FNS50615 ASSESSMENT ACTIVITY 3

ASSESSMENT 3 - 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 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.

Student instructions                                                                                           

This assessment must be based on where you work (or have worked most recently).

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:

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.

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 

ASSESSMENT 3

Legislation and ethics in the Australian financial services industry acts to regulate behaviour protect consumers and promote efficiency. Various legislation and ethical applies to the financial services industry.

As a financial adviser you are required to demonstrate 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.

You are required to complete the following tasks:

Task 1:

As a financial adviser discuss your responsibilities for the following ethical approaches.

1. conflict of interest
2. duty of care
3. full disclosure of remuneration and fees and other conflicts of interest which may influence recommendations
4. good faith
5. guidance from supervisor
6. maintaining confidentiality
7. mission statements
8. non-discriminatory practices
9. correct use of organisational property, resources, and authority.

Task 2: Project

Scenario

You are working for a financial planning company. Your client Simon Cook is considering setting up a bookkeeping business to provide bookkeeping services to various retail outlets in Australia. Simon has determined that he will need at least two staff. While Simon is a very qualified bookkeeper, he has limited knowledge and experience for the financial planning process.

He wants to set up a compliant business and is obliged to maintain adequate records as per financial service industry requirements. Simon is asking you to guide him to manage the finance wisely to build up on his business.

You are required to advise Simon by answering the following questions.

• Explain to Simon that what documents could affect the effectiveness and compliance of his business in order to meet legal and organisational requirements.
• Time management is an essential element for utilising funds, explain how Simon could analyse the effectiveness of the task management to manage the time effectively.
• What steps should Simon undertake when presenting information to different client/audiences to avoid the over expenses?
• Explain the steps needed to set up and maintain an effective work environment to encourage Simon’s staff to participate in and take responsibility for team activities and communication processes.
• Outline the behaviours Simon could display to his team to enhance the organisation's image to staff and clients.

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.

Ensure you provide relevant references to your responses.