Course Title: Comply with financial services regulation and industry codes of practice
Part B: Course Detail
Teaching Period: Term1 2023
Course Code: BAFI5255C
Course Title: Comply with financial services regulation and industry codes of practice
Important Information:
Please note that this course may have compulsory in-person attendance requirements for some teaching activities.
To participate in any RMIT course in-person activities or assessment, you will need to comply with RMIT vaccination requirements which are applicable during the duration of the course. This RMIT requirement includes being vaccinated against COVID-19 or holding a valid medical exemption.
Please read this RMIT Enrolment Procedure as it has important information regarding COVID vaccination and your study at RMIT: https://policies.rmit.edu.au/document/view.php?id=209.
Please read the Student website for additional requirements of in-person attendance: https://www.rmit.edu.au/covid/coming-to-campus
Please check your Canvas course shell closer to when the course starts to see if this course requires mandatory in-person attendance. The delivery method of the course might have to change quickly in response to changes in the local state/national directive regarding in-person course attendance.
School: 525T Business & Enterprise
Campus: City Campus
Program: C5419 - Diploma of Finance and Mortgage Broking Management
Course Contact: Mandeep Chahil
Course Contact Phone: +61 3 9925 5980
Course Contact Email: mandeep.chahil@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
John Calabro
john.calabro@rmit.edu.au
Nominal Hours: 80
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
Nil
Course Description
This unit describes the skills and knowledge required to ensure compliance with finance industry regulations and industry codes of practice on an organisational level.
It applies to individuals who use, maintain and disseminate highly specialised knowledge to a range of personnel to ensure compliance and quality standards.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the relevant regulator for specific guidance on requirements.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSFMK515 Comply with financial services regulation and industry codes of practice |
Element: |
1. Identify and apply organisational requirements of regulatory obligations |
Performance Criteria: |
1.1 Access source documents for regulations relevant to provision of financial products and services 1.2 Identify procedural requirements of these source documents and their impact on organisational requirements and work practices 1.3 Execute procedural requirements in line with organisational policy 1.4 Comply with role authorities and restrictions identified in position profiles 1.5 Implement internal monitoring or audit program according to organisational and role requirements |
Element: |
2. Identify changes to regulations and procedural implications |
Performance Criteria: |
2.1 Establish mechanism to ensure currency of regulatory literature is maintained 2.2 Identify, access and communicate changed regulations and policies in a timely manner in accordance with organisational policy 2.3 Review operational procedures to accurately reflect changes to regulations 2.4 Identify implications for products and services, and implement changes in accordance with client, regulatory and organisational requirements |
Element: |
3. Monitor compliance with relevant industry and professional codes |
Performance Criteria: |
3.1 Source and access relevant industry codes of practice 3.2 Interpret implications of industry codes of practice and confirm and clarify with relevant persons as required 3.3 Execute changes to organisational policy, procedures and practices to align with industry codes of practice |
Element: |
4. Maintain statutory records |
Performance Criteria: |
4.1 Maintain relevant records and keep copies of any relevant agreements on file 4.2 Maintain evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements |
Learning Outcomes
On successful completion of this course you will have developed and applied the skills and knowledge required to demonstrate competency in the above elements.
Details of Learning Activities
Students will be engaged in a variety of pre-class, in-the-class, and post-class activities as outlined in the relevant Canvas shell.
Teaching Schedule
Week |
Topic |
Assessment Remarks |
|
1 |
Section 1 Introduction and an Overview of the Australian Financial Sector and Mortgage Broking Industry. Introduction to the Comply with financial services legislation
ACTIVITY
10 Short answers required to be done in the tutorial around the relevant industry and sectors and responsibilities of the finance industry. |
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2 |
Section 2
Introduction to industry guidelines, procedures, and legislation
Activity 1 Discuss in order the 3 main areas of legislation that govern the mortgage broking industry. Activity 2 Discuss the framework around responsible lending obligations and BID requirements. Look at the differences.
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3 |
Cont. with Section 2 industry guidelines, procedures, and legislation. Explore the details around BID and what it means for brokers and borrowers.
Activity List all the AML forms (10) for Australian purposes under the Anti Money Laundering and Counter Terrorism Financing Act. Download individual and sole trader form and fill it in. (No need to provide your personal detail can be simulated for this task to maintain privacy) |
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4 |
Section 3 – Managing information Refer to Documentation used in the industry.
Activity Complete Client Needs Review/Fact finder with a simulated client and interview notes (file notes) to back up the fact finder. Activity Refer to P.130 of the learner’s guide and discuss the importance of other supporting documents.
Post in week 5 Discussion Board
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Assessment Task 1 due this week
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5 |
Section 4: Developing and maintaining personal competency.
Activity – Week 7 List the type of training requirements you will need to do to maintain PD requirements.
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6 |
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Assessment Task 2 due this week |
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7 |
Section 5: Industry Codes of Practice – Introduction to all the main codes which impact the broking industry.
Activity Upon joining any of the 2 major broking associations which are the main codes of practice a mortgage broker needs to adhere to. Refer to page 147-150. Activity Discuss ASIC role regarding the industry codes of practice/conduct.
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8 |
Section 6 – Ethics
Activity Short answer questions around ethical framework.
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Assessment Task 3 due this week |
9 |
Re-submissions/final results
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Learning Resources
Prescribed Texts
References
Other Resources
Learning resources will be accessible via the Canvas learning management system.
Students will need to regularly access the appropriate content folders in Canvas and complete learning activities as advised by their teacher.
It is expected that students will need to complete some learning tasks in their own time.
Overview of Assessment
Assessment for this course is ongoing throughout the semester. Your knowledge and understanding of course content is assessed through participation in class exercises, oral/written presentations and through the application of learned skills and insights. Full assessment briefs will be provided and can be found on CANVAS.
Assessment Tasks
This unit is clustered (taught and assessed) with:
LAW5762C (FNSCMP501) Comply with financial services legislation
There will be three (3) assessment tasks in this course, and you must complete all of them satisfactorily to be deemed competent.
Assessment Task 1- Due in Week 4
Completing this assessment task demonstrates knowledge about compliance with relevant provisions in financial laws, regulations, ethics and industry codes of practice at an organisational level.
Assessment Task 2- Due in Week 6
Completing this assessment task requires you to demonstrate your skills and knowledge in analysing industry-based case studies and scenarios to provide professional client advice that is ethical and compliant with industry regulations and codes of practice.
Assessment Task 3- Due in Week 8
Completing this assessment task demonstrates your skills and knowledge to use a range of specialized managerial techniques to engage with others and deliver a professional learning activity that covers compliance with financial services legislation, regulation and industry codes of practice.
Assessment Matrix
The assessment matrix that maps all the assessment is available in Canvas under 'Assignments'.
All assessments will utilise a competency-based model and will be deemed as either Satisfactory or Not Yet Satisfactory.
Other Information
Submission Requirements
You should:
- Ensure that you submit assessments on or before the due date
- Always retain a copy of your assessment tasks (hard copy and soft copy)
- When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on Canvas
- Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, Callie Harvey, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10
Late Submission Procedures
You are required to submit assessment items and/or ensure performance-based assessment is completed by the due dates.
If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.
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 (VE Programs)
If you are assessed as unsuccessful in an assessment task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission.
If you are assessed as unsuccessful in your resubmission of an assessment task you then you should consult with your course teacher to determine whether any further resubmission opportunities may be available. Your request will be considered by your course teacher, and you will be advised of the outcome as soon as possible.
Adjustments to Assessment
In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website: https://www.rmit.edu.au/students/my-course/assessment-results/special-consideration-extensions
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, and you will achieve one of the following results:
Final results table
CA Competency Achieved
NYC Not Yet Competent
DNS Did Not Submit one or more assessment tasks
Course Overview: Access Course Overview