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FNS50215 Diploma of Accounting Assessment Answers

 

FNSFMK505 Comply with financial services regulation and industry codes of practice  
Unit Description This unit describes the skills and knowledge required to ensure compliance with finance industry regulations and industry codes of practice on an organisational level.
 
Learning Outcomes By the end of this unit, students will be able to:

  • Identify and apply organisational requirements of regulatory obligations
  • Identify changes to regulations and procedural implications
  • Comply with any relevant industry or professional codes
  • Maintain statutory records

 

Activity 1

Mr and Mrs X applied for a low doc loan from a financial service provider (FSP) to refinance an existing loan and to obtain additional finance of $200,000 to assist them to purchase another property. Mr and Mrs X disclosed in their application: partnership income of $400,000, rental income of $40,000 and a parenting allowance of $20,000. The FSP approved their loan based on their income as disclosed in the application and their declaration that the loan was within their ability and capacity to service. The FSP did not make any independent enquiries to verify the application information.

Identify and explain 2 duty of care considerations the FSP should have displayed in assessing the applicants’ capacity.

(Explain compliance issues relating to: duty of care principles).

Activity 1 Answer

 

 

Activity 2

Identify and explain:

  1. Two reasons why ASIC requires AFS Licensees to nominate Responsible Officers, and
  2. Three qualifications that are needed to fulfil the obligations of a Responsible Officer

(Explain compliance issues relating to: general obligations of a financial services officer).

Activity 2 Answer

 

 

Activity 3

Section  1043K  of  the  Corporations  Act  2001  deals,  among  other  things,  with  transactions  by  a representative of the holder of an Australian financial services licence.

Explain the nature of this relationship and describe 2 risks associated with such an arrangement. (Explain compliance issues relating to: laws of principal and agents).

Activity 3 Answer

 

 

Activity 4

A Product Disclosure Statement (PDS) is a document, or sometimes a group of documents, that contains information about a financial product.

Describe 3 key benefits PDS’s provide to financial sector consumers. (Describe the key features of: organisation’s financial products and services).

Activity 4 Answer

 

 

Activity 5

An AFS licence holder may provide a client with two types of financial product advice: personal advice and general advice.

Identify and explain some differences between an AFSL providing personal and general advice, providing illustrative examples.

(Explain compliance issues relating to: disclosure of capacity criteria).

Activity 5 Answer

 

 

Activity 6

RG105  provides  a  number  of  options  for  a  Responsible  Manager  to  demonstrate  knowledge  and skills.

Describe:

  1. How could an applicant meet the requirement to demonstrate “relevant experience”?
  2. Which applicants might require individual assessment and why?
  3. How might an applicant locate an authorised assessor to carry out an individual assessment?

Describe the key features of: relevant regulation pertaining to the financial services industry).

Activity 6 Answer

 

 

Activity 7

From the Code of Banking Practice (CBP) describe, using examples, how the needs of each of the following customer groups are catered for:

  1. Customers with special needs
  2. Customers in remote indigenous communities

(Describe the key features of: relevant industry codes of practice).

Activity 7 Answer

 

 

Activity 8

Explain  how  poor  record  keeping  could  contribute  to  matters  which  may  be  contained  in  an  FS71 auditor statement relating to subsection 990K (2) of the Corporations Act.

(Explain the internal monitoring or audit program process).

Activity 8 Answer

 

 

Activity 9

Describe some of the benefits for an AFS licensee to conduct internal monitoring of regulatory compliance by its Representatives.

(Describe the key features of: relevant agency agreements or broker authority). (Explain compliance issues relating to: fiduciary duties).

Activity 9 Answer

 

 

Activity 10

Identify  and  categorise  the  statutory  AFS record  keeping requirements now necessary  under  ASIC Class Order 14/923.

(Identify and categorise the statutory records a financial services organisation needs to maintain).

Activity 10 Answer

 

 

 

Reference ID: #getanswers2001047

 

 

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