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

Part B: Course Detail

Teaching Period: Term2 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. 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
1.2. Compliance requirements for the financial planning role are identified with and 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:

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
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:

Identify and comply with organisational operation guidelines
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


4. Identify and comply with organisational operation guidelines

Performance Criteria:

This no longer applies as it is combined within other criteria

Learning Outcomes

Details of Learning Activities

Activities will consist of classroom collaborative delivery of course notes and relevant execises towards student centred learning and research.

Teaching Schedule

Teaching Schedule
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Week Commencing Topics Assessment
1 6th Feb Pre-training review:
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. Chapter 5
Lecture 1 -Tutorial 1

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 Overview of the Superannuation Industry in Australia
The Regulatory Framework for Superannuation in Australia

8 26th March Superannuation
Continuing on from Week 7 The Regulatory Framework for Superannuation in Australia
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)
13 7th May Revision Revision
14 14th May Final class Assessment CA/NYC
15 21st May Re-submissions if required
16 28th May Re-submissions if required
17 4th June Feedback

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.

Assessment Matrix

Other Information

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:

You are required to demonstrate 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 access of information required for the assessments tasks, accuracy and quality of information presented to the client and appropriate recommendation using the information you have access, analysed and presented.

You need to show a depth of understanding of the key concepts and knowledge of the financial products covered in the assessment tasks, including personal loans and overdrafts and general insurance products. Accuracy of all related interest rates, repayment calculations, fees and charges is essential.

Demonstration of appropriate use of technology to assist in presenting all tasks clearly and suitable for the intended audience. This requires use of bank and financial institution web sites to access financial data and demonstrate a capacity to use financial calculators to calculate repayments and credit limits.

You must complete all work requirements as per course requirements and timely submission of all required assessment tasks. You need to collate data and organize it in a presentable format that meets the requirements of the assessment tasks.

Communication skills and teamwork is required to collaboratively complete this task.

Final Grade 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

Course Overview: Access Course Overview