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 Email:firstname.lastname@example.org
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
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
1.1. Sources of information on legislative, regulatory and industry codes of practice requirements are identified and complied with
2. Apply standards of ethical behaviour
2.1. Principles and standards of ethical behaviours are identified from training, peers, industry codes of practice and organisation guidelines
3. Identify and comply with industry codes of practice
3.1. Industry codes of practice are identified and applied to own work.
4. Identify and comply with organisational operation guidelines
3.1. Operation guidelines are identified and applied to own work with updates checked regularly
Details of Learning Activities
Activities will consist of classroom delivery of course notes and relevant exercises, student centred learning and research.
|1||6th Feb||Pre-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.
|2||13th Feb||Completion of The Regulation of the Financial Services Industry as per week one.|
|3||20th Feb||Compliance & Ethics |
The Compliance & Ethical stance for the provision of financial advice.
|Assessment on Topics from weeks 1 and 2
|4||27th Feb||Uniform 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.
|5||5th March||AFSL, Licensing Regime |
How this affects licensees, advisers and the compliance management within the practice.
|6||12th March |
(Monday, Labour Day)
|Assessment on Topics (2 to 4 )||Short Answer Questions Grading (CA/NYC)|
|7||19th March||Case 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
|8||26th March||Superannuation |
Continuing on from Week 7
|9||2nd April||No Thursday Class/ Mid semester break|
|Mid semester break (5 April to 11 April)|
|9||9th April||Superannuation. |
Continuing on from Week 8
Electronic Draft of SOA to be submitted to teacher in class
|Contributions to and withdrawals from superannuation funds.|
|10||16th April||Superannuation |
Continuing on from Week 9
|Self Managed Superannuation Funds.|
|11||23rd April||Statements of Advice |
Final draft to be presented
|Students must personally present the final draft to the teacher during class time.|
|12||30th April||Assignment Presentations |
Statements of Advice
|Assignment Presentations (CA/NYC)|
|14||14th May||Final class Assessment||CA/NYC|
|15||21st May||Re-submissions if required|
|16||28th May||Re-submissions if required|
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.
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.
• 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 http://rmit.edu.au/browse;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:
1. LEVEL OF INDEPENDENCE, INITIATIVE, ENTERPRISE AND PERFORMANCE OF WORK TASK
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.
2. DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING
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.
3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING
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.
4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT
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
5. COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK
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.
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