Course Title: Apply principles of professional practice to work in the financial services industry

Part B: Course Detail

Teaching Period: Term2 2018

Course Code: EMPL7068C

Course Title: Apply principles of professional practice to work in the financial services industry

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

Andrew Shiangolis

Course Coordinator Financial Services

andrew.shiangolis@rmit.edu.au

 

+61 3 9925 5982

 

 

Nominal Hours: 30

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 identify industry professional approaches to procedures, guidelines, policies and standards, including ethical requirements, and to model and meet expectations of these in all aspects of work.

It applies to individuals who work in senior roles in the financial services industry and underpins other specialist units used in all sectors of the industry.

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:

FNSINC401 Apply principles of professional practice to work in the financial services industry

Element:

1. Identify scope, sectors and responsibilities of industry

Performance Criteria:

1.1 Identify and consider external forces impacting on financial services industry while carrying out activities

1.2 Identify main sectors of financial services industry and interrelationship between sectors in carrying out activities

1.3 Identify roles and responsibilities of other participants in financial services industry in carrying out activities

Element:

2. Identify and apply guidelines, procedures and legislation

Performance Criteria:

2.1 Collect, apply and analyse information on relevant legislation, regulations and codes of practice as applied to financial services industry

2.2 Clarify own work practice and regularly refine in light of relevant legislation, regulations and codes of practice, and organisational policy, guidelines and procedures

2.3 Apply relevant codes of practice in an ethical approach to workplace practice and decisions

Element:

3. Identify sustainability issues

Performance Criteria:

3.1 Obtain and analyse information on sustainability policies, strategies and impacts on industry from a range of sources

3.2 Identify and promote environmental sustainability as an integral part of business planning and business opportunity

3.3 Incorporate and support triple bottom line principles in work planning

Element:

4. Manage information

Performance Criteria:

4.1 Read and discuss with appropriate persons relevant documents and reports that could impact on work effectiveness and compliance

4.2 Analyse, evaluate and check documents, reports, data and numerical calculations to meet customer and organisational requirements

4.3 Present information in format appropriate for audience

Element:

5. Participate in and facilitate work team activities

Performance Criteria:

5.1 Provide feedback to team members to encourage, value and reward individual and team efforts, and contributions

5.2 Actively encourage team members to participate in and take responsibility for team activities and communication processes

5.3 Support team to identify and resolve problems which impede its performance

5.4 Ensure own work serves as role model for others and enhances organisation's image and financial services industry

Element:

6. Plan work to be completed

Performance Criteria:

6.1 Determine tasks to be done and identify relevant conditions to work autonomously or in team environment

6.2 Plan work to manage resources, time and priorities

6.3 Contribute to organisational planning process as required to achieve service improvement

6.4 Adapt to changes in technology and work organisation in timely manner

Element:

7. Develop and maintain personal competency

Performance Criteria:

7.1 Identify and review personal professional development needs and goals on regular basis

7.2 Clarify and comply with competency, authorisation and licensing requirements

7.3 Seek professional development opportunities that reflect needs and goals in agreed timeframe


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

This course is comprised of two competencies that are co-delivered and co-assessed (delivered and assessed together).

FNSFPL501 Comply with financial practice ethical and operational guidelines and regulations

FNSINC401 Apply principles of professional practice to work in the financial services industry

 

Teaching Schedule

The Teaching Schedule for this course is as follows:

Induction Session


Prior to training commencement a program level induction session will be conducted that comprises the following:

  • Program overview and requirements
  • Canvas Learning Hub
  • 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.

 

Course Delivery:  Note that this schedule is a guide only and may be altered as deemed necessary by the teacher.

Week No.

Date

Topic:

Reading,  Course Workbook Tasks & Assessments

1

Week 1

02/07/18

Introduction to the course including:

·         Course requirements and support documents/resources

·         Course Blackboard access

·         Accuracy of enrolment

·         Assessment requirements/Cover Sheets

·         Reminder re Plagiarism/Appeals

·         Extensions/Resubmissions

·         Feedback in this course

·         Getting help

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

 

 

 

 

2

Week 2

09/07/18

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

 

 

3

Week 3

16/07/18

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.rba.gov.au/snapshots/economy-snapshot (Links to an external site.)Links to an external site./ (Links to an external site.)Links to an external site.

http://www.canstar.com.au/home-loans/global-financial-crisis/ (Links to an external site.)Links to an external site.

 

 

4

Week 4

23/07/18

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.rba.gov.au/snapshots/economy-snapshot (Links to an external site.)Links to an external site./ (Links to an external site.)Links to an external site.

http://www.canstar.com.au/home-loans/global-financial-crisis/ (Links to an external site.)Links to an external site.

 

Assignment Task 1 - Workplace Simulated Project​ – Financial Services Guide

Due Date 23/07/18

5

Week 5

30/07/18

 

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.)Links to an external site.www.moneysmart.gov.au/investing/property (Links to an external site.)Links to an external site.

http://www.asx.com.au (Links to an external site.)Links to an external site./ (Links to an external site.)Links to an external site.

6

Week 6

06/08/18

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.)Links to an external site.www.moneysmart.gov.au/investing/property (Links to an external site.)Links to an external site.

http://www.asx.com.au (Links to an external site.)Links to an external site./ (Links to an external site.)Links to an external site.

 7

Week 7

13/08/18

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.)Links to an external site.www.moneysmart.gov.au/investing/managed-funds (Links to an external site.)Links to an external site.

8

Week 8

20/08/18

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

http://www.bankers.asn.au/Consumers/Fact-Sheets (Links to an external site.)Links to an external site.   (Australian Bankers Association fact sheet)

http://asic.gov.au (Links to an external site.)Links to an external site./ (Links to an external site.)Links to an external site. 

 

 

 

Mid Semester Break 27/08/18 - 31/08/18

 

9

Week 9

03/09/18

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://www.bankers.asn.au/Consumers/Fact-Sheets (Links to an external site.)Links to an external site.   (Australian Bankers Association fact sheet)

http://asic.gov.au (Links to an external site.)Links to an external site./ (Links to an external site.)Links to an external site. 

 

Task 2 – ​​Research and Application Assignment

Due Date: 03/09/18

10

Week 10

10/09/18

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.)Links to an external site.   (Australian Bankers Association fact sheet)

http://asic.gov.au (Links to an external site.)Links to an external site./ (Links to an external site.)Links to an external site. 

 

11

Week 11

17/09/18

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.)Links to an external site.   (Australian Bankers Association fact sheet)

http://asic.gov.au (Links to an external site.)Links to an external site./ (Links to an external site.)Links to an external site.   

12

Week 12

24/09/18

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./ (Links to an external site.)Links to an external site.

13

Week

01/10/18

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

 

14

Week

08/10/18

Review of Client Engagement Skills

Student Feedback

Review and Revision

Self –paced activities

Presentation Skills

 

Course Workbook Summaries

 

Task 3 – Supervised In Class Assessment

Date: 08/10/18

15

Week

15/10/18

Student Feedback

 Professional Portfolio 

16

Week

22/10/18

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 this 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.


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
  • 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:

◾access, interpret and analyse product and service information provided by industry sectors in an effective and timely manner
◾interpret and comply with relevant financial services legislation, regulations and industry codes of practice, and ethics applicable to the workplace
◾recognise and implement sustainability principles and work practices
◾accurately analyse, evaluate and organise relevant information
◾effectively plan work and maintain a team environment, taking into account any constraints and available resources
◾identify and evaluate appropriate professional development opportunities.

Knowledge Evidence

To complete the unit requirements safely and effectively, you must:
◾discuss environmental or sustainability legislation, regulations and codes of practice applicable to industry and organisations
◾outline the main sectors in the financial services industry and the interrelationships between the sectors
◾explain industry and organisational policy and procedures and ethical behaviours in regard to customer service and administration
◾outline industry and organisational security practices and rationale
◾identify internal administration systems such as accounting systems and databases
◾explain principles, practices and available tools and techniques of sustainability management relevant to the industry context
◾explain key requirements of relevant legislation, statutory requirements and industry codes of practice as they relate to:

  • consumer credit
  • privacy
  • financial transaction reporting
  • corporations (including accounting standards)
  • financial services

◾identify the economic and political climate relating to the financial services industry
◾explain triple bottom line principles used in work planning.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the industry capability field and include access to:
◾organisational policy, procedures, legislation, regulations and codes of practice
◾specialist financial services software and data
◾common 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

This course is comprised of two competencies that are co-delivered and co-assessed (delivered and assessed together).

FNSFPL501 Comply with financial practice ethical and operational guidelines and regulations

FNSINC401 Apply principles of professional practice to work in the financial services industry

You will demonstrate competency by undertaking three assessments, a workplace simulated project – Financial Services Guide, a research and application assignment and a supervised assessment.

The assessments for this course have been designed to allow you to apply your learning to particular workplace scenarios and demonstrate your competence in a variety of ways.

Critical Aspects of assessment are described above in the performance evidence for this course.

Assessment Task 1 - Workplace Simulated Project – Financial Services Guide (Due Date: 23/07/18 -Week 4)

For this assessment task you are to you are required to complete two parts, Part 1 (A - C) and Part 2 (D & E).

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 be 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.

The workplace simulated project is linked to a simulated workplace environment “the practice firm”, referred as Swanston Banking Group Ltd. The practice firm has a physical presence in Building 80, level 6, room 7. The Swanston Banking Group Ltd. has been set up as a simulated publicly listed company in the Financial Services (Banking) industry offering a retail banking and customer service experience of the highest level not offered or matched by its competitors. 

The products and services offered to its personal customers (simulated clients) include banking and investment products and financial services such as bank accounts and debit cards, savings and investment accounts, credit cards, travel money cards, overseas and local money transfers, foreign exchange, Superannuation, home and personal loans and Insurance. For this project you will focus only on the services provided by financial planners.

The Swanston Banking Group has a website for prospective clients and an employee portal via the Learning Management System (Learning Hub).

The purpose of the assessment is to enable you to demonstrate your understanding across the course material from weeks 1 - 3. It assesses the knowledge you have obtained through undertaking the topics, your communication skills in presenting that knowledge to your peers.

 

For Part 1 of the assessment task you will be required to produce a Financial Services Guide covering a range of items that a client will need to carefully consider before using the financial services of the Swanston Banking Group Ltd. You need to provide an outline of its benefits as a marketing tool and then present your FSG to your peers.

 

For Part 2 of the assessment you will be required to produce an information kit explaining to potential clients the type of documents that they will be referred to during the financial planning process.  You will then need to write a briefing document to accompany the information kit to be used as part of the induction process for a new staff member commencing work at the bank.

 

This Workplace Simulated Project requires you to satisfactorily complete both parts, Part 1(A - C) and Part 2 (D & E) and all the questions in each part to fulfil the criteria of this competency.

Assessment Task 2 - ​ Research and Application Assignment ​ (Due Date: 03/09/18 - Week 9)

This assessment has been designed for you to further develop your knowledge and skills to comply with the ethical, operational guidelines and regulations of financial practices and to apply the principles of professional practice to work in the financial services industry.

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 to compliance and professional practices.

The purpose of this assignment is to enhance your understanding and ability to apply the knowledge to practice in the following areas relevant to the financial services industry:

  1. key economic indicators
  2. regulatory bodies of the financial services industry and their specific role
  3. managed investment products as managed funds and their suitability to particular client demographics
  4. disclosure requirements required in a statement of advice
  5. client engagement and methods in building a rapport with the client
  6. 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 Task 3 – Supervised In Class Assessment (Date of Supervised In Class Assessment 08/10/18 - week 14)

For this Assessment Task you are required to demonstrate your knowledge of all the topics covered in throughout the semester from weeks 1 – 13 by completing an open book in class supervised assessment. The assessment is comprised of a series of theoretical and practical questions including: short answer and mini case studies. You will only be permitted to bring a hard copy of the relevant workbook(s) to the assessment.

The purpose of this task is to assess your understanding of the concepts and issues included in the topics covered throughout the semester.  This assessment will take place during your normal scheduled class time.

You must successfully complete all assessments, Task 1 – Workplace Simulated Project, Task 2 - Research and Application Assignment and Task 3 - Supervised Assessment to be deemed competent.

Grading will be applied once you have been deemed competent for both competencies.

 


Assessment Matrix

    The assessment matrix that maps all the assessment is available on Canvas  

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 the Assessment task document that includes a declaration and statement of authorship.
  • 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.

 

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 Informationhttps://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work

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:https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration

Resubmissions (VET Programs):

Resubmissions (VE Programs):

If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) 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.

Grading & re-submissions

Successful re-submissions will contribute a CAG only (Competency Achieved Grading) result to your overall grade for the course.

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:

https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment

 

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

 

 

CA

Competency Achieved – Not Graded

 

 

NYC

Not Yet Competent

 

 

DNS

Did Not Submit for assessment

 

Course Overview: Access Course Overview