Course Title: Comply with financial services legislation, industry and professional codes of practice

Part B: Course Detail

Teaching Period: Offsh3 12

Course Code: LAW5149C

Course Title: Comply with financial services legislation, industry and professional codes of practice

School: 650T TAFE Business

Campus: Singapore Inst of Management

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: 80

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

This unit describes the functions involved with ensuring compliance with financial laws, regulations, ethics and industry codes of practice on an organisational level.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSCOMP501B Comply with financial services legislation, industry and professional codes of practice


FNSCOMP501B/01 Identify and apply organisational requirements of legal principles and regulatory obligations

Performance Criteria:

1. Source documents for legislation, regulations and policies relevant to the provision of financial products and services are sourced and accessed
2. Key legal principals and organisational implications relating to the provision of financial products and services are interpreted and analysed
3. The organisational requirements of these documents and their impact on work practices are identified in terms of procedural requirements
4. Procedural requirements relating to operational aspects of laws and regulations and codes of practice are executed in line with organisational policy
5. Role authorities and restrictions as identified in position profiles are complied with
6. Internal monitoring/audit program is implemented according to organisational and role requirements
7. Mechanism is established to ensure currency of regulatory literature is maintained


FNSCOMP501B/02 Identify changes and implications of laws, regulations, rules and circulars

Performance Criteria:

1. Changed legislation, regulations and policies are accessed in a timely manner
2. Changes to regulatory requirements are identified and communicated in line with organisational policy
3. Operational procedures are reviewed and reflect changes to regulation and legislation
4. Implications for products and services are identified and changes implemented in accordance with client, legislative and organisational requirements


FNSCOMP501B/03 Comply with any relevant industry or professional codes

Performance Criteria:

1. Relevant industry and professional codes of practice are sourced, accessed and applied to own work in accordance with industry and organisational requirements
2. Key principles and responsibilities are interpreted in accordance with industry codes of practice
3. Own interpretation and application of industry codes of practice is confirmed and clarified as required with relevant persons
4. Impact of codes of practice on work practices is understood and implemented
5. Own ethical behaviour demonstrates a commitment to comply with industry and professional codes of practice


FNSCOMP501B/04 Maintain statutory records

Performance Criteria:

1. Copies of relevant records are maintained
2. Copies of any relevant agreements are kept on file
3. Evidence of current authorisation, training and relevant licences are maintained in accordance with organisational, legal and regulatory requirements available

Learning Outcomes

Refer to the performance elements above and performance criteria of the unit listed in the Part B Course Guide. 

Details of Learning Activities

A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.

The self-paced activities will be delivered via Blackboard and access to and use of the internet to collect, analyse and use information on a range of financial products and financial organizations.
The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
You are expected to participate and contribute in all scheduled learning activities including completion of tutorial exercises consisting of practical problems, short answer questions, multiple choice, case studies and extension exercises.

Teaching Schedule

ClassTopicElements/knowledge requirements
Week 1Topic 1: Establishing a Financial Plan /Statement of Advice (SOA); an introduction to the process involved in the construction of a financial plan; issues of client-planner relationship and the establishment of goals as well as the practical basis of creating a financial planRequired knowledge. Elements 1,2, 3, 4

Week 2Topic 1: Establishing a Financial Plan /Statement of Advice (SOA)Required knowledge, Elements 1,2, 3, 4

Week 3Topic 1: Establishing a Financial Plan /Statement of Advice (SOA)Required knowledge, Elements 1,2, 3, 4

Week 4Topic 2: Financial Plan Development; the major points in developing financial plans; process to achieving client goalsRequired knowledge, Elements 1, 2, 3

Week 5Topic 3: Integration of the Financial Plan Process; focus on the client reflected in the design of the data collection forms.Required knowledge, Elements 3, 4

Week 6Topic 4: Principles and Case Studies in Financial Planning; application of the financial planning principles and practices to the case studies provided in the topic. Required knowledge, Elements 1, 2, 3

Week 7Topic 5: Regulations, Professional Practice and Code of Ethics; Singapore Government regulations of the Financial Advisers Act, the Guidelines set by the MAS, the principles underlying professional financial planning practice, the framework regulating financial planning and the code of ethics under which the industry operates.Required knowledge, Elements 1, 2, 3

Week 8Topic 6: Financial Planning Approaches and Strategies; strategic advice about the efficient use of client’s financial resources. Contemporary articles are examined in relation to this area.Required knowledge, Elements 1, 4

Week 9Topic 7: Contemporary Issues in Financial Planning; various readings on contemporary issues in the financial advising/planning industry are examined to create awareness of the practical issues facing advisers in the delivery of financial planning services.Required knowledge, Elements 1, 2, 3

Week 10Topic 7: Contemporary Issues in Financial Planning & Course Review
Group assignment due (40%)Required knowledge, Elements 1, 2, 3 Group assignment Elements 1, 2, 3, 4

Week 11Topic 7: Contemporary Issues in Financial Planning & Course Review Required knowledge, Elements 1, 2, 3

Week 12Course review

Scheduled exam period: Final Exam (60%) on the course during examination period

Learning Resources

Prescribed Texts

Koh, Benedict & Mun, Fong Wai, “Personal Financial Planning”, 4th Ed, Prentice Hall, Singapore.


Beal, D & McKeown, W, Personal Finance, 2009 (4th)edition, Wiley, Australia

Ong, A & Keng, L.B, Personal Financial Planning in Singapore, AFPJ Pte Ltd., Singapore  

Singapore Master Financial Planning Guide Handbook, CCH, current edition

Other Resources

Learning support materials are made available on the Online Learning Hub

You must purchase a copy of this text and bring it to all classes.

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 all 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.

Examples of reading materials accessible to SIM students:
Newspapers, Magazines and Journals:
•The Straits Times – money and business sections.
•The Financial Planner Magazine, published by Ins Communications Pty Ltd.
•The Financial Advisers Act 2001, Guidelines, etc.
•The Monetary Authority of Singapore (MAS) and FPAS web sites
•The Financial Planner Magazine’s published Personal Investment Seminar Papers and other Singapore business magazines.

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.

You will receive ongoing feedback on your progress in the course. Feedback on assessment will be given in a timely manner. You will be informed about how to improve your performance in the competency/course and what you need to do to be deemed competent or to gain a pass in the assessment.

Assessment Tasks

1. A case study based assignment involving the provision of advice to a client and the associated compliance with financial laws, regulations, ethics and industry codes of practice on an organisational level.

2. A closed book exam of 2 hour duration covering all topics.

Assessment Matrix

Assessment No and Week NoAssessment DescriptionMaximum % grade allocated
Group Assignment due in week 10A case study based assignment involving the provision of advice to a client and the associated compliance with financial laws, regulations, ethics and industry codes of practice on an organisational level.CA/NYC
Final Examination during examination periodA closed book exam of 2 hour duration covering all topics.60%

Other Information

Competency and grading requirements:
To be deemed competent students must demonstrate an understanding of all elements of a competency. Assessment methods have been designed to measure achievement of each competency in a flexible manner over multiple tasks. 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.

All competency based assessments for this course must be completed to achieve CA. Each assessment task will also carry a numerical weighting to be used for grading purposes. The grade applied to this weighting will only be awarded if a CA has been achieved in all compulsory assessment tasks.

If a student has been marked NYC (Not Yet Competent) in any of the assessment tasks, the weighting will carry no value until the student has obtained CA. If a CA is achieved on re-assessment then a maximum mark of 50% of the original weighting will be granted for that assessment.

A final examination offered to students who have achieved CA. The final examination is for grading purposes only and is intended for students requiring a grade for articulation into higher education programs.

Assignment Submission Procedure
All assignments must be submitted online through the course Blackboard. They must be accompanied by an assignment cover sheet and submitted though Tunitin, a plagiarism checking tool. For information on Turnitin see;

Student FAQ,
Student procedures and account setup (pdf),

Turnitin student information page,
Turnitin will assess your work in approximately one minute, and return a colour coded response for the originality of the text.

Penalties for late submission
All assignments will be marked as if submitted on time then the mark awarded will be reduced by 10% for each day (or part of a day) it is late.
Assignments that are late by 7 days or more will not be marked and will be assessed as Not Yet Competent and awarded zero marks.

Final Grades table:

HDCompetent with High Distinction
DICompetent with Distinction
CRCompetent with Credit
PACompetency Achieved – Graded
NNNot Yet Competent
DNSDid Not Submit for assessment

Competency / Grading Criteria
In addition to the above statement on competency and grading, grades for this course will be awarded on the following basis:

Not Yet Competent / Fail (NN):
The submitted/presented work does not meet the criteria set for the assessment tasks; and the elements and crtieria of the unit / course.

Competent / Pass (PA) 50-59%:
The submitted/presented work meets the criteria for the set assessment tasks. Assessments have met the requirement for competence / pass against the elements and criteria for the unit / course. This includes clear evidence of understanding of the required knowledge and skills of the unit and the application of this knowledge and skills.

Competent with Credit / (CR) 60-69%:
In addition to satisfying the conditions for competency, the submitted/presented work shows evidence that exceed the required standards / criteria for competence. This includes the ability to apply the knowledge and skills of the of the unit / course with more relevant detail and accuracy. Calculations and reports are completed with few errors and examples are provided to illustrate greater understanding of the issues / problems in questions and case studies.

Competent with Distinction / (DI) 70-79%:
In addition to satisfying the conditions for a credit, the submitted/presented work shows analysis of relevant material beyond that covered in the class, the ability to engage in more detailed qualitative research, and applies relevant professional and theoretical reading.. This will include the ability to apply the knowledge and skills of the of the unit / course with relevant detail and accuracy. Calculations and reports are completed with minor error and examples are provided to illustrate greater understanding of the complexity of issues / problems in questions and case studies.

Competent with High Distinction / (HD) 80%:
In addition to satisfying the conditions for a distinction, the submitted/ presented work shows evidence of high order critical analysis and insightful use of wide and relevant theoretical reading as well as thorough attention to preparation, and presentation. The submitted/presented work demonstrates the capacity to understand and apply the required knowledge and skills to complex problems. Calculations and reports are accurate and examples are provided that illustrate excellent understanding of the complexity of issues / problems in questions and case studies.

Changes to assessment scheme
Changes to the method of assessment described above may be made with the documented consent of 70% of students enrolled in the course. Students will receive written notification of any such changes.

Borderline policy
All borderline fail assignments and examination papers will be marked by a second examiner. Assessment within 5% of the pass mark is considered to be borderline for this purpose. Students who are dissatisfied with their assessment outcomes have the right to clarification from the School of how their assessment was determined
Feedback will be provided throughout the semester in class and/or on Blackbaord. Individual and group feedback on specified learning activities as required. You are encouraged to ask and answer questions during the lecture and tutorials so that you can obtain feedback on your understanding of the concepts and issues being discussed.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.

Written Reports and Essays:
Students should consult the Guidelines for Referencing and Presentation in RMIT Business. This document is the standard RMIT Business reference for Higher Education and TAFE students.

In addition to these resources, RMIT provides academic skills support and resources through the Study and Learning Centre ( and the library (

Plagiarism: the practice of claiming, or implying, original authorship or incorporating material from someone else’s written or creative work, in whole or in part, into ones own without adequate acknowledgement. Plagiarised material can be drawn from, and presented in, written, graphic and visual form, including electronic data, and oral presentations. Plagiarism occurs when the origin of the material used is not appropriately cited.
Examples of plagiarism include:
•Copying sentences or paragraphs word-for-word from one or more sources, whether published or unpublished, which could include but is not limited to books, journals, reports, theses, websites, conference papers, course notes, etc. without proper citation;
•Closely paraphrasing sentences, paragraphs, ideas or themes without proper citation;
•Piecing together text from one or more sources and adding only linking sentences;
•Copying or submitting whole or parts of computer files without acknowledging their source;
•Copying designs or works of art and submitting them as your original work;
•Copying a whole or any part of another student’s work;
•Submitting work as your own that someone else has done for you; and
•Enabling plagiarism: the act of assisting or allowing another person to plagiarise or to copy your own work.
Advice and activities are available to help you cite and quote your sources correctly, and avoid plagiarism, see for example
Further information on academic integrity:

Special consideration in assessment
Special consideration is a process that takes account of unexpected or extenuating circumstances such as serious illness, serious injury or bereavement of a close family member that severely affects a student’s performance in assessment.
The RMIT University policy on special consideration in assessment can be viewed on the RMIT University website at .

How to apply for special consideration:
You must apply for special consideration no later than two working days after the relevant examination or assessment deadline. For available lodgement methods and the current version of the application form see the special consideration website at

Your application must be supported by a medical impact statement completed by an independent qualified practitioner and/or relevant independent substantiating documentation. A medical certificate alone is not sufficient. If you do not have the impact assessment statement completed or you do not have your supporting documentation ready when you lodge your application, you should lodge an incomplete application and provide the additional documents within five working days.

All communication about your application will be through your RMIT student email account. It is your responsibility to check your RMIT student email account regularly, promptly respond or action any requests for information and ensure your account can receive incoming emails. RMIT will advise you of the outcome via your RMIT student email account.

Course Overview: Access Course Overview