FNS50615 Diploma of Financial Planning

Legislation and ethics in the Australian financial services industry acts to regulate behaviour protect consumers and promote efficiency. Various legislation and ethical applies to the financial services industry. 

As a financial adviser you are required to demonstrate the skills and knowledge required to identify industry professional approaches to procedures, guidelines, policies and standards, including ethical requirements, and to model and meet expectations of these in all aspects of work.

You are required to complete the following tasks:

Task 1:

As a financial adviser discuss your responsibilities for the following ethical approaches.

1. conflict of interest
2. duty of care
3. full disclosure of remuneration and fees and other conflicts of interest which may influence recommendations
4. good faith
5. guidance from supervisor
6. maintaining confidentiality
7. mission statements
8. non-discriminatory practices
9. correct use of organisational property, resources, and authority.

Task 2: Project

Scenario

You are working for a financial planning company. Your client Simon Cook is considering setting up a bookkeeping business to provide bookkeeping services to various retail outlets in Australia. Simon has determined that he will need at least two staff. While Simon is a very qualified bookkeeper, he has limited knowledge and experience for the financial planning process. 

He wants to set up a compliant business and is obliged to maintain adequate records as per financial service industry requirements. Simon is asking you to guide him to manage the finance wisely to build up on his business. 

You are required to advise Simon by answering the following questions.

1. Explain to Simon that what documents could affect the effectiveness and compliance of his business in order to meet legal and organisational requirements.

1. Time management is an essential element for utilising funds, explain how Simon could analyse the effectiveness of the task management to manage the time effectively.

1. What steps should Simon undertake when presenting information to different client/audiences to avoid the over expenses?

1. Explain the steps needed to set up and maintain an effective work environment to encourage Simon’s staff to participate in and take responsibility for team activities and communication processes.

1. Outline the behaviours Simon could display to his team to enhance the organisation's image to staff and clients.