| University | Open Polytechnic (OP) |
| Subject | FSC522: The Regulatory Framework |
FSC522 Assessment 2
Weighting
35%
Learning outcomes
- Apply good conduct, ethical, and professional obligations in a financial advice situation.
- Outline the six-step advice process.
Instructions
Complete and submit your assessment according to the Open Polytechnic’s Assessments webpage. This includes information on academic integrity, formatting, word limits and referencing.
- Include your name, student number and the assessment number.
- Number your pages.
Submission
- Submit your assessment in one file.
- Submit your work through your iQualify course.
- Emailed assessments will not be accepted.
- You will receive an automated notice advising you of your successful submission.
By submitting your assessment, you confirm that it is your own, original work.
Task 1: Hierarchy of the financial services framework
Your professional association is running a series of articles on its online education hub regarding the regulatory framework for giving financial advice in Aotearoa New Zealand. You’ve been asked to write the first article called:
‘The hierarchy of the financial services framework’
Write the article, explaining each of the following layers of the regulatory framework.
Provide one example of each:
- Legislation (Acts).
- Codes of practice.
- Principles of professionalism.
- Good conduct.
(Word count guideline: 600 words)
(20 marks)
Task 2: The six-step advice process and principles of professionalism
For this task, assume you are a financial adviser in one of the following areas:
- Investments
- Life and health insurance.
- General insurance.
- Residential property lending.
You are mentoring Brent, a new trainee adviser.
a. In your first session with Brent, he asks the following question:
‘I notice our public disclosure statement talks about following an advice process. Can you explain what that is, please, and any tools we use to help us?’ Answer Brent’s question:
i. Identify and explain the purpose of each step in the six-step advice process.
ii. Identify one piece of documentation that you will use to help complete each step. Explain why the document is required.
(Word count guideline: 500 words)
(25 marks)
b. Brent follows that with a further question:
‘Oh, I understand now. But I do have another question. Our website talks about us always acting professionally. How does that fit into the six-step advice process?’ Answer Brent’s question:
i. For the principle of competency, knowledge and skill:
- explain, with an example in each case, what Brent must do to attain, maintain and remain within his field of competency, knowledge and skill.
ii. For each step in the process:
- select one principle of professionalism (other than competence, knowledge and skill) that is relevant to that step – select a different principle for each step
- describe one example of an activity that is relevant to the step and shows compliance with the principle.
(Word count guideline: 300 words)
(15 marks)
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).
Create a CPD plan for yourself:
- Include six activities, two from each of the following categories:
○ Product knowledge and technical skills relating to the nature and scope of the advice you provide.
○ Best practice, legislation, and compliance knowledge.
○ Interpersonal and business management skills. - Include the following information:
○ Activity: Describe the training activity you will undertake. o Objective: Explain why you have chosen the training activity. o How: State the way in which the objective is achieved. o Source: State who provides the training activity.
○ Time: State the estimated total number of hours to complete the training activity.
○ Completion: State the date for completing the training activity.
Use the following table format:
| Activity | Objective | How | Source | Time | Completion |
| 1 | |||||
| 2 | |||||
| 3 | |||||
| 4 | |||||
| 5 | |||||
| 6 |
Note: you may complete the table in note-form as long as the meaning is clear.
(Word count guideline: 200 words)
(12.5 marks)
b. For this part of the task, assume you are a financial adviser in one of the following areas:
-
- Investments
- Life and health insurance.
- General insurance.
- Residential property lending.
You are in a meeting with a client, Latesha. She asks:
‘Your disclosure statement says you are bound by the standards of ethical behaviour, conduct and client care set out in the Code of Conduct. Can you explain that a bit more please?’
Answer Latesha’s question:
- For each of Standards 1–5, describe one example of how you will comply with that standard in your dealings with Latesha.
Note: begin your answer by stating your chosen area.
(Word count guideline: 250 words)
(12.5 marks)
Task 4: 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 portfolios 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 the good conduct profile in ‘A guide to the FMA’s view of conduct’.
For each of the five factors of good conduct you are required to:
- identify the factor
- write one process or policy for AFP that supports each factor.
(Word count guideline: 250 words)
(15 marks)
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Marking Schedule
| Task 1 | 16 – 20 marks | 13 – 15.5 marks | 10 – 12.5 marks | 8 – 9.5 marks | 1 – 7.5 marks |
| Write the article, in which you explain each of the following layers of the regulatory framework. Provide one example of each:
• Legislation (Acts). • Regulations. • Codes of practice. • Principles of professionalism. • Good conduct. |
Provides a clear and comprehensive explanation of each layer of the regulatory framework, including accurate examples for legislation (Acts), regulations, codes of practice, principles of professionalism, and good conduct
Demonstrates excellent understanding of the financial services framework hierarchy and uses appropriate language for a professional audience Article is well-structured and coherent |
Provides a clear explanation of each layer of the regulatory framework, including accurate examples for legislation (Acts), regulations, codes of practice, principles of professionalism, and good conduct, but may omit minor details or is slightly less concise
Demonstrates a good understanding of the financial services framework hierarchy, with mostly appropriate language for a professional audience (e.g., may use some jargon or be informal/formal in places) Article is structured |
Explains each layer of the regulatory framework, including accurate examples for legislation (Acts), regulations, codes of practice, principles of professionalism, and good conduct, but could benefit from further detail or clarity
Demonstrates an adequate understanding of the financial services framework hierarchy, but the language used may not be fully appropriate for a professional audience (e.g., may use too much jargon or be too informal/formal) or may be unclear in places Article is adequately structured |
Provides a limited explanation of the regulatory framework layers, and may not accurately provide examples for legislation (Acts), regulations, codes of practice, principles of professionalism, or good conduct
Demonstrates limited understanding of the financial services framework hierarchy, and the language used may be unclear or inappropriate for a professional audience Article is poorly structured or may not be in article format |
Attempts to explain the regulatory framework layers but does not accurately provide examples for legislation (Acts), regulations, codes of practice, principles of professionalism, or good conduct
Demonstrates little understanding of the financial services framework hierarchy, and the language used may be very unclear or inappropriate for a professional audience Lacks structure and coherence or is not in article format (may be in note-form) |
| Task 2 | 20 – 25 marks | 16.5 – 19.5 marks | 12.5 – 16 marks | 10 – 12 marks | 1 – 9.5 marks |
| a. Answer Brent’s question:
i. Identify and explain the purpose of each step in the six-step advice process. ii. Identify one piece of documentation that you will use to help complete each |
Accurately identifies each step in the six-step advice
process, providing a clear and comprehensive explanation of the purpose of each step Identifies one relevant piece of documentation |
Identifies each step in the six-step advice process, providing a clear explanation of the purpose of each step, but may omit minor details or is slightly less concise | Identifies each step in the six-step advice process, explaining the purpose of each step, but could benefit from further detail or clarity
Identifies one piece of documentation for each |
Provides a limited explanation of the sixstep advice process, and may not accurately identify all steps or the purpose of each step
May not accurately identify one piece of |
Attempts to explain the six-step advice process but does not accurately identify each step and/or the purpose of each step.
Demonstrates little understanding of the advice process or |
| step. Explain why the document is required. | for each step, explaining why the document is required and
demonstrating excellent understanding of the process Effectively addresses question using appropriate language and tone |
Identifies one relevant piece of documentation for each step, explaining why the document is required, but could benefit from further detail or clarity
Addresses question and mostly uses appropriate language and tone |
step, explaining why the document is required, but explanation may be unclear in places
Adequately addresses question although language used may not be fully appropriate |
documentation for each step or explain why the document is required
Fails to address question effectively and language used may be unclear or inappropriate |
documentation requirements
Does not effectively address question and lacks structure and clarity, and language used may be very unclear or inappropriate |
| 12 – 15 marks | 10 – 11.5 marks | 7.5 – 9.5 marks | 6 – 7 marks | 1 – 5.5 marks | |
| b. Answer Brent’s question:
i. For the principle of competency, knowledge and skill: explain, with an example in each case, what Brent must do to attain, maintain and remain within his field of competency, knowledge and skill. ii. For each step in the process: • select one principle of professionalism (other than competence, knowledge and skill) that is relevant to that step – select a different principle for each step • describe one example of an activity that is relevant to the step and shows compliance with the principle. |
Provides a clear and comprehensive explanation and specific examples of what Brent must do to attain, maintain, and remain
within his field of competency, knowledge, and skill Accurately selects relevant principle and provides an example of an activity that shows compliance with the principle of professionalism for each step in the six-step process in this context Demonstrates an excellent understanding of the professional requirements |
Provides a clear explanation, including clear examples of what Brent must do to attain, maintain, and remain within his field of competency, knowledge, and skill, but may omit minor details or is slightly less concise
Accurately selects relevant principle and provides an example of an activity that shows compliance with the principle of professionalism for each step in the six-step process, in this context but could benefit from further detail or clarity Demonstrates a good understanding of the professional requirements |
Explains what Brent must do to attain, maintain, and remain within his field of competency, knowledge, and skill, but explanation may be unclear in places
Accurately selects relevant principle and provides an example of an activity that shows compliance with the principle of professionalism for each step in the six-step process but explanation may be unclear in places or lack specificity for this context Demonstrates an adequate understanding of the professional requirements |
Provides a limited explanation and may not accurately provide specific examples of what Brent must do to attain, maintain, and remain
within his field of competency, knowledge, and skill May not accurately select a relevant principle or may not select a different principle for each step. Descriptions of activities may be unclear or lack relevance to the step and/or case study Demonstrates limited understanding of the professional requirements |
Attempts to explain what Brent must do to attain, maintain, and remain within his field of competence but this is unclear and/or does not include relevant examples
Selected principles and activities may be very unclear, repetitive or inappropriate for each step or not relevant to case study Demonstrates little understanding of the professional requirements |
| Task 3 | 10 – 12.5 marks | 8.5 – 9.5 marks | 6.5 – 8 marks | 5 – 6 marks | 1 – 4.5 marks |
| a. Create a CPD plan for yourself, ensuring your plan is realistic and appropriate for someone working as an advisor in New Zealand. | Creates a plan that clearly and accurately provides the required information for six activities
The plan demonstrates a strong understanding of professional development requirements and aligns with the financial advice industry Includes a range of ways (how) and sources of professional development opportunities that are fully relevant and appropriate |
Creates a plan that provides the required information for six activities, but plan could benefit from further detail or clarity in places
The plan demonstrates a good understanding of professional development requirements and relates to the financial advice industry Includes different ways (how) and sources of professional development opportunities that are relevant and appropriate |
Creates a plan that provides the required information for six activities, but some may not be fully appropriate or need further clarification/development
The plan demonstrates an adequate understanding of professional development requirements and their relation to the financial advice industry Plan may be limited in the way (how) the objective is achieved and/or the sources of professional development |
Creates a plan that does not accurately provide required details for each activity or does not include the required categories
The plan demonstrates limited understanding of professional development requirements and their application to the financial advice industry, and may be irrelevant, unclear or inappropriate |
Attempts to create a plan but does not include sufficient activities or fails to provide relevant information for the activities given
The information provided may be very unclear or inappropriate. The plan demonstrates little understanding of professional development requirements and their application to the financial advice industry |
| 10 – 12.5 marks | 8.5 – 9.5 marks | 6.5 – 8 marks | 5 – 6 marks | 1 – 4.5 marks | |
| b. Answer Latesha’s question: For each of Standards 1–5, describe one example of how you will comply with that standard in your dealings with Latesha. | Provides a clear and appropriate example for each of the standards, demonstrating excellent understanding of compliance with each standard in dealings with client within the chosen area
Effectively addresses the question using appropriate language and tone, and showing a deep understanding of ethical behavior, conduct, and client care |
Provides a clear example for each standard, demonstrating a good understanding of compliance with each standard in dealings with client in the chosen area, but may omit minor details or lack some conciseness
Addresses the question and mostly uses appropriate language and tone, demonstrating a strong understanding of |
Provides an acceptable example for each standard, demonstrating compliance with each standard in dealings with client, but could benefit from further detail or clarity. Answer may not always relate to chosen area
Adequately addresses the question although language used may not be fully appropriate, and understanding of ethical behavior, conduct, and |
Provides limited examples for some standards, and may not accurately demonstrate compliance with all standards in dealings with client. Answer may be general
Fails to effectively address the question, and language used may be unclear or inappropriate; exhibits poor understanding of ethical behavior, conduct, and client care |
Attempts to provide examples for standards but does not accurately demonstrate compliance in dealings with client, and understanding of ethical behavior, conduct, and client care is severely lacking. Answer does not relate to chosen area or no area is chosen
Does not effectively address the question, lacks structure and clarity, and language used |
| ethical behavior, conduct, and client care | client care may be less apparent | may be very unclear or inappropriate | |||
| Task 4 | 12 – 15 marks | 10 – 11.5 marks | 7.5 – 9.5 marks | 6 – 7 marks | 1 – 5.5 marks |
| For each of the five factors of good conduct you are required to:
• identify the factor • write one process or policy for AFP that supports each factor. |
Accurately identifies each of the five factors of good conduct and provides a clear and comprehensive process or policy for AFP that supports each factor, demonstrating excellent understanding of the
Financial Markets Authority’s requirements Effectively addresses the task using appropriate language and tone, and demonstrating deep understanding of good conduct strategy for a financial advice provider |
Accurately identifies each of the five factors of good conduct and provides a clear process or policy for AFP that supports each factor, demonstrating a good understanding of the Financial Markets Authority’s requirements, but may omit minor details or lack some conciseness
Addresses the task and mostly uses appropriate language and tone, demonstrating a strong understanding of good conduct strategy for a financial advice provider |
Identifies each of the five factors of good conduct and provides a process or policy for AFP that supports each factor, but could benefit from further detail or clarity
Adequately addresses the task, although language used may not be fully appropriate, and understanding of good conduct strategy for a financial advice provider may be less apparent |
Provides a limited identification of the five factors of good conduct providing an appropriate process or policy that supports three or four factors for AFP
Fails to effectively address the task, and language used may be unclear or inappropriate; exhibits poor understanding of good conduct strategy for a financial advice provide |
Attempts to identify some of the factors of good conduct, providing an appropriate process or policy that supports each factor for AFP fewer than three factors. Evidence of understanding of good conduct strategy for a financial advice provider is severely lacking
Does not effectively address the task, lacks structure and clarity, and language used may be very unclear or inappropriate |
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