Task 1
Assessment Instructions
This is an individual assessment. You are required to answer a series of questions.
You must answer all of the questions below, and include examples where appropriate. Please ensure that you have answered each question with an appropriate level of detail. If you need help understanding any questions, ask your assessor to explain.
To be deemed competent you will need to successfully demonstrate the following:
- You must complete and successfully answer all questions.
1. Why is it important to have a good understanding of environmental legislation that affects your business or the industry within which you work? What are codes of practices and what are the aims of these codes?
2. What is the relationship between workplace policies and procedures?
3. Give three examples of External forces impacting the financial services industry. What is economic growth and how is it measure?
4. Briefly explain the roles and responsibilities of the RBA. How does the RBA influence economic activity in the economy? What is this called?
5. What is the aim of microeconomic reform? Name and briefly explain one type of microeconomic reforms that have been implemented in Australia.
6. Who is the Competition and Consumer Act Designed to protect? By who is it administered?
7. Name and briefly explain two legal responsibilities of financial advisors when giving personal financial advice to clients?
8. How does a complaints-handling system help to create effective compliance system?
9. Why might commission based fees provide financial advisors with a conflict of interest in regards to their client responsibilities?
10. What are the ‘Three pillars'? Give two examples of each pillar.
11. What are the three key things that motivate businesses to implement sustainability practices?
12. Name three ways Triple Bottom Line reporting benefits businesses.
13. A financial planner is meeting with a client in a week's time. The client is worried about their future and is unsure of when they can retire and how much they will be able to retire on. The financial planner intends to use the client's information about their current financial situation to create an effective plan to help the customer generate more wealth and retire comfortably. This includes analysing the customer's current budget, spending pattern, risk profile, superannuation, and short and long-term goals. To do this, the financial planner requires the customer to answer a number of questions before the meetings.
You are required to create an Action Plan for your audience.
14. Given that the financial services industry is so competitive and highly regulated, it is important to spend time understanding the requirements of your organisation and how they contribute to your own professional development. Give two examples of requirements that may affect you role.
15. What is the competency gap? How can you identify the required Competencies?
16. What should all personal development plans (PDP's) contain?
Task 2
Assessment Instructions
This is an individual assessment. In groups, research the Reserve Bank of Australia's website and select and analyse three reports from the index of statistics. A written report summarising the information reviewed, its relevance to the industry and implications for finance professionals is required. You are to assume you are writing the report for a relevant client/customer. Learners will need to work collaboratively and prepare a written report. The report must clearly identify each individual's contribution.
Procedure
1. Prepare
a. Form groups of three people.
b. Select and review three relevant reports from the index of statistics from the Reserve Bank of Australia's website.
c. Identify who the relevant client/customer will be for the purpose of your report.
2. Report
Write an analysis of the three reports for your identified client. Make sure you address the following criteria.
a. Provide a short overview about the type of client your reports relate to. In other words, who is the report being written for?
b. Provide a brief summary of each report.
c. Identify which key financial services each report relates to.
d. Discuss what implementations each report may have for finance professionals and finance industry clients.
e. Evaluate and explain how each report relates to the client.
f. Bibliography citing all references and information sources used.
To be deemed competent you will need to successfully demonstrate the following:
- Each candidate will need to provide a copy of the team's report. This should be about total 1000 words and include an overview of their chosen financial services sector.
- The report needs to address each of the key dot points outlined above. Reports must provide an explanation of all key terms, an analysis of each key dot point and adherence to professional reporting format.