Course Title: Apply principles of professional practice to work in the financial services industry
Part B: Course Detail
Teaching Period: Term1 2021
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: Doug Gourlay
Course Contact Phone: +61 3 9925 5944
Course Contact Email: doug.gourlay@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Michael Elliot
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 |
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Element: |
1. Identify scope, sectors and responsibilities of industry |
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Element: |
2. Identify and apply guidelines, procedures and legislation |
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Element: |
3. Identify sustainability issues |
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Element: |
4. Manage information |
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Element: |
5. Participate in and facilitate work team activities |
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Element: |
6. Plan work to be completed |
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Element: |
7. Develop and maintain personal competency |
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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 and on-line 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.
Online Delivery
This course will be delivered via our existing learning management system, Canvas. This means that, for the foreseeable future, there will be no face-to-face classes in any of the units for which you are enrolled.
Classes in each of your units will still take place in their normal scheduled time-slots, but instead of being conducted in a face-to-face mode, your teachers will utilise the Collaborate Ultra platform to deliver ‘live’ online classes. These classes delivered online will not only provide you with the required learning materials for those sessions, but they will also enable interactions with your teachers and fellow students via forums or discussion boards.
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)
Week No. |
Date |
Topic: |
Reading, Course Workbook Tasks & Assessments |
1 |
Week 1 8/2/2021 |
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 Assignment Task 1 - Workplace Simulated Project – Financial Services Guide and Presentation made available To discuss in week 1
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2 |
Week 2 15/2/2021 |
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 |
Week 3 22/2/2021 |
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/ http://www.canstar.com.au/home-loans/global-financial-crisis/
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4 |
Week 4 1/3/2021 |
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/ http://www.canstar.com.au/home-loans/global-financial-crisis/
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5 |
Week 5 8/3/2021
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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://www.moneysmart.gov.au/investing/property Assessment Task 2 – Research and Application Assignment Submission and Group Presentation made available |
6 |
Week 6 15/3/2021 |
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://www.moneysmart.gov.au/investing/property Assignment Task 1 - Workplace Simulated Project – Financial Services Guide and Presentation in class Due |
7 |
Week 7 22/3/2021 |
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 |
8 |
Week 8 29/3/2021 |
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 (Australian Bankers Association fact sheet)
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9A & 9B |
Week 9A & 9B 5/4/2021 & 12/4/2021 |
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 (Australian Bankers Association fact sheet) Assessment Task 2 – Research and Application Assignment Submission and Group Presentation due in class |
10 |
Week 10 19/4/2021 |
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 (Australian Bankers Association fact sheet)
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11 |
Week 11 26/4/2021 |
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 (Australian Bankers Association fact sheet) |
12 |
Week 12 3/5/2021 |
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/ |
13 |
Week 10/5/2021 |
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
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14 |
Week 17/5/2021 |
Review of Client Engagement Skills Student Feedback Review and Revision Self –paced activities |
Presentation Skills
Course Workbook Summaries
Task 3 – Supervised In Class Assessment, Part A
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15 |
Week 24/5/2021 |
Student Feedback |
Task 3 – Supervised In Class Assessment, Part B |
16 |
Week 31/5/2021 |
Resubmissions and Reassessments |
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17 |
Week 7/6/2021 |
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 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.
Please note: The mid-semester break is between 1/4 and 7/4/2021.
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: Week 6)
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: 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:
- key economic indicators
- regulatory bodies of the financial services industry and their specific role
- managed investment products as managed funds and their suitability to particular client demographics
- disclosure requirements required in a statement of advice
- client engagement and methods in building a rapport with the client
- 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 - weeks 14 and 15, Parts A and B)
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. This Assessment is to be completed in two parts, A and B.
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
- 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.
Course Overview: Access Course Overview