FNS50615 ASSESSMENT ACTIVITY 1

ASSESSMENT 1 - COVER SHEET

Please ensure this form is fully completed prior to submitting.

This page should be on the front of your assessment and needs to be easily accessible.

Student Number:
Student Name:
Course:	FNS50615 Diploma of Financial Services
Subject:	FNSINC401 – Apply principles of professional practice to work in financial services industry

STUDENT DECLARATION

I hereby certify that:

• This assessment task is my own work based on my personal study/research and not the work of another student and/or source.
• I have acknowledged all material and sources used to prepare this assessment task.
• I have not plagiarised or copied any part of this assessment task from the work of any other student or source either. (I know the penalties for plagiarism include $200 re-assessment fee)
• This assessment task has not previously been submitted.
• I am aware of the requirements set by my Trainer & Assessor.
• I have retained a copy of this assessment task for my own records.
• I have completed all my assessments, tasks & activities (on Moodle®) successfully.

This Assessment is designed to test the knowledge that you have acquired throughout the unit. Use the following tips to help you answer the questions:This assessment must be based on where you work (or have worked most recently).Student instructions

Read each question carefully. Check with your trainer or assessor if you are not sure what the question is asking.

HINT: Use these questions as subheadings to create a business style report to answer your assessment

Your response to each question should aim to provide enough information to answer the question. In most cases, this can be done with just a few paragraphs. Don’t forget to refer to attachments under the heading (question) applicable, e.g. ‘See attached email’.

Important: Your assessment must contain this coversheet and your own coversheet (for your “report”)

Your answers & assessment submission must be professional in style (Business), content and format. Maximum font size 11 points: Font Arial or Times New Roman; single spacing; clear paragraphs with appropriate punctuation, spellchecking and final submission will need to be proof-read. (i.e., few missing words or typos)

In particular:

• Use clear, non-discriminatory language
• use business-like language
• Avoid the use of jargon
• Write clearly using plain English
• Consider your target audience
• Ensure that your responses meet the needs of the target audience (in this case your trainer or assessor).
• All of your work must be original.

Written answer question guidance

• The following written questions use a range of “instructional words” such as “identify” or “explain”, which tell you how you should answer the question. Use the definitions below to assist you to provide the type of response expected.
• Note that the following guidance is the minimum level of response required.

Analyse: when a question asks you to analyse something, you should do so in detail, and identify important points and key features. Generally, you are expected to write a response one or two paragraphs long. Compare: when a question asks you to compare something, you will need to show how two or more things are similar, ensuring that you also indicate the relevance of the consequences. Generally, you are expected to write a response one or two paragraphs long. Contrast: when a question asks you to contrast something, you will need to show how two or more things are different, ensuring you indicate the relevance or the consequences. Generally, you are expected to write a response one or two paragraphs long. Describe: when a question asks you to describe something, you should state the most noticeable qualities or features. Generally, you are expected to write a response two or three sentences long. Discuss: when a question asks you to discuss something, you are required to point out important issues or features and express some form of critical judgement. Generally, you are expected to write a response one or two paragraphs long. Evaluate: when a question asks you to evaluate something, you should put forward arguments for and against something. Generally, you are expected to write a response one or two paragraphs long. Examine: when a question asks you to examine something, this is similar to “analyse”, where you should provide a detailed response with key points and features and provide critical analysis. Generally, you are expected to write a response one or two paragraphs long. Explain: when a question asks you to explain something, you should make clear how or why something happened or the way it is. Generally, you are expected to write a response two or three sentences long. Identify: when a question asks you to identify something, this means that you are asked to briefly describe the required information. Generally, you are expected to write a response two or three sentences long. List: when a question asks you to list something, this means that you are asked to briefly state information in a list format. Outline: when a question asks you to outline something, this means giving only the main points, Generally, you are expected to write a response a few sentences long. Summarise: when a question asks you to summarise something, this means (like “outline”) only giving the main points. Generally, you are expected to write a response a few sentences long.

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.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual 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.

Assessors must satisfy NVR/AQTF assessor requirements.

Assessment Conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

• organisational policies, procedures, legislation, regulation and codes of practice
• common office equipment, technology, software and consumables.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

To achieve competency for this unit:

All assessment activities in this unit must be successfully completed.

The student must achieve a SATISFACTORY result in all the assessment activities in this unit to be deemed COMPENTENT.

Students must perform to the standard as expressed by the competency standards of the FNS Training Package.

Reasonable Adjustment:

Reasonable adjustment is any approved modification or allowance made in assessment to accommodate a disability related function. Reasonable adjustment allows a learner with a disability to participate equitably in assessment procedures and demonstrate required skills and knowledge. Adjustment could be made in the physical environment, the assessment strategies or using assistive technology. Any adjustments made to the assessment must preserve the integrity of the assessment outcome.

Ensure that you:

• comply with the due date for assessment which your assessor will provide
• adhere with your RTO’s submission guidelines
• answer all questions completely and correctly
• submit work, which is original and, where necessary, properly referenced
• submit a completed cover sheet with your work
• avoid sharing your answers with other students.

Marking and Criteria guide:   

Assessor and student must read this carefully before assessment.

• All parts of the assessment must be completed successfully in accordance with the guidance provided in the Marking guide for the student to achieve competence in this unit.
• Students & assessors must note that professionally critical aspects/concepts must be included (e.g., Knowledge of regulatory requirements and outcomes of the Banking Royal Commission 2018-2019).
• All parts (criteria) in the marking guide must be completed successfully for the student to achieve competence in this unit.

    EDUCATOR to complete 

As an authorised representative for the AFSL, you need to provide compliant advise for the financial products and services that meets the customers and clients needs and expectations, you are required to have essential knowledge and skills for the financial services sector and the industry professional approaches to procedures, guidelines, policies, and standards, including the ethical requirements.

Assessment Task 1

Tips: In order to assist you in completing this assessment successfully you will need to research the information from the websites and refer to your student learning resources provided.

Answer the questions and complete the crosswords given below:

1. In your own words explain the role of the financial services sector in the nation’s economy.
2. Identify the financial institutions that provide financial products and services to manage people’s wealth.
3. List the financial products and services offered by the financial institutions.
4. Outline your obligations to provide compliant financial services to the clients.
5. Outline the personnel whom you could consult that enables you to provide efficient customer services.

Ensure you provide relevant references to your responses.