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

Part B: Course Detail

Teaching Period: Term2 2012

Course Code: BAFI5193C

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

School: 650T TAFE Business

Campus: City Campus

Program: C5261 - Diploma of Financial Planning

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

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

There are no pre-requisites to this course but it is co-delivered with:

FNSINC401A   Apply principles of Professional Practice to work in Fin Services Industry
FNSFPL506A  Determine client requirements and expectations
BSBITU402A   Develop and use complex spreadsheets
FNSCUS505A Determine client requirements and expectations
FNSCUS506A Record and implement client instructions

Course Description

This course address the financial planning industry and its controlling mechanisms - code of practice, regulations and legislation. It looks at ethical behaviour, organisational operation guidelines and codes of practice from major industry associations. It also examines spreadsheets and how to represent data in a graphical form.

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:

FNSFPL501A Comply with financial planning practice ethical and operational guidelines and regulations

Element:

Apply standards of ethical behaviour

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
 

Element:

Identify and comply with legislative and regulatory requirements

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
 

Element:

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
 

Element:

Represent numerical data in graphic form

Performance Criteria:

No longer used

Element:

Use spreadsheets

Performance Criteria:

No longer used


Learning Outcomes


On completion of this module you will be understand the regulations, legislation and codes of practice which apply to the financial services industry.  You will also have knowledge of how data is graphically represented.


Details of Learning Activities

This unit is delivered using a blend of classroom based and self -paced learning activities.  Learning Activities will consist of classroom collaborative delivery of course notes and relevant exercises around 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.


 

WeekWeek                            CommTopics                                                        Assessment                                                         
 
025th JuneOrientationOverview
 
12nd JulyPre-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
Financial Services Industry – Module 1- Chapter 1
Spreadsheet exercises

 

 Spreadsheet Exercises
 

 
29th JulyFinancial Services Industry – Module 1- Chapter 1 
316th July Financial Services Industry – Module 1- Chapter 2
 
 
423rd July Financial Services Industry – Module 1- Chapter 3 Assessment on Topics from weeks 1 and 2
Excel Activity Questions Grading (CA/NYC
 
530th JulyStudent Study WeekNo Formal classes
66th Aug. Financial Services Industry – Module 1- Chapter 3
continued
 
 
713th Aug Financial Services Industry – Module 1- Chapter 4 
820th AugFinancial Services Industry – Module 1- Chapter 4
Continued
Financial Services Industry – Manage Client Services- Chapter 1
 
 
  Mid semester break (27th August to 31st August) 
93rd Sept.Financial Services Industry – Manage Client Services- Chapter 2 
1010th Sept. Financial Services Industry – Manage Client Services- Chapter 3 
1117th Sept.Financial Services Industry – Manage Client Services- Chapter 4

 

 
1224th Sept Financial Services Industry – Manage Client Services- Chapter 5
Introduction to Role Plays (This is outlining the assessment)
 
Final Role Play Assessment discussion
With teacher
 
131st Oct. Introduction to Role Plays (This is outlining the assessment)Final Role Play Assessment Practice
With teacher
 
148th Oct. Completion of role Plays and Final assessment review and DiscussionContinued as per above
(CA/NYC)
 
1515th Oct.Assessment 3 – (CA/NYC)
 
(From Topics covered in Weeks 3 to Weeks 14) (CA/NYC)
 
1622nd Oct.Re-submissions if required 
1729th Oct.Feedback 


Learning Resources

Prescribed Texts


References


Other Resources


Overview of Assessment

Assessment may incorporate a variety of methods including written tests, group assignment and final assessment.

Tests are both open and closed book and consist of practical exercises and short answer questions.

The group assignment requires students to research the role and function of a financial institution or a major contemporary issue relating to the financial system and of concern to consumers.

Students are advised they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure the relevant competency standards are being met. Students will be provided with feedback throughout the course to check their progress.

Assessments are based around a graded assessment model whereby students are assessed as being competent in knowledge and skills relevant to the course before being graded as pass, credit, distinction or higher distinction.


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 ( Week 3)
This will be developing an excel spreadsheet. CA/NYC

TASK 2 CA/NYC
A Role Play as a client/adviser assessment on risk management.

TASK 3 (Week 15) CA/NYC
A two hour open book assessment covering Topics covered in Weeks 3 to Weeks

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:

LEVEL OF INDEPENDENCE, INITIATIVE, ENTERPRISE AND PERFORMANCE OF WORK TASK
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.

DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING
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.

TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING
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.

WORK ORGANISATION, PLANNING AND SELF MANAGEMENT
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, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK
You are required to work in groups to complete assessment task 3. Communication skills and teamwork is required to collaboratively complete this task. Additionally you will need to network to collate financial data for personal loan products required in assessment task 2.


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
 


Assessment Matrix

Course Overview: Access Course Overview