	Employability skills	Test -  Topics 1 to 4	Test Superannuation Industry	Paired Assignment Presentation Identify and comply with legislative and regulatory requirements
Identify and comply with legislative and regulatory requirements	Y	Y	Y	Y
Apply standards of ethical behaviour	Y	Y	Y	Y
Identify and comply with industry codes of practice	Y	Y	Y	Y
Identify and comply with organisational operational guidelines	Y	Y	Y	Y

Other Information

The assignment task will be a work in progress assessment. The students are required to provide to the teacher a draft copy and must consult with the teacher weekly.
It is expected that a detailed outline will be constructed and that regular feedback is sort by the student to enable the identification, by the teacher, of the students understanding and ability to implement a complaint Statement of Advice. (SoA)

Course Overview: Access Course Overview