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FSC522 The Regulatory
Framework
Learning Outcomes
This assessment assesses Learning outcomes 3 and 4:
• LO3: Apply good conduct, ethical, and professional obligations in a financial
advice situation.
• LO4: Outline the six-step advice process.
Instructions
• Submit all your answers in one document.
• Write the number of each part of the question you are answering.
• Create a header with your name, student number and assessment number,
and number your pages.
• You must make a reasonable attempt to complete your assessment before
you submit.
Submission
• Submit your work through your iQualify course. Emailed assessments will not
be accepted.
• You will receive an automated notice following submission.
• By submitting, you confirm that the work presented is your own original work.
Referencing and Plagiarism
Refer to Referencing and plagiarism for information on APA referencing and avoiding
plagiarism.
2
Assessment
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Task Instructions:
• Read the case study provided in the separate document Appendix 2
– Tohutohu Mokete Limited (TML) to answer Task 4.
• Complete all five tasks.
Task 1: Hierarchy of the financial services framework
You have been asked to mentor a group of trainee advisers. One of your first tasks is
to give a short presentation to the group on the hierarchy of the financial services
framework.
Prepare the text of your presentation explaining each of the following layers of the
regulatory framework and providing one brief example of each:
• legislation (Acts)
• regulations
• codes of practice
• principles of professionalism
• good conduct.
(300 words)
Task 2: The six-step advice process
For this task assume you are a financial adviser giving regulated financial advice
to one of your clients in one of the following areas:
• investments
• life and health insurance
• general insurance
• residential property lending.
Each step in the six-step advice process has a specific purpose, and
documentation plays a key role in completing each step. Throughout the process
you must comply with a range of legislation.
You are required to:
a. Identify each step in the six-step advice process.
b. Explain the purpose of each of the steps in the six-step advice process.
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c. Identify one piece of documentation that you will use to complete each step
and explain why the document is required.
d. For each step in the process, describe one example of an activity that is
relevant to the step and consistent with legislation. Across the six steps, use
at least four different sections of legislation and clearly align with your
choice.
(600 words)
Task 3: The Code of Professional Conduct for Financial
Advice Services
a) Standard 9 of the Code of Professional Conduct for Financial Advice
Services (the Code) requires all advisers to undertake continuing
professional development (CPD).
You are required to:
i. Create a CPD plan. Alternatively, you may submit your current CPD
plan, provided it meets the criteria set out below.
| ii. | The plan must include at least five activities, which must be a combination of formal and self-directed learning. |
| iii. | The plan must include the following information. Table format is preferred, but not compulsory: |
| Training activity | Objective (what you are aiming to improve) |
Due Date |
Type of Training (Formal or Self directed) |
Form of Training (for example,: NZQA qualificatio n, webinar, or conference) |
Time (hours) |
Completion Status (completed or not completed) |
(200 words)
b) Standards 1-5 set out the standards for client care and ethical behaviour.
For each of Standards 1-5, provide one example of how you comply with that
standard in your role as an adviser.
If you are not an adviser, choose an adviser role from one of the following
areas:
• investments
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• life and health insurance
• general insurance
• residential property lending.
(250 words)
Task 4: Principles of professionalism
Read through case study – Tohutohu Mokete Limited (TML) (Appendix 1) before
attempting this task.
You are required to:
• Select six principles of professionalism.
• For each principle selected, provide an example from the case study
(background information and transcript) that illustrates compliance with that
principle.
(200 words)
Task 5: Good conduct
For this task assume you are one of three directors at Aotearoa Financial Planning
(AFP), a financial advice provider. You are all financial advisers and manage your
own portfolio of clients. The business also employs 12 other financial advisers and
nominated representatives, each with their own clients, and two support staff.
As directors, you are currently developing a good conduct strategy for the business.
This will be based on the Financial Markets Authority’s five factors of Good Conduct
profile.
For each of the five factors of Good Conduct you are required to:
a. Identify the factor.
b. Outline two processes or policies for AFP that support each factor.
(300 words)
Marking Schedule
| Task | Competent |
| 1. Hierarchy of the financial services framework |
To be competent for this task you must provide an accurate explanation of and provide one valid example for each of the following layers of the regulatory framework: |
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| legislation (Acts) regulations codes of practice principles of professionalism good conduct. |
|
| 2. The six-step advice process | To be competent for this task you must: correctly identify each step in the six step advice process accurately explain the purpose of each step correctly identify one piece of documentation used at each step accurately explain why each document is required accurately describe an activity that is relevant to each step correctly apply a piece of legislation that is consistent with the activity. use at least four different sections of legislation across the six steps. |
| 3. The Code of professional conduct for Financial Advice Services a) Standard 9: Continuing professional development (CPD). |
To be competent for this task you must create a continuing professional development (CPD) plan that includes: at least five learning activities a mix of formal and self-directed learning the seven pieces of information set out in part iii of the task. |
| b) Standards 1-5: Client care and ethical behaviour. |
To be competent for this task you must: provide a valid example of compliance with each of standards 1-5. |
| 4: Principles of Professionalism | To be competent for this task you must: select six relevant principles of professionalism for each principle selected, provide a relevant example from the case study that shows compliance with that principle. |
| 5. Good Conduct | To be competent for this task you must: correctly Identify the five factors accurately outline two processes or policies for AFP that support each factor. |
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