Fnsinc401 apply principles of professional practice

Reference no: EM132664409

FNSINC401 Apply principles of professional practice to work in the financial services industry

Assessment 1

Activity 1

Many organisations include in their policies and procedures manual requirements for ethical behaviour in customer service situations. Explain some of the benefits organisations can expect as a consequence of this requirement.

(Explain industry and organisational policy and procedures and ethical behaviours in regard to customer service and administration).

Activity 2

Identify some impacts on the financial services industry caused by changes in general economic conditions.

(Identify the economic and political climate relating to the financial services industry).

Activity 3

Accelerating environmental decline, increasing scarcity of natural resources such as water and arable land, as well as issues of energy security and the continuing response to climate change will have a significant impact on Westpac customers, according to their sustainability strategy. Explain 3 techniques Westpac is planning to use to address these issues.

(Explain principles, practices and available tools and techniques of sustainability management relevant to the industry context).

Activity 4

Discuss the main objectives of the Department of Human Services's ‘environmental sustainability policy'.

(Discuss environmental or sustainability legislation, regulations and codes of practice applicable to industry and organisations).

Activity 5

According to the IBSA 2014 survey of Financial Services the sector is dominated by the ‘big four' domestic banks, which hold a combined market share of 33 percent. Outline some developing interrelationships which are impacting on the financial services sector.

(Outline the main sectors in the financial services industry and the interrelationships between the sectors).

Activity 6

Outline how consumers and financial service organisations can benefit from using the Personal Property Securities Register, administered by the Australian Financial Security Authority.

(Outline industry and organisational security practices and rationale).

Activity 7

Identify and explain the internal administration system for trust fund accounting contained in the ICB Code of Professional Conduct.

(Identify internal administration systems such as accounting systems and databases).

Activity 8

Explain the benefits to a consumer of national consumer credit protection legislation.

(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).

Activity 9

Explain the key issues a business needs to consider before it can incorporate triple bottom line reporting into its work planning process.

(Explain triple bottom line principles used in work planning).

Activity 10

Explain the key requirements of the Privacy Act with regard to personal Information (PI).

Assessment 2

Section 1 - Review Client Case Study Requirements

1. Download and review the Mrs Y - Investment Loan case study, located in the Assessment 2 supporting documents folder.
2. Accurately analyse, evaluate and organise relevant case study information

Section 2 - Complete Case Assessment and Recommendation

Task 1. Identify the type of consumer information Mrs Y should have been provided by the broker before the loan documents were signed.

Task 2. a. Identify the financial services legislation which covers the provision of consumer information described in Task 1 above.
b. Which elements of the Code of Banking Practice (Assessment 2 Supporting Documents) would have supported this legislation?

Task 3. Identify evaluate appropriate professional development opportunities for the Broker, Thomas Howard

Task 4. Outline ways in which the AFS could have planned its team work more effectively so as to avoid the issues involved in the case study.

Task 5. Identify ways a very small business, like a single employee mortgage broker, could implement sustainability principles and practices

Reference no: EM132664409

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