Student Assessment Tasks
FNSFMK505 Comply with financial services
regulation and industry codes of practice

FNSFMK505 Comply with financial services regulation and industry codes of
practice Student Assessment Tasks
Table of Contents
Table of Contents 2
Assessment Information 3
Assessment Instructions 5
Student Assessment Agreement 7
Assessment Task 1 Cover Sheet 9
Assessment Task 1: Written Questions 11
Assessment Task 1 Instructions 14
Assessment Task 1 Checklist 16
Assessment Task 2 Cover Sheet 17
Assessment Task 2: Regulations and qualifications project 19
Assessment Task 2 Instructions 21
Assessment Task 2 Checklist 26
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
FNSFMK505 Comply with financial services regulation and industry codes of practice Student Assessment Tasks
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FNSFMK505 Comply with financial services regulation and industry codes of
practice Student Assessment Tasks
Assessment Information
The assessment tasks for FNSFMK505 Comply with financial services regulation and industry codes of practice are included in this Student Assessment Tasks booklet and outlined in the assessment plan below.
To be assessed as competent for this unit, you must complete all of the assessment tasks satisfactorily.
Assessment Plan
Assessment Task Overview
1. Written questions Students must correctly answer all questions.
2. Regulations and qualifications project Students must complete a range of activities to ensure compliance with finance industry regulations and industry codes of practice.
Assessment Preparation
Please read through this assessment thoroughly before beginning any tasks. Ask your assessor for clarification if you have any questions at all.
When you have read and understood this unit’s assessment tasks, print out the Student Assessment Agreement. Fill it out, sign it, and hand it to your assessor, who will countersign it and then keep it on file.
Keep a copy of all of your work, as the work submitted to your assessor will not be returned to you.
Assessment appeals
If you do not agree with an assessment decision, you can make an assessment appeal as per your RTO’s assessment appeals process.
You have the right to appeal the outcome of assessment decisions if they feel they have been dealt with unfairly or have other appropriate grounds for an appeal.
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
FNSFMK505 Comply with financial services regulation and industry codes of practice Student Assessment Tasks
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FNSFMK505 Comply with financial services regulation and industry codes of
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Naming electronic documents
It is important that you name the documents that you create for this Assessment Task in a logical manner. Each should include:
· Course identification code
· Assessment Task number
· Document title (if appropriate)
· Student name
· Date it was created
For example, FNSFMK505 AT2 Regulations Register Joan Smith 20/10/18
Additional Resources
You will be provided with the following resources before you begin Assessment Task 2
· Regulations Register Template
· Human Resources Policies and Procedures
· Staff Files
· Beth Stevens Qualifications
· Sheye Rosemayer Qualifications
· Wendy White Qualifications
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
FNSFMK505 Comply with financial services regulation and industry codes of practice Student Assessment Tasks
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FNSFMK505 Comply with financial services regulation and industry codes of
practice Student Assessment Tasks
Assessment Instructions
Each assessment task in this booklet consists of the following: Assessment Task Cover Sheet
This must be filled out, signed and submitted together with your assessment responses.
If you are submitting hardcopy, the Cover Sheet should be the first page of each task’s submission.
If you are submitting electronically, print out the cover sheet, fill it out and sign it, then scan this and submit the file.
The Assessment Task Cover Sheet will be returned to you with the outcome of the assessment, which will be satisfactory (S) or unsatisfactory (U). If your work has been assessed as being not satisfactory, your assessor will include written feedback in the Assessment Task Cover Sheet giving reasons why. Your assessor will also discuss this verbally with you and provide advice on re-assessment opportunities as per your RTO’s re-assessment policy.
Depending on the task, this may include
· resubmitting incorrect answers to questions (such as short answer questions and case studies)
· resubmitting part or all of a project, depending on how the error impacts on the total outcome of the task
· redoing a role play after being provided with appropriate feedback about your performance
· being observed a second (or third time) undertaking any tasks/activities that were not satisfactorily completed the first time, after being provided with appropriate feedback.
Assessment Task Information
This gives you:
· a summary of the assessment task
· information on the resources to be used
· submission requirements
· re-submission opportunities if required
Assessment Task Instructions
These give questions to answer or tasks which are to be completed.
Your answers need to be typed up using software as indicated in the Assessment Task Instructions.
Copy and paste each task’s instructions into a new document and use this as the basis for your assessment task submission. Include this document’s header and footer.
If you are submitting electronically, give the document a file name that includes the unit identification number, the task number, your name and the date.
Checklist
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
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FNSFMK505 Comply with financial services regulation and industry codes of
practice Student Assessment Tasks
This will be used by your assessor to mark your assessment. Read through this as part of your preparation before beginning the assessment task. It will give you a good idea of what your assessor will be looking for when marking your responses.
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
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FNSFMK505 Comply with financial services regulation and industry codes of
practice Student Assessment Tasks
Student Assessment Agreement
Make sure you read through the assessments in this booklet before you fill out and sign the agreement below.
If there is anything that you are unsure of, consult your assessor prior to signing this agreement.
Have you read the assessment requirements for this unit? El Yes El No
Do you understand the requirements of the assessments for this unit? El Yes El No
Do you agree to the way in which you are being assessed? El Yes El No
Do you have any specific needs that should be considered? El Yes El No
If so, explain these in the space below.
Do you understand your rights to re-assessment? El Yes El No
Do you understand your right to appeal the decisions made in an assessment? El Yes El No
Student name
Student number
Student signature
Date
Assessor name
Assessor signature
Date
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
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FNSFMK505 Comply with financial services regulation and industry codes of practice Student Assessment Tasks
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
FNSFMK505 Comply with financial services regulation and industry codes of practice Student Assessment Tasks
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FNSFMK505 Comply with financial services regulation and industry codes of
practice Student Assessment Tasks
Assessment Task 1 Cover Sheet
Student Declaration
To be filled out and submitted with assessment responses
fl I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).
fl I understand that if I If I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.
fl I have correctly referenced all resources and reference texts throughout these assessment tasks.
Assessor declaration
fl I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.
Assessor name
Assessor signature
Date
Assessment outcome S NS DNS Resubmission Y N
Feedback
Student result response
fl My performance in this assessment task has been discussed and explained to me. fl I would like to appeal this assessment decision.
Student signature
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
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FNSFMK505 Comply with financial services regulation and industry codes of
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Date
A copy of this page must be supplied to the office and kept in the student’s file with the evidence.
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
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FNSFMK505 Comply with financial services regulation and industry codes of
practice Student Assessment Tasks
Assessment Task 1: Written Questions
Task summary
This is an open book test, to be completed in the classroom.
A time limit of 2 hours to answer the questions is provided.
You need to answer all of the written questions correctly.
Your answers must be word processed and sent to the assessor as an email attachment.
Required
• Access to textbooks/other learning materials • Computer and Microsoft Office
• Access to the internet
Timing
Your assessor will advise you of the due date of this assessment.
Submit
• Answers to all questions
Assessment criteria
All questions must be answered correctly in order for you to be assessed as having completed the task satisfactorily.
Re-submission opportunities
You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.
You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.
You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
FNSFMK505 Comply with financial services regulation and industry codes of practice Student Assessment Tasks
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FNSFMK505 Comply with financial services regulation and industry codes of
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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 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.
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.
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.
Evaluate – when a question asks you to evaluate something, you should do so putting 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.
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
FNSFMK505 Comply with financial services regulation and industry codes of practice Student Assessment Tasks
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FNSFMK505 Comply with financial services regulation and industry codes of practice Student Assessment Tasks
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
FNSFMK505 Comply with financial services regulation and industry codes of practice Student Assessment Tasks
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FNSFMK505 Comply with financial services regulation and industry codes of
practice Student Assessment Tasks
Assessment Task 1 Instructions
Provide answers to all of the questions below:
1. Describe the key document that financial services providers must give to clients so as to meet disclosure of capacity requirements and maintain compliance with requirements.
2. Explain three basic principles of contract law and why it is essential for compliance that these are followed.
3. Explain duty of care principles for financial services providers and why they are important for compliance.
4. Explain the concept of fiduciary duties and why it important for a financial services officer to comply with this.
5. Explain the general obligations that a financial services officer must comply with.
6. Explain the concept of the laws of principals and agents and why it important for a financial services officer to comply with this.
7. Outline the key features of three types of products and services available in the financial services industry.
8. Describe the key features of relevant agency agreements or broker authority
9. Identify two Codes of Practice that may impact on the provision of financial products and services. Outline their key features and then explain their impact on the provision off financial products and services.
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
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10. Identify three examples of legislation that apply to financial products and services in Australia. Then explain how the each of the legislation that you have identified impacts on financial product and services.
11. Identify three types of statutory records that a financial services organisation must maintain.
12. Explain how an effective internal control structure assists management.
13. List five work practices or routines that are also internal control procedures
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
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FNSFMK505 Comply with financial services regulation and industry codes of
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Assessment Task 1 Checklist
Student’s name:
Did the student provide a sufficient and clear answer that addresses the suggested answer for the following? Completed successfully Comments
Yes No
Question 1
Question 2
Question 3
Question 4
Question 5
Question 6
Question 7
Question 8
Question 9
Question 10
Question 11
Question 12
Question 13
Task Outcome: Satisfactory • Not Satisfactory •
Assessor signature
Assessor name
Date
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
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FNSFMK505 Comply with financial services regulation and industry codes of
practice Student Assessment Tasks
Assessment Task 2 Cover Sheet
Student Declaration
To be filled out and submitted with assessment responses
fl I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).
fl I understand that if I If I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.
fl I have correctly referenced all resources and reference texts throughout these assessment tasks.
Assessor declaration
fl I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.
Assessor name
Assessor signature
Date
Assessment outcome S NS DNS Resubmission Y N
Feedback
Student result response
fl My performance in this assessment task has been discussed and explained to me. fl I would like to appeal this assessment decision.
Student signature
Date
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
FNSFMK505 Comply with financial services regulation and industry codes of practice Student Assessment Tasks
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FNSFMK505 Comply with financial services regulation and industry codes of
practice Student Assessment Tasks
A copy of this page must be supplied to the office and kept in the student’s file with the evidence.
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
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FNSFMK505 Comply with financial services regulation and industry codes of practice Student Assessment Tasks
Assessment Task 2: Regulations and qualifications project
Task summary
The assessment tasks in this unit require students to complete a range of activities to ensure compliance with finance industry regulations and industry codes of practice.
This assessment is to be completed in the simulated work environment in the RTO.
Required
· Access to textbooks/other learning materials
· Computer with Microsoft Office and internet access
· Regulations Register Template
· Human Resources Policies and Procedures
· Staff Files
· Beth Stevens Qualifications
· Sheye Rosemayer Qualifications
· Wendy White Qualifications
Timing
Your assessor will advise you of the due date of these submissions.
Submit
· Email with the following attached:
o Regulations Register
o Staff Presentation
· Email with the following attached:
o Staff Files Check
o Updated HR Policy and Procedures
· Email with screen shot attached
Assessment criteria
For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence.
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
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FNSFMK505 Comply with financial services regulation and industry codes of
practice Student Assessment Tasks
Re-submission opportunities
You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.
You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.
You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
FNSFMK505 Comply with financial services regulation and industry codes of practice Student Assessment Tasks
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FNSFMK505 Comply with financial services regulation and industry codes of
practice Student Assessment Tasks
Assessment Task 2 Instructions
Carefully read the following:
You are the Operations Manager for Burleigh Financial Services, a company of accountants and financial planners. Part of your role is to ensure that all quality and compliance standards are met within the organisation. This includes identifying all of the regulatory obligations that apply to the organisation, as well as monitoring any changes.
The CEO has recently asked you to establish a formal system for identifying and monitoring regulations and has provided you with a legislation register to complete. He has also asked you to provide a short presentation to new staff that are just commencing with the organisation to ensure that all staff are clear of their regulatory obligations.
The CEO has also advised you that he would like you to investigate new qualification requirements for financial planners and the impact that this will have on staff. He has asked that you provide guidelines for staff about the expectations of the organisation.
Following the presentation, you have decided to review each staff member’s file to identify how many of the financial planners will need to upgrade their qualifications. Review the folders and then email each relevant person identifying their requirements.
Complete the following activities:
1. Complete a Legislation, Regulations and Codes of Practice Register
Identify at least five pieces of legislation and regulations that apply to the company, and at least two Codes of Practice.
Ensure you also include the new regulations regarding the qualifications of financial planners.
The register requires you to record the following about each: • The name of the Act, Regulation or Code of Practice • Its relevance and implications for the organisation.
Save your completed Excel Workbook as Regulations Register.
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
FNSFMK505 Comply with financial services regulation and industry codes of practice Student Assessment Tasks
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FNSFMK505 Comply with financial services regulation and industry codes of
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2. Develop a presentation for staff
Assume that, based on your completion of the Legislation, Regulations and Codes of Practice Register that you have determined that the new qualification requirements for Financial Planners needs to be a key focus for compliance within the company. As per your organisation requirements, you are required to develop and provide a short information session to provide staff with information about the changes. It should last for about 30 minutes.
Your presentation should address:
· The purpose of the legislation, regulations and codes of practice as set out in your legislation and regulations register.
· The implication of legislation regulations and codes of practice for the organisation.
· Outline of the changes to the qualification requirements for financial planners
· Based on the Human Resources Policies and Procedures, provide an outline of the procedures that are to be followed in relation to updating of staff qualifications.
Create a new PowerPoint file for your presentation and save it as Staff Presentation.
3. Send an email to the CEO (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarise the contents of the attachments and seek their feedback.
The email text should also ask for the place, date and time of your presentation
Attach the following to the email:
· Regulations Register
· Staff Presentation
4. Give your presentation
You are required to conduct your presentation to your assessor and at least two fellow students, who will be roleplaying Burleigh Financial Services staff.
Ensure that you cover each of the points as set out in activity 3.
During the presentation, you are required to demonstrate effective communication skills including:
· Speaking clearly and concisely
· Using non-verbal communication to assist with understanding
· Asking questions to identify required information
· Responding to questions as required
· Using active listening techniques to confirm understanding
At the conclusion of the presentation, ask the attendees if they have any questions.
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
FNSFMK505 Comply with financial services regulation and industry codes of practice Student Assessment Tasks
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FNSFMK505 Comply with financial services regulation and industry codes of practice Student Assessment Tasks
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
FNSFMK505 Comply with financial services regulation and industry codes of practice Student Assessment Tasks
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FNSFMK505 Comply with financial services regulation and industry codes of
practice Student Assessment Tasks
5. Conduct a qualifications check
As set out in the Human Resources Policies and Procedures, following the presentation you conduct a file check to identify the staff members who need to update their qualifications.
Review the Staff Files and make a list of staff members who need to update their qualifications. Explain why.
Create a new Word document for this activity and save it as Staff Qualifications Check.
6. Update the Human Resources Policy and Procedures
Review and then update the Human Resources Policy and Procedures to ensure that the requirements for financial planners are reflected in this.
Save this document as Updated HR Policy and Procedures
7. Send an email to the HR Department (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarise the contents of the attachments and advise them of changes that need to be made.
Attach your Staff Qualifications and Updated HR Policy and Procedures to the email.
8. Update records
Assume it is a year later, and you have received the following:
o Beth Stevens Qualifications
o Sheye Rosemayer Qualifications
o Wendy White Qualifications
Follow the HR policy and procedures and create a folder for the staff member with a sub-folder for the qualification you have been provided with for each.
Take a screen shot to demonstrate that you have maintained the required evidence. The screen shot should show all the folders and documents.
9. Send an email to the HR Department (your assessor).
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E FNSFMK505 Comply with financial services regulation and industry codes of practice Student Assessment Tasks
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FNSFMK505 Comply with financial services regulation and industry codes of
practice Student Assessment Tasks
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarise the contents of the attachment.
Attach your screen shot to the email.
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
FNSFMK505 Comply with financial services regulation and industry codes of practice Student Assessment Tasks
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FNSFMK505 Comply with financial services regulation and industry codes of
practice Student Assessment Tasks
Assessment Task 2 Checklist
Student’s name:
Did the student: Completed successfully Comments
Yes No
Access source documents for regulations relevant financial planners’ qualifications?
Identify the impact of these source documents and their impact on the company?
Execute procedural requirements as set out in the organisation’s policy and procedures?
Comply with role authorities and restrictions identified in position profiles?
Establish mechanism to ensure currency of regulatory literature is maintained?
Identify implications for staff, and implement changes in accordance with the organisation’s policy and procedures?
Source and access relevant industry codes of practice?
Interpret implications of changes to the financial planners’ qualifications and clarify these with the CEO?
Maintain relevant records of any relevant agreements on file?
Identify and communicate changed regulations in accordance with organisation’s policy and procedures?
During the presentation, demonstrate effective communication skills including:
• Speaking clearly and concisely
• Using non-verbal communication to assist with
understanding
• Asking questions to identify required information
• Responding to questions as required
• Using active listening techniques to confirm
understanding
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
FNSFMK505 Comply with financial services regulation and industry codes of practice Student Assessment Tasks
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FNSFMK505 Comply with financial services regulation and industry codes of
practice Student Assessment Tasks
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
FNSFMK505 Comply with financial services regulation and industry codes of practice Student Assessment Tasks
Version : 2.0 Last Updated : 07 May 2018 Next Update: 07 May 2019 Page 27 of 28

FNSFMK505 Comply with financial services regulation and industry codes of
practice Student Assessment Tasks
Implement internal monitoring or audit program in accordance with organisation’s policy and procedures?
Maintain evidence of current staff qualifications in accordance with organisational requirements?
Review operational procedures to accurately reflect changes to regulations?
Execute changes to organisational policy and procedures to align with changes to the financial planners’ qualifications?
Task Outcome: Satisfactory • Not Satisfactory •
Assessor signature
Assessor name
Date
Australian Training School trading as Southern Academy of Business and Technology
Level 1 and 4 Bathurst Street Sydney NSW 2000 | Phone: 1300 852 205 | RTO Code: 31595 | CRICOS Provider Code: 03602E
FNSFMK505 Comply with financial services regulation and industry codes of practice Student Assessment Tasks
Version : 2.0 Last Updated : 07 May 2018 Next Update: 07 May 2019 Page 28 of 28