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

Part B: Course Detail

Teaching Period: Term2 2015

Course Code: BAFI5193C

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

School: 650T Vocational Business Education

Campus: City Campus

Program: C5317 - Diploma of Financial Planning

Course Contact : Michael Elliot

Course Contact Phone: +61 3 9925 5519

Course Contact

Name and Contact Details of All Other Relevant Staff

Dario Bartolomeo 

E-mail -

Phone:  (03) 99255464

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

This unit describes the performance outcomes, skills and knowledge required to comply with ethical and operation guidelines in one’s own work.
It does not include responsibility to provide guidance to others on the application of regulatory ethical and organisational guideline requirements.
This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSFPL501A 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 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

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

Teaching Schedule

Induction Session

Prior to training commencement a program level induction session will be conducted that comprises the following:
• Program overview and requirements
• MyRMIT/Blackboard
• Overview of assessment requirements
• Pre-training Review including: Recognition of Prior Learning and Credit Transfers and Assessment of current skills and knowledge
• Competency/grading criteria
• Plagiarism
• Appeals
• Extentions
• Feedback
• Privacy
• Submission Requirements
• Resubmission policy
• Where to get support
• Student responsibilities

PLEASE NOTE: The teaching scheduled may be subject to change.  Students will be advised via the Blackboard and student email of any changes.

<thead> <th scope="col">Week</th> <th scope="col">Week Commencing</th> <th scope="col"> Topics                                                                                                                      </th> <th scope="col">Assessment                                                                </th> </thead>
1 6 July

 Introduction to the Course including:
• Course requirements
• Course support documents Course Blackboard access
• Accuracy of enrolment
• Assessment requirements/cover sheets including RPF & credit transfers
• Reminder re Plagiarism
• Reminder re Appeals
• Extensions and Resubmissions
• Feedback in the course
• Reminder re re submission requirements
• Getting help 

  • Financial Services Industry - Module 1 - Chapter 1
  • Reference to prescribed text
  • Class Exercises






Assessment Task 1 given out
FSG Role Play

13 July

Financial Services Industry – Module 1- Chapter 1

  • Reference to prescribed text
  • Class exercises

 20 July

  • Reference to prescribed text
  • Class Exercises
  • Any students unable to attend the assessment must apply for special consideration
Task 1 - In class assessment due
FSG role plays
4 27 July
  • Feedback on role play given
  • Reference to prescribed text
  • Class Exercises
Task 2 - Case study handout distributed
Due in week 9

If required, resubmission for this assessment is due by no later than end of week 10

5 3 August
  •  Reference to prescribed text
  • Class exercises
6 10 August
  • Reference to prescribed text
  • Class exercises
7 17 August  
Assessment task 2 - pre submission

8  24 August


  • Reference to prescribed text
  • Class exercises
  31 Aug - 6 Sept  Mid semester Break  
9  7 September
  • Reference to prescribed text 
  • Class exercises
 Task 2 - assignment due
10 14 September
  • Reference to prescribed text
  • Class exercises
11 21 September
  • Reference to prescribed text 
  • Class exercises
12 28 September
  • Reference to prescribed text
  • Class exercises
13 5 October  Preparation for Assessment  
14 12 October Any students unable to attend the assessment must apply for special consideration Task 3 - in class assessment
Any students who need to resit the final assessment will do so in week 15.  Students should therefore monitor student email for notices
15 19 October Re-submissions and resits  
16 26 October Course Feedback  

Students will be provided with feedback throughout the semester.

Learning Resources

Prescribed Texts

Financial Planning in Australia - 2015 Essentials Edition by Taylor, S.; Juchau, R.; Seymour, E.; Cull, M.; Colley, G.; Monahan, R.; Perkins, M.; Griffin, R. 2014 IBSN: 9780409339710


Students also have access to RMIT's Financial Planning Course Notes that will be referred to throughout the semester for class work and self study purposes.  These can be downloaded from Blackboard.

Other Resources

Student have access to Blackboard which includes:

1. Online activities

2. Self-paced learning

3. Readings

4. Course material and external resources to access

Overview of Assessment

Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.

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

Assessment Tasks

Co-delivered and co-assessed courses:

This course is co-delivered and co-assessed with the following courses:

BAFI5187C Determine client requirements and expectations

MKTG6074C Determine client requirements and expectations

MKTG6076C Record and implement client instructions

Critical aspects of assessment

Evidence of the following is essential:

  • 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.

You are required to complete three tasks.

You must successfully complete all three tasks to be deemed competent in this unit.

TASK 1 - In class Assessment due week 3)

For this Assessment Task you are required demonstrate your rapport building and presentation skills.  You are to present an (FSG) Financial Services Guide.  This will be conducted in pairs.  One student will play the client and the other,  the adviser.  Students will then swap roles.  This assessment will take place during our normal scheduled class time..

TASK 2 - Case Study due week 9

For this Assessment Task you are required to work in groups of two students.

Task 2 is a group assessment and the progress of work can be monitored using Google shared drive.

This will be a Case Study with a research component on topics involving economics and other compliance issues within the Financial Planning industry.

TASK 3 – In Class Assessment due week 14

For this assessment task you  need to undertake an open book in class assessment based on all material covered in this course (weeks 1 – 13)


Assessment Matrix


Other Information

Submission Requirements

You should:

Ensure that you submit assessments on or before the due date.
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 each assessment task 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.

Late Submission Procedures

You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.

If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.
More Information:
Form to use:

Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.
More Information:;ID=g43abm17hc9w
Form to use:

Resubmissions (VET Programs):

If you are found to be unsuccessful in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.

If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.

Adjustments to Assessment

In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website:;ID=7usdbki1fjf31

Marking Guide (Competency):

You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.

Marking Guide (Grading)

After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:

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.

Course Overview: Access Course Overview