Course Title: Develop and maintain in-depth knowledge of products and services used by an organisation or sector

Part B: Course Detail

Teaching Period: Term2 2018

Course Code: ACCT5395C

Course Title: Develop and maintain in-depth knowledge of products and services used by an organisation or sector

School: 650T Vocational Business Education

Campus: City Campus

Program: C5379 - Diploma of Financial Services

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

Coordinator Financial Services

andrew.shiangolis@rmit.edu.au

+61 3 9925 5982

Nominal Hours: 40

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 develop and maintain an in-depth knowledge of the financial products and services provided by an organisation, or those an organisation uses, and how they may be applied to client needs.

 

It applies to individuals who work in various financial services industry job roles and with a wide range of financial products or services.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSINC402 Develop and maintain in-depth knowledge of products and services used by an organisation or sector

Element:

1. Identify products and services organisation uses

Performance Criteria:

1.1 Identify products and services used by organisation or sector and determine their purpose

1.2 Identify characteristics of products and services and their strengths, weaknesses, terms and conditions

1.3 Communicate clearly to clients the characteristics of products and services

1.4 Access and apply organisation's promotional strategy for products and services in business activities

Element:

2. Identify compliance implications of product

Performance Criteria:

2.1 Establish and document compliance implications

2.2 Provide client with all necessary information and documentation as per compliance requirements

Element:

3. Determine appropriate users for products and services

Performance Criteria:

3.1 Identify and document function of each product and service, and client needs it satisfies

3.2 Determine client characteristics that best suit each product

3.3 Compare products and services used by organisation or sector with products of competitors

3.4 Determine most effective approach to matching products to client needs

3.5 Evaluate approaches to selling products and services in competitive marketplace

3.6 Determine effective approaches to meeting client needs

Element:

4. Maintain product knowledge

Performance Criteria:

4.1 Review relevant products and services regularly and apply any changes to terms and conditions in daily work

4.2 Establish and use systems for keeping up with changes and maintaining up-to-date knowledge about relevant products and services

4.3 Review emerging trends affecting the financial services industry and apply to product and service knowledge

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.

 

Learning Outcomes

 

After completing this course, you will be able to:

  1. Identify standard products and services offered in the Financial Services Industry
  2. Understand the compliance implications for offering a product
  3. Compare products offered by different providers
  4. Determine appropriate uses of products
  5. Maintain product knowledge.

We expect you to participate and contribute in all scheduled learning activities.


Teaching Schedule

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.

 

This course is comprised of one single competency.

FNSINC402 - Develop and maintain in depth Knowledge of Products and Services used by an Organisation or Sector.

 

Course schedule

Week

 

Week Commencing

Course: Develop and maintain and in-depth knowledge of products and services used by an Organisation or Sector

Course Code: ACCT 5395C

National Code: FNSINC402

Topics

Online activity

Assessment

Competencies Delivered

1

02/07/2018

Introduction to the Course:

·       Course requirements

·       Course support documents

·       CANVAS access to the course

·       Accuracy of enrolment

·       Assessment requirements

·       Reminder re Plagiarism

·       Reminder re Appeals

·       Extensions/Resubmissions

·       Feedback in this course

·       Reminder re submission requirements

·       Getting help.

Topic: Financial Services Industry in Australia

Topic: Regulation of Financial Products and Services

Students are required to undertake 1 additional hour per week for structured online learning and submit their work online for Teacher Feedback

 

Assessment Task 1 

Prepare an advertising  flyer for a new product to be launched by the Swanston Banking Group Ltd. - made available

FNSINC402 

2

09/07/2018

Topic: continue with Regulation of Financial Products and Services (if required only)

 

Topic: Banking Basics

 

1 hour weekly online learning and submitted online for Teacher Feedback

 

FNSINC402 

3

16/07/2018

Topic: Deposit Products

1 hour weekly online learning and submitted online for Teacher Feedback

 

FNSINC402 

4

23/07/208

Topic: Lending Products

1 hour weekly online learning and submitted online for Teacher Feedback

 

FNSINC402 

5

30/07/2018

Topic: Credit Cards

1 hour weekly online learning and submitted online for Teacher Feedback

 

FNSINC402 

6

06/08/2018

Topic: Business Banking

1 hour weekly online learning and submitted online for Teacher Feedback

 

Assessment Task 1

Due 10/8/2018

Flyer submitted on CANVAS and presentations completed in-class

FNSINC402 

7

13/08/2018

Topic: Insurance Basics

1 hour weekly online learning and submitted online for Teacher Feedback

 

FNSINC402 

8

20/08/2018

Topic: Life Insurance Products

1 hour weekly online learning and submitted online for Teacher Feedback

  

FNSINC402 

9

3/09/2018

Topic: General Insurance Products

1 hour weekly online learning and submitted online for Teacher Feedback

 

Assessment Task 2

Provide a detailed comparison of savings to be made via a debt consolidation

- made available

FNSINC402 

10

10/09/2018

Topic: Superannuation Basics

1 hour weekly online learning and submitted online for Teacher Feedback

 

FNSINC402 

11

17/09/2018

Topic: Retail Superannuation Funds

1 hour weekly online learning and submitted online for Teacher Feedback

 

FNSINC402 

12

24/09/2018

Work on Assessment Task 2

1 hour weekly online learning and submitted online for Teacher Feedback

.

FNSINC402 

13

01/10/2018

Work on Assessment Task 2

1 hour weekly online learning and submitted online for Teacher Feedback

 

FNSINC402

14

08/10/2018

Work on Assessment Task 2

1 hour weekly online learning and submitted online for Teacher Feedback

Assessment Task 2

Due on CANVAS by 14/10/2018

 

FNSINC402

15

15/10/2018

Re-submission(s) and Re-assessment(s)

1 hour weekly online learning and submitted online for Teacher Feedback

 

FNSINC402

 16

 22/10/2018

Re-submission(s) and Re-assessmnent(s) if required only

1 hour weekly online learning and submitted online for Teacher Feedback

 

FNSINC402
 
 Please note that the mid-semester break will be between 27/8/2018 and 2/9/2018.


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:

  • develop and use systems to maintain currency of knowledge of financial products, compliance and client characteristics.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • explain systems that can be accessed to obtain up-to-date information on products, services and competition
  • describe the products and services used by the organisation or sector and their purpose
  • describe products and services used by competitors that are similar to those of the organisation
  • explain different marketing methods and approaches to promoting or selling financial products and services
  • identify organisational policy in terms of promotional and marketing strategies
  • describe ethical and regulatory conditions that must be adhered to in promoting products and services to clients
  • outline general client characteristics and needs for the organisation or sector.

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:

  • common office equipment, technology, software and consumables
  • financial services product information.

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

This course is comprised of one single competency.

FNSINC402 - Develop and maintain in depth Knowledge of Products and Services used by an Organisation or Sector

 

You will demonstrate competency by undertaking two assessments.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.

 

Overview of Assessment

 

Assessment Task 1 - Prepare and present an advertising flyer for a new product to be launched by Swanston Banking Group - Due 10/08/18 - Week 6

 

Summary and Purpose of Assessment

 

This assessment task has been designed to allow you to demonstrate a detailed understanding of one of the following products: a transaction account, savings account or credit card. By producing a flyer, and presenting to class, you will also be demonstrating professional skills through the use of print software and verbal communications.

This assessment task is one of two required to demonstrate competency for this unit.

 

Assessment Instructions

 

What

You will need to choose one of the following products:

  • Transaction Account
  • Savings Account
  • Credit Card.

Your flyer will need to include:

  • Features
  • Reference to any significant terms & conditions.

Compliance information eg ABN & AFSL.

Given the nature of these products, the emphasis will be on introducing a new feature, or features, that you would find attractive if you were shopping around for a new account or card.

 It will need to look professional and be attractive to a potential customer.

 It should be no larger than 4, A5 pages.

 Your verbal presentation should be no longer than 5 minutes.

 

Where

In class time will be provided to explain the basic requirements of the task, and to assist with the layout and production of the flyer, but students will be expected to complete most of the assessment outside of class time.

The flyer presentations will be held during class time in Week 6 of the Semester.

 

How

Students will be assessed according to the criteria outlined in the Criteria for Assessment below. All criteria identified must be addressed to satisfactorily complete this Assessment Task.

 

Assessment Task 2 - Provide a detailed comparison of savings to be made via a debt consolidation - Due Date 14/10/18  Week 14

 

Summary and Purpose of Assessment

This assessment task has been designed to allow you to demonstrate a detailed understanding of the costs of different loan products, and the financial benefits of consolidating debts into a single personal loan.

This assessment task is one of two required to demonstrate competency for this unit.

 

Assessment Instructions

What

You will be given a financial scenario where you have multiple outstanding debts, each with different repayment and interest terms. Your task will be to research two banks to research the best deal that you could be offered to consolidate the debts into one single personal loan.

Based on the information you have been given, you will need to:

  • Calculate the minimum monthly repayment, total interest and time to repay the existing debts;
  • Based on your research, calculate the monthly repayments and total interest charged on the new loans; and
  • Compare the two offers and make a decision based on the financial savings.

 Your report should be clear, concise and show appropriate workings.

 Detailed workings can be provided via an appendix.

 

Where

In class time will be provided to explain the basic requirements of the task, and to assist with the layout and production of the document, but students will be expected to complete most of the assessment outside of class time.

The document is due in Week 14 of the Semester.

 

How

Students will be assessed according to the criteria outlined in the Criteria for Assessment below. All criteria identified must be addressed to satisfactorily complete this Assessment Task.

 


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 Information:  https://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):

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

 

 

 

 

 

 

 

Further information regarding the application of the grading criteria will be provided by your teacher.

Course Overview: Access Course Overview