FNS50215 Diploma of Accounting FNSFMK505 Comply with financial services regulation and industry codes of practice

 

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Assessment information

You are a financial services compliance officer and you have been asked to comment on a dispute between a financial service provider and one of its customers.

 

 

Instructions to complete this assessment

In order to complete this assessment, you are required to complete the following sections consecutively. Details and specific instructions are provided within each section and on the form/templates provided.

 

 

Supporting documents

To find the relevant supporting documents, please refer to the Supporting Documents folder, located within the FNSFMK505 Comply with financial services regulation and industry codes of practice section of your course. (

 

 

Section 1 – Review the Case Study – Mrs X versus FSP Requirements

 

Download  and  review  the  case  study  Mrs  X  versus  FSP,  located  in  the  Assessment  2  Supporting Documents folder, particularly having regard to:

  • Relevant legal requirements or rights provided by law in relation to the subject matter of the complaint;
  • Applicable codes of practice;
  • Good practice in the financial services industry; and
  • Fairness in all the circumstances.

 

 

Section 2 – Analyse Complaint

 

Requirements

Read Part 1 – Consumer Complaint and enter your responses below with regard to:

 

In your opinion does the Complainant have any grounds for lodging a complaint against the FSP? Support your opinion with reference to laws, codes of practice, etc.

 

Losses caused by a downturn in financial markets are irrelevant in considering whether the best interests duty has been complied with. The best interests duty is concerned with what occurred at the time the advice was provided—not the performance of the client’s investment.

 

Section 945A(1) of the Corporations Act 2001 (Cth.) (Corporations Act) requires that an entity which provides financial advice to a retail client must have a “reasonable basis” for the advice.

The providing entity must only provide the advice to the client if:

  • the providing entity: determines the relevant personal circumstances in relation to giving the advice; and makes reasonable inquiries in relation to those personal circumstances; and
  • having regard to information obtained from the client in relation to those personal circumstances, the providing entity has given such consideration to, and conducted such investigation of, the subject matter of the advice as is reasonable in all of the circumstances; and
  • the advice is appropriate to the client, having regard to that consideration and

 

What evidence you would require the complainant to provide to support her claim?

 

 

Section 3 – Analyse FSP Response

 

Requirements

Read Part 2 – FSP Response and enter your responses below with regard to:

 

In your opinion does the FSP have any grounds for denying the complaint? Support your opinion with reference to laws, codes of practice, etc.

 

What evidence you would require the FSP to provide to support their denying of the claim?

 

 

Section 4 – Prepare a Conclusions Summary

 

Requirements

Based on the information in the case study and your responses to Sections 2 and 3:

  1. How should the evidence provided by both parties be assessed?, and
  2. Provide an opinion if a breach of any regulation has occurred, and if so, describe the most likely next step in the complaint process

 

 

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