Course Title: Comply with financial planning practice ethical and operational guidelines and regulations
Part B: Course Detail
Teaching Period: Term1 2020
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
Sanjay De Souza sanjay.desouza@rmit.edu.au
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 the Canvas learning management system and include your contribution to discussion threads, project portfolios, 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
The following courses are are delivered together under the title Overview of Financial Services Industry:
- FNSFPL501/BAFI5212C Comply with financial planning practice ethical and operational guidelines and regulations
- FNSINC401/EMPL7068C Apply principles of professional practice to work in the financial services industry
(The following schedule is subject to change)
Course Schedule: Overview of Financial Services, Semester 1, 2020 | |||
Week Commencing |
Topic: |
Reading, Course Workbook Tasks |
Assessments |
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1 February 10 |
Introduction to the course including:
Topic 1 – Overview of Financial Planning |
Resources on Learning Hub · Presentations · Course Workbook - Overview of the Financial Services · Course Workbook – Financial Planning · Course Workbook –Managing Client Relationships
Course Workbook Overview of the Financial Services, Chapter 1 |
Assignment Task 1 - Workplace Simulated Project – Financial Services Guide and Presentation made available To discuss in week 1 |
|
2 February 17 |
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 |
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3 February 24 |
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
Websites http://www.canstar.com.au/home-loans/global-financial-crisis/ (Links to an external site.) |
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4 March 2 |
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
Websites http://www.canstar.com.au/home-loans/global-financial-crisis/ (Links to an external site.) |
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5 March 9 |
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 Advice, Chapters 4
Websites https:// (Links to an external site.)www.moneysmart.gov.au/investing/property (Links to an external site.) http://www.asx.com.au (Links to an external site.)/ (Links to an external site.) |
Assessment Task 2 – Research and Application Assignment Submission and Group Presentation made available
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6 March 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 Advice, Chapters 4 Websites https:// (Links to an external site.)www.moneysmart.gov.au/investing/property (Links to an external site.) http://www.asx.com.au (Links to an external site.)/ (Links to an external site.) |
Assignment Task 1 - Workplace Simulated Project – Financial Services Guide and Presentation in class Due |
|
7 March 23 |
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 Workbooks Overview of the Financial Services, Chapter 3 Financial Planning Advice, Chapters 6
Websites https:// (Links to an external site.)www.moneysmart.gov.au/investing/managed-funds (Links to an external site.) |
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8 March 30 |
Regulatory Environment Part 1 - Introduction Regulatory Environment, Part 2 – Regulatory Framework Self –paced activities (Power points and Workbooks) Topic 5 – Regulatory Environment |
Course Workbooks Overview of the Financial Services, Chapter 3 Financial Planning Advice, Chapters 1
Additional Resource: PDF: What happened to Nana – Storm Financial
Websites |
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9 April 6 |
Regulatory Environment Part 3 – Regulatory Structure, Part 4 – Reasonable Basis, Self –paced activities (Power points and Workbooks) Topic 5 – Regulatory Environment |
Course Workbooks Overview of the Financial Services, Chapter 3 Financial Planning Advice, Chapters 1
Additional Resource: PDF: What happened to Nana – Storm Financial
Websites http://asic.gov.au (Links to an external site.)/ (Links to an external site.) |
Assessment Task 2 – Research and Application Assignment Submission and Group Presentation due in class
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| Mid-Semester Break | |||
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10 April 20 |
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 Workbooks Overview of the Financial Services, Chapter 3 Financial Planning Advice, Chapters 1
Additional Resource: PDF: What happened to Nana – Storm Financial
Websites http://www.bankers.asn.au/Consumers/Fact-Sheets (Links to an external site.) (Australian Bankers Association fact sheet) http://asic.gov.au (Links to an external site.)/ (Links to an external site.) |
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11 April 27 |
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 Workbooks Overview of the Financial Services, Chapter 3 Financial Planning Advice, Chapters 1
Additional Resource: PDF: What happened to Nana – Storm Financial
Websites http://www.bankers.asn.au/Consumers/Fact-Sheets (Links to an external site.) (Australian Bankers Association fact sheet) http://asic.gov.au (Links to an external site.)/ (Links to an external site.) |
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12 May 4 |
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 Workbooks Overview of the Financial Services, Chapter 2 Financial Planning Advice, Chapters 1 Managing Client Relationships, Chapter 2
Websites http://asic.gov.au/for-finance-professionals/afs-licensees/financial-advisers-register (Links to an external site.)/ (Links to an external site.) |
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13 May 11 |
Ethics Part 1 - Introduction Ethics, Ethics Part 2- Ethical Conduct in Financial Planning Self –paced activities (Power points and Workbooks) Topic 7 – Ethics |
Course Workbooks Financial Planning Advice, Chapters 1 Managing Client Relationships, Chapter 2
Revision for Assessment 3 |
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14 May 18 |
Assessment Task 3 – Supervised In-Class Assessment - Parts A and B Due |
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15 May 25 |
Re-submissions |
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16 June 1 |
Re-submissions |
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17 June 8 |
Grade Entry |
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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's Learning Management System, Canvas.
The online learning materials listed may include:
- Course outlines
- Power point Presentations
- 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
You will demonstrate competency by undertaking three assessments. You must successfully complete all assessments to be deemed competent in this unit.
Assessment Task 1: Workplace Simulated Project
Due: Monday, 16 March 2020 (Week 6)
Summary and Purpose: For this assessment task you are required to successfully complete each part in full to meet the requirements of this task.
Part 1 (A - C) – requires you to prepare a Financial Services Guide for the Swanston Banking Group (Practice Firm) and outline how it can be used in an initial meeting with a client. You are required to prepare and deliver a short, five-minute presentation to showcase the Financial Services Guide.
Part 2 (D and E) – requires you to prepare an information kit for the Swanston Banking Group Ltd potential clients, a briefing paper for the Bank’s induction program for new staff.
Assessment Instructions: For this assessment task you are required to successfully complete each part in full to meet the requirements of this task.
Part 1 (A) to (C) – 1,500 Words
Part 2 (D) to (E) – 1,500 Words
The word limit is only a guide for you to use as a reference as to how much details you will need to include in your answers.
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, Andrew Shiangolis, s324567, Task 1, Cluster 1, Overview of Financial Services, Page 1 of 10.
You will be required to access to the course resources on the Canvas, recommended textbooks and the website links prescribed for the program and the list of resources below specific to this task.
You will need copies of specific industry templates from Swanston Banking Group Employee portal from the learning hub the client file and the documents required to prepare for your initial fact find client interview.
Swanston Banking Group:
- Financial Services Guide (please note specific requirements on Canvas)
- Fact Find
- Plan Prep Fee Form
- Authority to access Form
- Learning hub Path: Swanston banking Group/Advice tools
You must reference all your work using the Harvard referencing System.
Assessment Task 2: Research and Application Assignment
Due: Friday, 10 April 2020 (Week 9)
Summary and Purpose: This (second) assessment has been designed for you to further develop your knowledge and skills in the financial services, professional and ethical requirements that form the foundation of the industry and its operative environment.
You are required to demonstrate your knowledge by completing a series of theory and problem-solving questions that involve research and the application of concepts relevant financial services in the following areas:
a) key economic indicators
b) regulatory bodies of the financial services industry and their specific role
c) managed investment products as managed funds and their suitability to particular client demographics
d) disclosure requirements required in a statement of advice
e) client engagement and methods in building a rapport with the client
f) key content items to be included in an agenda of a corporate licensee standard for an initial financial planning meeting with a new client
Assessment Instructions: You must complete all prescribed tasks as outline on Canvas including the individual requirements of each one as listed in the questions.
You will require access to the course resources on the Learning hub, recommended textbooks and the website links prescribed for the program.
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, Task 2, Cluster 1, Overview of Financial Services, Page 1 of 1
You must reference all your work using the Harvard referencing system.
Assessment Task 3: Supervised In-Class Assessment
Due: In class week 14
Summary and Purpose: For this Assessment Task you are required to demonstrate your knowledge by completing an Open book, In-Class, Supervised Assessment comprised of problem-solving questions both theoretical and practical.
Assessment Instructions: The (third) assessment comprises three questions comprised of problem-solving questions both theoretical and practical the purpose of this task is to assess your understanding of the concepts and issues included in the topics from weeks 1 to 13. The duration of the assessment is two hours. This assessment will take place during your normal scheduled class time in week 14 in your first class.
Assessment Matrix
The assessment matrix that maps all the assessment is available on Canvas.
Other Information
Submission Requirements
- 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 the Assessment task document that includes a declaration and statement of authorship.
- Each page of your assessment should include a footer with your name, student number, the title of the assessment, unit code and title and page numbers.
Resubmissions (VET Programs)
If you are found to be unsuccessful (Not satisfactory/Unsatisfactory) in a Course Assessment Task you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission.
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.
Penalties for Late Submission
Late submissions of assignments without special consideration or extension will automatically be considered a re-submission (see above).
Extensions, Special Consideration and Adjustment to Assessments
Extensions:
Extensions are available for unforeseen circumstances of a short-term nature.
An application form must be submitted to the school at least one working day before the due date of the assessment.
Extensions can be approved for a maximum of one week (seven calendar days) past the due date for an assessment. (Where students need an extension exceeding one week they must instead apply for special consideration.)
Special consideration:
Special consideration is available for unexpected circumstances outside students’ control. These include but are not limited to: unexpected short-term ill health, and unavoidable family, work, cultural or religious commitments.
An application for special consideration is made in advance of an assessment wherever possible but will normally be accepted within five working days after the assessment date
For more information, see the Special Consideration page of the RMIT website.
Adjustments to Assessment:
RMIT provides several adjustments to assessment for students experiencing ongoing or long-term circumstances. Find the right one for your circumstances here.
Changes to the Assessment Scheme
Where a change to assessment approved by the dean/head of school changes an assessment due date, students will be given at least five working days’ notice of the new due date.
Feedback
You can expect to receive marks and feedback on in-course assessment work in time to improve your performance in related assessment tasks later in the course.
Academic Integrity and Misconduct
Students demonstrate academic integrity in their assessment practices by:
- engaging with assessment activities in an honest way;
- providing accountability for the authorship and originality of work submitted;
- acknowledging the work of others and the re-use of original work.
Academic misconduct is addressed in accordance with the Student conduct policy
Assessment involving research with human participants, their information or their tissue, or animal subjects is carried out in accordance with the Staff ethics and integrity policy.
For further information see the Academic Integrity website.
Review and Appeal
A student may request a review of an assessment result or appeal a final course grade in accordance with the Conduct of assessment and appeals section of the Assessment Processes.
Grade Criteria
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
The following grades are available for this course.
CA - Competency Achieved
NYC - Not Yet Competent
DNS - Did Not Submit for assessment
Course Overview: Access Course Overview