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MAA728 - Financial Management - Financial Behaviour and Decision Making - Report Writing Assessment Answer

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  • Internal Code :

    1BJEDJ

  • Subject Code :

    MAA728

  • Country :

    Australia

MAA728 - Financial Management - Report Writing Assessment Answer
Assessment Task:

Unit Learning Outcome -

ULO 1: Critically draw upon the theoretical knowledge of the psychology of client engagement in the financial services context to design effective strategies for engaging a variety of clients.

ULO 2: Demonstrate advanced interpersonal and networking skills to communicate effectively (verbal and non-verbal) with clients and peers.

ULO 3: Develop strategies for holding difficult conversations with clients and peers

ULO 3: Adapt sound judgment when engaging in ethical practice and display professional standards reflecting responsible and sustainable practices.

Please read these instructions carefully:

1. Please monitor CloudDeakin for any instructions/announcements.

2. Assignments that do not comply with the submission requirements will not be assessed.

3. This assignment can be completed either as an individual or a group of 2 or 3 individuals. You are responsible for forming or joining a group.

4. You may form a group with either or both campus based and cloud located students.

5. All group members receive the same mark. If a group member is inactive, then the active members of the group should remove the inactive member from their group, and notify the inactive member of his/her removal.

6. A marking rubric is available on CloudDeakin which clearly outlines the expectations and requirements of each task.

Written Report:

FASEA Code of Ethics Framework Consultation Submission Background: The Corporations Amendment (Professional Standards of Financial Advisers) Act 2017 establishes a new education and professional standards framework for the financial planning profession.

The new requirements commenced on 1 January 2019. From this date, new entrants are required to hold an Approved Degree before they commence their Professional Year and are eligible to sit the Financial Adviser Exam. Existing advisers will have until 1 January 2021 to pass the Financial Adviser Exam, and until 1 January 2024 to reach an education standard equivalent to an Approved Degree.

All financial advisers, both new and existing, will be required to undertake Continuing Professional Development (from 1 January 2019), and be subject to a Code of Ethics. The Code of Ethics will commence on 1 January 2020, with all advisers being required to adhere to the code from that day forward. The Financial Adviser Standards and Ethics Authority (FASEA) (www.fasea.gov.au) was established by the Federal government in April 2017 through the Corporations Amendment (Professional Standards of Financial Advisers) Act 2017, to set the education, training and ethical standards of licensed financial advisers in Australia. Required: As part of its role, FASEA is permitted to undergo a consultation with the financial advice community, to request development input as well as feedback on draft standards. You are required to write a submission to FASEA concerning the development of the new Code of Ethics and associated practitioner resources. Your report should address the following:

a) Define the purpose of a Code of Ethics in contributing to the overall objectives of the Corporations Amendment (Professional Standards of Financial Advisers) Act 2017. b) Undertake research and identify existing Codes of Ethics relevant to the financial advice industry in Australia, the international Financial Planning Standards Board (FPSB), and at least one other Australian profession.

c) Critically evaluate and compare differences in the style, structure, guidance documentation, and enforcement of existing Codes of Ethics, and their likely effectiveness in achieving your defined purpose.

d) Drawing on your observations in (c), outline your recommendations to FASEA on the essential components of the new Code of Ethics framework.

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  • Posted on : August 20th, 2018
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