National Recognition and supporting documentation
Current occupation:
Industry: Lending, banking and finance Length of service in industry: 4 and half years
When you upload your assessment you will be asked to confirm that your assessment submission to AAMC Training is your own work and NOT the result of plagiarism or excessive collaboration, and that all material used from any third party has been identified and referenced appropriately. AAMC Training may conduct independent evaluation checks and contact your supervisor to discuss your assessment.
Checklist of attachments:
Option A – 0 National Recognition and supporting documentation OR
Option B – 0 Task 1 – Short answers/Activities
0 Task 2 – Research questions
0 Task 3 – Case study questions
Please indicate style of course undertaken:
0 Correspondence 0 Online 0 Face to face – Trainer’s name:
Once your assessment has been successfully uploaded it will be pending review with your nominated course assessor. Your assessor will mark your assessment and you will receive an email advising you if you have been assessed as satisfactory. If you are marked as not yet satisfactory you will be contacted and asked to provide additional information or re-visit the assessment and re-upload your amended case study or written tasks.
Units of competency for National Recognition:
FNS04
Unit code FNS10/11
Unit code
Unit name
N/A BSBCOM501B Identify and interpret compliance requirements
Not equivalent FNSINC401A Apply principles of professional practice to work in the financial services industry
FNSCOMP501B FNSFMK505A Comply with financial services legislation and industry codes of practice
If you are claiming National Recognition for all three units but your Training Plan shows Financial Services Legislation MCQ 1 & 2 as “commence assessment” we will need to manually override these assessments on your behalf.
Yes, please override my multi-choice assessments Fin Services Legislation 1 & 2 0I have read the National Recognition Policy and understand that if this application is successful that I will be given automatic exemption in the relevant units of competency as detailed above. I understand that I will only receive automatic exemption for these units upon successful submission of a statement of attainment for each unit.
I have supplied a *certified copy of my statement of attainment for the units which I am claiming recognition. (If your qualification was obtained through AAMC Training, an uncertified copy will be sufficient as AAMC Training can confirm the authenticity of your units of competencies.)
Signed: Date:
*Copies of documents provided in support of an application, or other purpose required by the National Law, must be certified as true copies of the original documents. For a list of persons who can certify documents: http://www.ahpra.gov.au/Registration/Registration-Process/Certifying-Documents.aspx
Certified documents must:
• Be initialed on every page by the Authorised Officer.
• Annotated on the last page as appropriate e.g. “I have sighted the original document and certify this to be a true copy of the original” and signed by the Authorised Officer.
• List the name, date of certification, and contact phone number and position number (if relevant) and have the stamp or seal of the Authorised Officer (if relevant) applied.
ASSESSMENT OPTION B
The assessment tasks contained in this assessment relate, but are not limited to, the following units of competence:
• FNSINC401A Apply principles of professional practice to work in the financial services industry
• BSBCOM501B Identify and interpret compliance requirements
• FNSFMK505A Comply with legislation and industry codes of practice
IMPORTANT INSTRUCTIONS
• Your answers to each of the tasks are to be typed into this document and uploaded.
• No assessment word count has been specified although you are expected to provide good quality answers to each of the questions.
• At the time of going to print the weblinks in this document were current. If you find a broken link please research yourself and advise AAMC Training of the break.
• Although some general discussion between students covering the assessment is allowed your responses to each of the questions must be an individual effort.
• PLEASE NOTE: AAMC Training only wants to see your own work. Please do not upload parts of the learning guide or instructions on how to complete. When this extra information is uploaded it presents unnecessary work for the assessors and in turn delays our assessment responses.
Task 1 – Short Answer questions
1. THE ROLE OF ASIC AND ASX AS REGULATORS
a. Describe the role of ASIC and the ASX as regulators of financial markets.
b. How does ASX work with ASIC?
2. INFORMATION REQUIREMENTS
a. RG 175 identifies the required information that financial advisers should seek before providing advice to clients. What are they?
b. What are the requirements for storing information?
3. PRIVACY ISSUES
a. Explain the responsibilities of an organisation to keep their data up-to-date.
b. Outline the responsibilities of an organisation with respect to:
• Their policies for the management of personal information.
• Disclosure of information held on those about whom organisations hold information.
c. Explain the restrictions on organisations for assigning identifiers (client numbers, etc).
d. Explain the rights of individuals to anonymity in entering transactions.
e. Explain the conditions, under which sensitive information may be collected.
4. WHAT SKILLS WILL YOU NEED?
Choose three performance objectives for yourself and use the skills audit below as another means of clarifying what skills you need to match the performance objectives you have set for yourself.
Performance Objectives Required Skills Current Skills Needed Skills
Example:
Become a Manager in my area Good management skills and team building skills Basic team leadership skills Further leadership skills
Organisational skills
5. STATUTORY REGISTERS
From what you have learned about the NCCP, list the registers that are to be maintained as records. For example: a Training Register.
Task 2 – Research questions
1. FINANCIAL SERVICES PROVIDERS
You will need access to the internet for this activity. Go online to review the websites of the following financial services providers and answer the questions below:
• National Australia Bank www.nab.com.au
• Homeloans Limited www.homeloans.com.au
• Peoples Choice Credit Union www.peopleschoicecu.com.au
• Pepper Home Loans www.pepperhomeloans.com.au
What are the characteristics of the institution? (Most of this information would be available in the “About us” section of their website.)
You may use the table below to record your data; part of the table has been completed to assist you with this exercise.
Bank Characteristics
National Australia Bank • One of Australia’s largest banks
• Has an international presence
• Listed on the stock exchange
Homeloans Limited •
Peoples Choice Credit Union •
Pepper Home Loans •
After you have completed the table, answer the following in terms of the characteristics of the financial institutions:
a. What is the main difference between National Australia Bank and Homeloans Ltd?
b. How does Pepper Home Loans differ from all the other institutions?
c. How does a Credit Union like Peoples Choice differ from other lenders?
2. PROFESSIONAL ASSOCIATIONS
Please visit the website of the following associations and answer questions below from the information provided on these websites:
• FPA http://www.fpa.asn.au
• MFAA http://www.mfaa.com.au
a. What is their purpose/s or role/s in the industry?
b. How do they cater for consumers?
3. FORMS OF ADVICE
To answer the following questions in your own words, download and read RG36 and RG175 from the ASIC website:
a. What constitutes a financial service? (RG36)
b. What is the difference between personal advice and general advice? (RG175)
c. Identify six occasions where advice may be considered to be “personal advice” (RG175)
4. REGULATORY GUIDE RG146
Download RG146, research and list the minimum training standards required for customer service representatives.
5. TRIPLE BOTTOM LINE ACCOUNTING
The Department of Sustainability, Environment, Water, Population and Communities commissioned a report called “Triple Bottom Line Measurement and Reporting in Australia: Making it Tangible”. You can access this report using the following link: http://www.environment.gov.au/archive/settlements/industry/finance/publications/triple-bottom/index.html or use a search engine to find the report.
Please express in your own words the five broad categories which capture the current diverse state of play in performance measurement and reporting in Australia?
6. SUSTAINABLE BANKING
Sustainability is not confined to our larger financial institutions like CBA, NAB and IAG. It is also being embraced by smaller institutions such as MCU Sustainable Banking. MCU began operations in 1984 as a community based credit union located in Maleny, Queensland.
The MCU Board of Directors is committed to long-term sustainability and believes the credit union has social and environmental obligations in addition to providing sound financial management. MCU practices “triple bottom line” reporting as a way of measuring progress and ensuring accountability against its sustainability targets.
You can access information about MCU through its website at: http://www.mcusb.com.au.
7. CODES OF PRACTICE
Access information about these codes of practice from the ASIC website www.asic.gov.au.
a. What advice does ASIC provide consumer if they think a financial services provider they have a relationship with has breached their respective code of practice?
b. What can ASIC do?
8. RG 205
List the ‘General Conduct Obligations’ of a licensee referring to RG205 on the ASIC website www.asic.gov.au
9. SOURCING INFORMATION
This activity allows you to demonstrate your competency at researching specific information. Answer the following questions:
a. Since the introduction of the Goods and Services Tax (GST) what activity has become mandatory for all businesses within Australia?
b. List three websites which could be useful in providing an indication of legislative and regulatory practice within the financial services industry.
c. Referring to the following website www.austrac.gov.au explain in your own words the importantance of Anti Money Laundering /Counter Terrorism Financing.
Task 3 – Case Study questions (1-4)
1. RESPONSIBLE LENDING SCENARIO
Scenario 1: Mustapha has just been told that come 1st July he would be stepping up as the new Assistant Manager. On telling his partner Jenny the good news, she suggested they start looking to buy a house as they’d probably be able to afford one. Excited, they call a local finance broker who was previously referred to them by a friend.
The finance broker congratulated Mustapha on his imminent promotion and asked if they would answer some questions to help determine how much they could borrow. Mustapha and Jenny agreed to provide the required financial information. Mustapha and Jenny are good savers and have sufficient funds to possibly cover for a 10 per cent deposit.
Jenny is cautious and felt a fixed rate loan would be better so they could budget effectively. Mustapha felt no reason to disagree so the broker worked out a loan amount based on the introductory rate which was fixed for the first six months. Mustapha’s increased salary meant they could borrow a lot more than before. Jenny’s income varied as she works casual at the local store. The broker asked Jenny how many hours she worked on average to determine their combined income.
The broker signed and dated the preliminary assessment with today’s date. She then gave Mustapha & Jenny a copy.
1. Explain the importance of making initial enquiries about a customer and verifying this information.
2. How many problems/errors can you identify with the above scenario?
Scenario 2: Mal and Corinne are seeking your advice in relation to refinancing their loan after speaking with some friends who have a more flexible loan product and a better rate with their lender.
1. Highlight the factors Mal and Corinne should consider before making the decision to switch or refinance their loan?
2. CONSUMER PROTECTION
Scenario:
Stephen was a floor and wall tiler who earned $1,200 a week. He spent $600 a week on expenses. He went to a lender to get a home loan of $200,000. Stephen needed a loan with an average interest rate that he could pay off over the medium term.
Instead, he was offered a loan for $500,000 with a high fixed interest rate and therefore repayments that he could not readily afford. As he was experiencing hardship, Stephen sought an injunction against the lender collecting his mortgage repayments. Stephen then sought compensation for the loss and damage he had suffered for being put into an unsuitable loan.
Describe what you think will happen under the consumer protection provisions of the responsible lending obligations.
3. DISCLOSURE AND PRESCRIBED DOCUMENTS
a. What document should a credit representative or licence holder provide to client to explain about the services they offer? List some of the information contained in this document.
b. In your OWN words, explain why is it important for a business to have a sufficient complaint’s handling system? In your answer explain the essential steps in handling and resolving a customer complaint (The ombudsman has a good resource on complaints handling http://www.ombudsman.gov.au/pages/publications-and-media/better-practice-guides/complaint-handling.php).
Scenario:
John Consumer is applying for a loan of $350,000 to buy a home. The credit representative quoted fees to recommend and apply for a loan on behalf of the consumer of $225. The valuation fee is estimated at $350, $800 for legal fees and loan application fee of $400.
The credit representative receives 2 per cent commission on the loan paid by the lender.
c. Set out the amounts and descriptions that would need to be provided to John in the credit proposal disclosure.
4. TEAM WORK AND ORGANISATIONAL PLANNING
You have recently been employed as a Mortgage Broker in a medium-sized Mortgage Broking practice. You are in charge of a small team of inexperienced mortgage brokers and Administration support staff. You discover that morale in the firm is low because:
• People are unable to distinguish between tasks that require them to work autonomously from those that require them to work as part of a team.
• There is a lack of communication about team activities.
• Due to the relative inexperience of the team, the image of the firm internally and externally is not very good.
• People do not seem to know how to prioritise their work or to manage their time and resources effectively.
• Although the firm has good technology it is not being used effectively for collaborative purposes.
Given the above, answer the following:
a. What would you do to promote team work and actively encourage team members to participate in and take responsibility for team activities and communication processes?
b. Give examples of some steps you could take to ensure that time and resources are better managed.
c. What are the things you would do to ensure that your own contribution serves as a role model for others and improves the organisation’s image?
d. How would you use technology to help facilitate better collaboration among staff?
e. How would you plan tasks so that members can distinguish those that require them to work independently from those that require team effort?
