FNSFMK505 Comply With Financial Services Regulation and Industry Codes of Practice Assessment Guide

FNSFMK505 Comply With Financial Services Regulation and Industry Codes of Practice

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Assessment Details:

  • No. of Words: 3000
  • Citation/Referencing Style: TAFE AUSTRALIA

 

PROJECT

This unit describes the skills and knowledge required to ensure compliance with finance industry regulations and industry codes of practice on an organisational.

This activity is comprised of a number of written questions where you will be required to demonstrate essential knowledge required to effectively comply with financial services regulation and industry codes of practice.

Instructions

You will need to research information to assist with your responses for this task.

What you will need to complete this task

  • Research materials such as books, internet, magazines, workplace documentation etc.
  • Access to legislative and regulatory documentation relevant to own state or territory.

You should use a variety of sources to gather information including training resources, workplace policies and procedures (if you are able to access these) and government and industry bodies.

You are required to provide information about the following points. You must prepare a written response to each point, which can be supported by example documentation as required. Ensure material is referenced appropriately.

Suggested Word limit

To complete this activity, you are required to submit written responses for each question of

Long Answer 8 typed lines = 100 words, or

10 lines of handwritten text =  of a A4 page

 

To complete this task, you are required to research a financial services organisation (this can be one you work in or one you are familiar with) and discuss each of the following in relation to that organisation and their compliance issues with anti-money laundering:

  1. Disclosure of capacity criteria
  2. Duty of care principles
  3. General obligations of a financial services officer
  4. Laws of principal and agents
  5. Organisation’s products and services
  6. Relevant agency agreements or broker authority
  7. Relevant industry codes of practice
  8. Relevant regulation pertaining to the financial services industry sector
  9. Statutory records a financial services organisation needs to maintain
  10. Fiduciary duties
  11. Contract law principles
  12. The internal monitoring or audit process

 

THIRD-PARTY REPORT ACTIVITY

For this activity you will need to perform the criteria listed below in a workplace or simulated environment.

Your supervisor or manager must complete the Third-Party Activity Checklist.

 

You must submit the completed and signed checklist with your other assessment tasks.

  1. Accessing, accurately interpreting and complying with relevant industry codes of practice and relevant regulations
  2. Explaining changes and implications of regulations to clients and colleagues
  3. Accurately maintaining statutory records in a timely manner

You will need to be provided with access to the following:

  1. Office equipment, technology, software and consumables
  2. Financial services legislative and industry code of practice information

During this demonstration of your skills and knowledge you will need to:

  1. Identify and apply organisational requirements of regulatory obligations including:

a).  Accessing source documents as required. List at least five source documents you have accessed and detail where and how they were accessed.

b).  Identifying and executing procedural requirements. Provide a copy of the procedural requirements.

c).  Complying with authorities and restriction in relation to your job role. Discuss the authorities and restrictions you are required to comply with.

d).  Implement monitoring and auditing as required and within your job role. Provide a brief discussion on the types of tasks relating to auditing that you are required to perform or may be required to perform.

7.  Identify changes to regulations including:

a).  Ensuring currency of regulatory literature is maintained. Outline what you can do to ensure currency of information.

b).  Identifying, accessing and communicating changed regulations and policies. Describe where you might find this information.

c).  Reviewing procedures to ensure they accurately reflect any changes. Outline the procedures you reviewed and discuss the changes required.

d).  Implement changes as required. Outline the methods used to implement new procedures.

8.  Comply with any industry or professional codes including:

a).  Accessing, interpreting and executing changes to codes of practice. Describe the codes that you accessed to determine required changes.

9.  Maintain statutory records including:

a).  All relevant records. Provide a copy of at least five records that you have maintained over a period of time.

b).  Keeping copies of agreements. Provide a copy of at least two agreements you have kept.

c).  Evidence of current authorisations, training and licenses. Provide a copy of all authorisations, training and licenses required for your job role.

 

SHORT ANSWER QUESTIONS

Instructions

Answer the questions below by writing in the space provided. If you require more space, use a blank sheet of paper. Alternatively, you may like to use Microsoft Word and print out your answers to each question.

What you will need

  • Research materials such as books, internet, magazines, workplace documentation etc.
  • Access to legislative and regulatory documentation
  • Your Learner Guide for this unit of competence

Suggested Word limit

Short Answer Responses 4 typed lines = 50 words, or

5 lines of handwritten text

 

1. What types of documents can be considered source documents? List at least 6.

 
 

2. What types of organisational tasks might you have to perform in regard to legal principles and regulatory requirements?

 
 

3. When there are changes to legislation and regulations governing your service, what should you do?

 
 

4. What are the benefits of an operational review?

 
 

5. What codes of practice are relevant to the financial services industry?

 
 

6. What is the purpose of a code of practice?

 
 

7. What types of records must be kept by a financial service organisation?

 
 

8. What do ASIC look at in relation to training for staff members?

 
 

 

 

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