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University Open Polytechnic(OP)
Subject FSC522: The Regulatory Framework

Overview: This assessment assesses learning outcomes 3 and 4:

  • LO.3: Apply good conduct, ethical, and professional obligations in a financial advice situation
  • LO.4: Outline the six-step advice process

Task 1: The different layers of regulation

Your professional association is running a series of articles on its online education hub regarding the regulatory framework for giving financial advice in New Zealand. You’ve been asked to write the first article called:

‘Understanding the different layers of regulation when giving financial advice in New Zealand.’

Write the article. In your article, you are required to explain and illustrate with an example, each of the following aspects of the regulatory framework:

  • legislation (Acts)
  • codes of practice
  • the Code of Professional Conduct for Financial Advice Services
  • professionalism
  • ethical behavior
  • client care
  • competency, knowledge, and skill
  • good conduct.

Task 2: The six-step process

For this task assume you are a financial adviser giving regulated financial advice in one of the following areas:

  • Investments
  • Life and health insurance
  • General insurance
  • Residential property lending.

Question parts (a) and (b) must be answered in the context of you working through the six-step advice, process to give financial advice to a client in your chosen area.

a) The six-step advice process

Each step in the six-step advice process has a specific purpose, and documentation plays a key role in completing each step. You are required to:

  • Explain the purpose of each of the steps in the six-step advice process.
  • For each step, identify and explain the purpose of one document you will use to assist your completion of that step.b) Applying regulatory obligations to the six-step advice process You must comply with a wide range of regulations as you work through the six-step advice process with your client.

i) The Code of Professional Conduct for Financial Advice Services Illustrate how, at each of the six steps in the advice process, you undertake activities or display behaviors that comply with the Code of Professional Conduct for Financial Advice Services (the Code).

You are required to:

  • For each of the six steps in the advice process, give one example of an activity or behavior that evidences compliance with one of the standards in the Code.
  • Use five examples that illustrate standards 1-5.
  • Use one example that illustrates any of standards 1-9.
  • For each example, clearly state the standard it relates to.ii) Legislation and principles of professionalism Illustrate how, at each of the six steps in the advice process, you undertake activities or display behaviours that comply with legislation and the principles of professionalism.

You are required to:

  • For each of the six steps in the advice process, give one example of an activity or behaviour that evidences compliance with one section of legislation and one example of an activity or behaviour that evidences compliance with one of the principles of professionalism.
  • Use examples that evidence compliance with at least four different sections of legislation and at least four different principles of professionalism.
  • For each example, clearly state the section of legislation or principle of professionalism it relates to.

Task 3: Good conduct

For this task assume you are one of three directors at Aotearoa Financial Planning, a financial advice provider. All three of you are 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. Your strategy will be based on the five factors that the Financial Markets Authority (FMA) sees as the building blocks for a good conduct profile.

a) Control

‘Control’ is one of the five factors that the FMA sees as the building blocks for a good conduct profile. Having an effective internal complaints process is a key focus of ‘control’.

You are required to:

• Devise a complaints process for Aotearoa Financial Planning.

• Base your process on four key principles.

• For each principle, describe two activities that will support that part of the process.

b) Other factors

i) Identify the other four factors that the FMA sees as the building blocks for a good conduct profile.
ii) What areas should Aotearoa Financial Planning’s directors focus on to meet FMA expectations for each of these four factors?
You are required to:

  •  For each of the four factors, describe two processes, policies or activities that Aotearoa Financial Planning’s directors should have in place to meet FMA expectations regarding good conduct.

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