Course Title: Comply with financial planning practice ethical and operational guidelines and regulations
Part B: Course Detail
Teaching Period: Term2 2016
Course Code: BAFI5212C
Course Title: Comply with financial planning practice ethical and operational guidelines and regulations
School: 650T Vocational Business Education
Campus: City Campus
Program: C5343 - Diploma of Financial Planning
Course Contact: Callie Harvey
Course Contact Phone: +61 3 9925 5772
Course Contact Email: callie.harvey@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Mr Michael Elliot
+61 3 9925 5519
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
None
Course Description
This unit describes the skills and knowledge required to comply with ethical and operational guidelines in one’s own work.
It applies to individuals who use specialised knowledge to carefully review and check detailed information in their own work to ensure quality standards are maintained.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSFPL501 Comply with financial planning practice ethical and operational guidelines and regulations |
Element: |
1. Identify and comply with legislative and regulatory requirements |
Performance Criteria: |
1.1 Identify sources of information on legislative, regulatory and industry codes of practice requirements 1.2 Adhere to compliance requirements in financial planning practice 1.3 Regularly access sources of relevant information, including updated memorandums, web pages and journals 1.4 Identify experts within practice and external regulatory advisory services, and access for advice and guidance when required |
Element: |
2. Apply standards of ethical behaviour |
Performance Criteria: |
2.1 Identify principles and standards of ethical behaviours from training programs, peers, industry codes of practice and organisational guidelines 2.2 Continually monitor work to ensure it meets ethical standards 2.3 Check tasks to be completed that may raise doubt regarding their propriety, and clear with an expert source |
Element: |
3. Identify and comply with organisational operation guidelines |
Performance Criteria: |
3.1 Identify and regularly check updates to operational guidelines and apply to own work 3.2 Identify experts within organisation responsible for interpretation of guidelines, and seek their assistance and contact when needed 3.3 Establish personal monitoring system, including checklists and peer review mechanisms, to ensure compliance 3.4 Identify and act on opportunities for professional development |
Learning Outcomes
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 thought various technology platforms and include your contribution to wikis and discussion threads, reflective journals, quizzes and interactive sessions.
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.
We expect you to participate and contribute in all scheduled learning 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
- Assessment of current skills and knowledge
- Competency/Grading Criteria
- Plagiarism
- Appeals
- Extensions
- Feedback
- Privacy
- Submission requirements
- Resubmission policy
- Where to get support
- Student responsibilities
The Teaching Schedule for this course is as follows but please note that it is subject to change.
Week No. |
Date Week Begins |
Topic: |
Reading and Course Workbook Tasks |
1 |
04/07/16 |
Introduction to the course including:
|
Resources on Learning Hub
Overview of the Financial Services
Topic 1 – Overview of Financial Planning
Course Workbook - Overview of the Financial Services Chapter 1 - The Financial Services Industry |
2 |
11/17/16 |
Overview of Financial Planning, The Australian Economy Self –paced activities (Power points and Workbooks) |
Topic 1 – Overview of Financial Planning Course Workbook – Overview of the Financial Services Chapter 1 - The Financial Services Industry |
3 |
18/07/16 |
The Australian Economy, Australian Financial Markets Part 1 –Investment classes, Part 2 – Markets Self –paced activities (Power points and Workbooks) |
Topic 2 – The Australian Economy Environment
Course Workbook – Overview of the Financial Services Chapter 2 - The Australian Economic Environment
Web pages: http://www.rba.gov.au/snapshots/economy-snapshot/ http://www.canstar.com.au/home-loans/global-financial-crisis/ |
4 |
25/07/16 |
The Australian Economy, Australian Financial Markets Part 1 –Investment classes, Part 2 – Markets Self –paced activities (Power points and Workbooks) |
Topic 2 – The Australian Economy Environment
Course Workbook – Overview of the Financial Services Chapter 2 - The Australian Economic Environment
Web pages: http://www.rba.gov.au/snapshots/economy-snapshot/ http://www.canstar.com.au/home-loans/global-financial-crisis/ |
5 |
01/08/16 |
Australian Financial Markets Part 3 – Investment Risk Investment Funds and Structures Part 1 – Financial Products Self –paced activities (Power points and Workbooks) |
Topic 3 – Australian Financial Markets
Course Workbook – Financial Planning Chapter 4 – The Investing Planning Process
Web pages: https://www.moneysmart.gov.au/investing/property
Task 1- Supervised Assessment |
6 |
08/08/16 |
Investment Funds and Structures Part 2 - Regulation and Structure of Managed Funds in Australia Self –paced activities (Power points and Workbooks) |
Topic 3 – Australian Financial Markets
Course Workbook – Financial Planning Chapter 4 – The Investing Planning Process
Web pages: https://www.moneysmart.gov.au/investing/property
Task 2 – Check Point |
7 |
15/08/16 |
Investment Funds and Structures Part 3 – Risk Profiles of Managed Funds, Part 4 – Categories of Managed Funds Self –paced activities (Power points and Workbooks) |
Topic 4 – Investment Funds and Structures
Course Workbook – Overview of the Financial Services Chapter 3 – Regulation of the Financial Services Industry Course Workbook – Financial Planning Chapter 6 – Indirect Investments
Web pages: |
Mid-Semester Break 29/08/16 – 4/9/2016 | |||
8 |
22/08/16 |
Regulatory Environment Part 1 -Introduction Regulatory Environment, Part 2 – Regulatory Framework Self –paced activities (Power points and Workbooks) |
Topic 5 – Regulatory Environment
Course Workbook – Overview of the Financial Services Chapter 3 – Regulation of the Financial Services Industry Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning
Additional Resource:
PDF: What happened to Nana – Storm Financial
Web pages: http://www.bankers.asn.au/Consumers/Fact-Sheets (Australian Bankers Association fact sheet)
Task 2 – Check Point |
9 |
05/09/16 |
Regulatory Environment Part 3 – Regulatory Structure, Part 4 – Reasonable Basis, Self –paced activities (Power points and Workbooks) |
Topic 5 – Regulatory Environment
Course Workbook – Overview of the Financial Services Chapter 3 – Regulation of the Financial Services Industry Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning
Additional Resource:
PDF: What happened to Nana – Storm Financial
Web pages: http://www.bankers.asn.au/Consumers/Fact-Sheets (Australian Bankers Association fact sheet) |
10 |
12/09/16 |
Regulatory Environment Part 5 Authorised Representatives and Licensees Part 1 - Introduction Authorised Representatives and Licensees Self –paced activities (Power points and Workbooks) |
Topic 5 – Regulatory Environment
Course Workbook – Overview of the Financial Services Chapter 3 – Regulation of the Financial Services Industry Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning
Additional Resource:
PDF: What happened to Nana – Storm Financial
Web pages: http://www.bankers.asn.au/Consumers/Fact-Sheets (Australian Bankers Association fact sheet) Task 2 – Check Point |
11 |
19/09/16 |
Regulatory Environment Part 5 Authorised Representatives and Licensees Part 1 - Introduction Authorised Representatives and Licensees Self –paced activities (Power points and Workbooks)Project – Draft to be shown to teacher |
Topic 5 – Regulatory Environment
Course Workbook – Overview of the Financial Services Chapter 3 – Regulation of the Financial Services Industry Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning
Additional Resource:
PDF: What happened to Nana – Storm Financial
Web pages: http://www.bankers.asn.au/Consumers/Fact-Sheets (Australian Bankers Association fact sheet) |
12 |
26/09/16 |
Authorised Representatives and Licensees Part 2 – Financial Advisers, Part 3- Licensees Responsibilities Self –paced activities (Power points and Workbooks) |
Topic 6 – Authorised Representatives and Licensees
Course Workbook – Overview of the Financial Services Chapter 2 – The Australian Economic Environment Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning Course Workbook – Managing Client Relationships Chapter 2 – Beginning the consultation
Web pages: http://asic.gov.au/for-finance-professionals/afs-licensees/financial-advisers-register/
Task 2- Simulated Workplace Project |
13 |
03/10/16 |
Ethics Part 1 - Introduction Ethics, Ethics Part 2- Ethical Conduct in Financial Planning Self –paced activities (Power points and Workbooks) |
Topic 7 – Ethics
Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning Course Workbook – Managing Client Relationships Chapter 2 – Beginning the consultation |
14 |
10/10/16 |
Student Feedback on Assessment 3 Review and Revision Self –paced activities |
Topic 7 – Ethics
Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning Course Workbook – Managing Client Relationships Chapter 2 – Beginning the consultation
Revision
Course Workbook Summaries
Task 3 – Supervised Assessment |
15 |
17/10/16 |
Student Feedback on Assessments |
Revision |
16 |
24/10/16 |
Resubmissions and Reassessments |
|
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 including the self - paced activities in the workbooks.
Learning Resources
Prescribed Texts
References
Other Resources
Online learning materials can be accessed by going into the RMIT web sites Online Learning Hub.
The online learning materials listed include:
- Course outlines
- Power point Presentations
- Course Workbooks
- Supporting Reading material
- Industry relevant articles
- Activities
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Performance Evidence
Evidence of the ability to:
- follow organisational procedures and comply with regulations relating to financial planning practice
- demonstrate expected standards of ethical behaviour.
Knowledge Evidence
To complete the unit requirements safely and effectively, you must:
- outline the key requirements of relevant legislation and regulation impacting on financial planning and explain their application to financial planning job roles
- describe the key features and requirements of:
- current government financial policy
- organisational operational procedures
- industry codes of practice
- describe the principles and standards of ethical behaviours in financial planning
- outline the key sources of financial planning information and expert or specialist personnel who can provide advice
- identify and describe opportunities for professional development and learning.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial planning field of work and include access to:
- office equipment, technology, software and consumables.
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.
Feedback
Feedback will be provided throughout the semester in class and/or online discussions. You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.
You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.
Assessment Tasks
Overview of Assessment
This course is co-delivered and co-assessed with the following competencies:
FNSINC401 Apply principles of professional practice to work in the financial services industry
Critical Aspects of assessment are described above in the performance evidence for this course.
The assessments for this course have been designed to allow participants apply their learning to particular simulated work scenarios and demonstrate their competence in a variety of ways.
Task 1 – Supervised assessment (Week 5)
For this Assessment Task you are required to demonstrate your knowledge by completing a open book in class supervised assessment comprised of a series of multiple choice questions on the Overview of Financial Planning, The Australian Economy, Australian Financial Markets.
The assessment comprises 25 multiple-choice theory style questions. The purpose of this task is to assess your understanding of the concepts and issues included in the topics from weeks 2 to 4. The duration of the assessment is one hour. This assessment will take place during your normal scheduled class time.
Task 2 – Simulated Workplace Project (Due Date: Week 12)
For this Project you will assume that you are working as a financial adviser either in your own business or as part of a larger organisation. You will be required to produce a Financial Services Information sheet for a new staff member who is commencing work at your organisation in a financial services role but has little understanding of the industry.
The purpose of the assessment is to enable you to demonstrate a breadth of understanding across all of the course material at an independent level. It assesses the knowledge you have obtained through undertaking the topic, your communication skills in presenting that knowledge and your problem-solving skills in answering the questions posed.
The assessment will be available on Blackboard in Week 3 and your teacher will provide you with guidance. You will have the opportunity to seek advice from your teacher on a number of check points throughout the semester.
Task 3 – Supervised assessment (Due Date Week 14)
For this Assessment Task you are required to demonstrate your knowledge by completing a open book in class supervised assessment comprised of a series of theoretical and practical questions including: short answer and mini case studies. The purpose of this Task is to assess your understanding of the concepts taught in the course. This assessment will take place during your normal scheduled class time.
You must successfully complete all assessment tasks to achieve competency.
Assessment Matrix
Assessment Task |
Grading |
Due Date |
Assessment Task 1 – Supervised assessment |
Grading will be applied once you have been deemed competent in the course. |
Week 5 |
Assessment Task 2 – Simulated Workplace Project |
Grading will be applied once you have been deemed competent in the course |
Week 12 |
Assessment Task 3 – Supervised assessment |
Grading will be applied once you have been deemed competent in the course |
Week 14 |
Assessment Tasks |
FNSFPL501 –Comply with Financial planning practice ethical and operational guidelines and regulations |
FNSINC401 - Apply principles of professional practice to work in the financial services industry |
Assessment Task 1 – Supervised assessment |
X |
|
Assessment Task 2 – Simulated Workplace Project |
X |
X |
Assessment Task 3 – Supervised assessment |
X |
X |
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, Callie Harvey, 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. <check links are still current>
More Information: http://www.rmit.edu.au/students/assessment/extension
Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf
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. <check links are still current>
More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w
Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf
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: <check link is still current>
More Information: http://rmit.edu.au/browse;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