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

Part B: Course Detail

Teaching Period: Term1 2012

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

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


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


1. Identify and comply with legislative and regulatory requirements

Performance Criteria:

1.1. Sources of information on legislative, regulatory and industry codes of practice requirements are identified and complied with
1.2. Compliance requirements for the financial planning role are identified with complied with
1.3. Sources of relevant information are accessed regularly including updated memorandums, web pages and journals
1.4.Experts within the practice and external regulatory advisory services are identified and accessed for advice and guidance when required


2. Apply standards of ethical behaviour

Performance Criteria:

2.1. Principles and standards of ethical behaviours are identified from training, peers, industry codes of practice and organisation guidelines
2.2. Work is continually monitored to ensure it meets ethical standards
2.3.Tasks to be completed that may raise doubt regarding their propriety are checked and cleared with an expert source


3. Identify and comply with industry codes of practice

Performance Criteria:

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


4. Identify and comply with organisational operation guidelines

Performance Criteria:

3.1. Operation guidelines are identified and applied to own work with updates checked regularly
3.2. Experts within the organisation responsible for guidelines interpretation and assistance are identified and contacted when needed
3.3. A personal monitoring system including checklists and peer review mechanisms is established to ensure compliance
3.4.Opportunities for professional development are identified and acted on

Learning Outcomes

Details of Learning Activities

Activities will consist of classroom delivery of course notes and relevant exercises, student centred learning and research.

Teaching Schedule


Week Commencing

16th FebPre-training review: • RPL /LLN
Familiarisation with: • Program • Services/facilities • Other students • Teacher(s) • Where to get support • Student responsibilities • Course requirements
• Course support documents • Pre-reading • Blackboard • Overview of assessment requirements • Grading • Plagiarism
• Appeals • Extensions • Feedback • Privacy • Submission requirements • Resubmission policy
Outline of The Regulation of the Financial Services Industry. An overview of the financial services industry and the economic environment in with it operates.
213th FebCompletion of The Regulation of the Financial Services Industry as per week one. 
320th FebCompliance & Ethics
The Compliance & Ethical stance for the provision of financial advice.
Assessment on Topics from weeks 1 and 2
427th FebUniform Consumer Credit Code = UCCC
New Legislation /National Consumer Credit Protection Act = NCCP
Managed Investments Act 1998 = MIA
How the UCCC impacts on an adviser and what the UCCC encompasses. The Regulatory Framework for Managed Investments. New Licensing requirements for credit providers.
55th MarchAFSL, Licensing Regime
How this affects licensees, advisers and the compliance management within the practice.
612th March
(Monday, Labour Day)
Assessment on Topics (2 to 4 )Short Answer Questions Grading (CA/NYC)
719th MarchCase Studies introduced for Preparing Statements of Advice in regards to
Superannuation and Investments
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. Knowledge requirement.
Assessment 1 Feedback
826th MarchSuperannuation
Continuing on from Week 7
92nd AprilNo Thursday Class/ Mid semester break 
                                                              Mid semester break (5 April to 11 April)
99th AprilSuperannuation.
Continuing on from Week 8
Electronic Draft of SOA to be submitted to teacher in class
Contributions to and withdrawals from superannuation funds.
1016th AprilSuperannuation
Continuing on from Week 9
Self Managed Superannuation Funds.
1123rd AprilStatements of Advice
Final draft to be presented
Students must personally present the final draft to the teacher during class time.
1230th AprilAssignment Presentations
Statements of Advice
Assignment Presentations (CA/NYC)
137th MayRevisionRevision
1414th MayFinal class AssessmentCA/NYC
1521st MayRe-submissions if required 
1628th MayRe-submissions if required 
174th JuneFeedback 


Learning Resources

Prescribed Texts


Other Resources

Lecture and tutorial notes are on blackboard and various readings if applicable.

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

Assessment Tasks

You are required to complete 3 tasks. You must successfully complete all 3 tasks to be deemed competent in this unit.

TASK 1 (Due Date: 20th Feb, Week 3 and Week 6, 12th March)
This will consist of a multiple choice question and short answer assessment. CA/NYC

TASK 2 (Due Date: 30th April, Week 12) CA/NYC
An assignment requiring students to conduct research into a financial case study and complete a Statement of advice.

TASK 3 (Due Date: 14th May, Week 14) CA/NYC
A two hour closed book assessment covering Elements 1, 2, & 3.

Submission Requirements
You should:

• Ensure that you submit assessments on or before the due date. If your performance in the assessment is affected by unexpected circumstances, you should consider applying for Special Consideration. Information on the process and application forms is available at;ID=ls0ydfokry9rz website.
• 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 work for assessment 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.

Marking Guide (competency):

Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace. Because VET courses are informed by practical application of knowledge and skills, they are based on a system known as ‘competency based training’ (CBT). So when you are assessed in VET it is about whether you are competent to do the job, as well as having a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention.
You need to demonstrate you are competent in each element of the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing. Once competent in all elements of the unit you receive a competency grading.

Please refer to the Final Grades table below.

Marking Guide (Grading)

After achieving competency we then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognized against industry standards and employability skills.

The grading is according to the following criteria:
We are looking for a high level of ability to complete all tasks independently as per the specifications as well as demonstrating a high level of initiative in your approach to job roles such as a compliance officer and financial planner. Have the ability to confirm to work requirements, using questioning and active listening as required, liaise with others, share information, listen and understand and use language and concepts appropriate to cultural differences.

We are looking for depth of understanding of the key concepts and knowledge required in accessing and managing financial services information, accessing financial product and services information and interpreting documentation. We are also looking at literacy skills to read, write, edit and proofread documents to ensure clarity of meaning, accuracy and consistency of information.
We are also looking at literacy skills to read, write, edit and proofread documents to ensure clarity of meaning, accuracy and consistency of information. Students should have an understanding of current government financial policies, organisational guidelines, privacy legislation, relevant knowledge of corporations and consumer legislation, financial products and their characteristics, relevant knowledge of financial legislation and its application to financial planning job roles, State and Territory charges and taxes.

We are looking for appropriate use of technology to assist in presenting all tasks clearly and suitable for the intended audience. You also need to show an understanding of the kinds of problems that can arise in managing client services or reporting and to develop options to resolve these issues when they arise.

We expect to see ongoing uploading of information that is relevant to the unit, full utilisation of Blackboard as per course requirements and timely submission of all required assessment tasks. Teamwork skills
problem solving skills to identify any issues that have the potential to impact on organisational skills, including the ability to plan and sequence work. Self-management skills for complying with ethical, legal and procedural requirements


We expect to see contributions to relevant discussions and scheduled classroom sessions. In addition your tasks should demonstrate a very good understanding of strategies for well-developed literacy skills for analysing information on client needs and preparing clear written advice, plans and reports. This includes research skills such as: accessing and managing information, interpreting documentation and coordinating tasks.

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.

Assessment Matrix

Other Information

Students must demonstrate an understanding of all elements of competency to be deemed competent.

A range of assessment methods are used to assess practical skills and knowledge, for example:
• direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate
• review of authenticated documents from the workplace or training environment
• demonstration of techniques

Critical aspects of assessment

Evidence of the following is essential
Evidence of the ability to:
• Maintain knowledge of, and comply with, relevant legislative requirements and industry codes of practice and interpret and meet organisational operational guidelines.
• Apply standards of ethical behaviour and use knowledge of the financial planning industry, industry regulations and codes of practice in work activities.

Course Overview: Access Course Overview