$20 Bonus + 25% OFF
$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
Add File

Error goes here

FNSCU 5505 Diploma Of Financial Planning

tag 0 Download10 Pages / 2,429 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT

Question:

Submission Instructions:
Key steps that must be followed:
? Please complete the Declaration of Authenticity at the bottom of this page.
? Once you have completed all parts of the assessment and saved it (eg. to your desktop computer), login to the Monarch Learning Management System (LMS) to submit your assessment.
? In the LMS, click on the file ”Submit DFP Module 1 workplace simulation” in the Module 1 section of your course and upload your assessment file/s by following the prompts.
? Please be sure to click “Continue” after clicking “submit”. This ensures your assessor receives notification – very important!

Declaration of Understanding and Authenticity *
I have read and understood the assessment instructions provided to me in the Learning Management System.
I certify that the attached material is my original work. No other person’s work has been used without due acknowledgement. I understand that the work submitted may be reproduced and/or communicated for the purpose
of detecting plagiarism.

Important assessment information
Aims of this assessment
This simulated workplace assessment activity is conducted to the standard expected in the workplace in order to demonstrate consistent performance of typical activities experienced in the financial services industry.
This assessment focusses on a real life scenario where a financial planning firm was taken to the Financial Ombudsman Service (FOS) as a result of a client complaint. This compliant arrived at the FOS after the adviser and client unsuccessfully attempted to navigate a solution via the internal complaints process offered by the financial planning firm. This assessment addresses the six steps of the financial planning process in the context of a client compliant.
 
Using the case study from the FOS, it requires the six step process to be broken down in detail to identify where key communication and procedural obligations (if applicable) were (and were not) followed. Key areas of focus include the Financial Services Guide (FSG), Client Questionnaire, Risk Profile, Statement of Advice (SOA), Product Disclosure Statement (PDS), Authority to Proceed, and arrangements for review.
Marking and feedback
This assignment contains 1 assessment activity containing specific instructions.
This particular assessment forms part of your overall assessment for the following units of competency:
• FNSCUS505
• FNSCUS506
• FNSFPL501
• FNSIAD501
• FNSFPL505
Grading for this assessment will be deemed “competent” or “not-yet-competent” in line with specified educational standards under the Australian Qualifications Framework.
What does “competent” mean?
These answers contain relevant and accurate information in response to the question/s with limited serious errors in fact or application. If incorrect information is contained in an answer, it must be fundamentally outweighed by the accurate information provided. This will be assessed against a marking guide provided to assessors for their determination.

What does “not-yet-competent” mean?
This occurs when an assessment does not meet the marking guide standards provided to assessors. These answers either do not address the question specifically, or are wrong from a legislative perspective, or are incorrectly applied. Answers that omit to provide a response to any significant issue (where multiple issues must be addressed in a question) may also be deemed not-yet-competent. Answers that have faulty reasoning, a poor standard of expression or include plagiarism may also be deemed not-yet-competent.
 
Please note, additional information regarding Monarch’s plagiarism policy is contained in the Student Information Guide which can be found here:
What happens if you are deemed not-yet-competent?
In the event you do not achieve competency by your assessor on this assessment, you will be given one more opportunity to re-submit the assessment after consultation with your Trainer/ Assessor. You will know your assessment is deemed ‘not-yet-competent’ if your grade book in the Monarch LMS says “NYC” after you have received an email from your assessor advising your assessment has been graded.
Important: It is your responsibility to ensure your assessment resubmission addresses all areas deemed unsatisfactory by your assessor. Please note, if you are still unsuccessful in meeting competency after resubmitting your assessment, you will be required to repeat those units.

In the event that you have concerns about the assessment decision then you can refer to our Complaints & Appeals process also contained within the Student Information Guide.
Expectations from your assessor when answering different types of assessment questions
Knowledge based questions:
A knowledge based question requires you to clearly identify and cover the key subject matter areas raised in the question in full as part of the response.
Skill based questions:
Where you are asked to write as though you are speaking to a client, your answers must show your ability to:
• understand your client’s concerns/perspective/views
• show empathy
• display a professional response
• explain ideas clearly and simply so your client can understand the issues
Good luck
Finally, good luck with your learning and assessments and remember your trainers are here to assist you ?

Assessment Activity
Workplace Simulation
FOFA – Dispute Resolution

Activity instructions to candidates
• This is an open book assessment activity.
• You are required to read this assessment and answer all 7 questions that follow.
• Please type your answers in the spaces provided.
• Please ensure you have read “Important assessment information” at the front of this assessment
• Estimated time for completion of this assessment activity: 3-4 hours

Background
Module 1 covered the legal obligations and the six-step process financial advisers must follow when providing financial advice to clients. Not adhering to these obligations will inevitably lead to client complaints. Depending on the circumstances, this may lead to a range of adverse outcomes for an adviser. This includes monetary penalties, the AFSL withdrawing an adviser’s letter of authority that allows them to continue to work as an authorised representative, or in very serious circumstances, criminal charges being applied.

As indicated in the course materials, the Financial Ombudsman Service (FOS) is an approved external dispute resolution scheme approved by ASIC. Go t0 for more information. While seeking to resolve a client dispute internally is preferable compared to allowing a dispute to reach FOS, sometimes internal dispute resolution processes break down. It is at this point that every obligation you have learnt about in your studies will be analysed by FOS in detail in regard to the advice process.
At the end of this work place simulation, we have included a real FOS Case Determination between an aggrieved client and a financial planning firm. FOS protects the identity of both the financial planning firm and the client.
 
Because the determination is a legal document, the client is called the “Applicant”, and the financial planning firm which stands for Financial Services Provider is referred to as “FSP”. You will see it also refers to the actual financial adviser as “Ms A”, and the actual clients as “Mr H” and “Mrs H”. The FOS determination is 10 pages in length.
 
While the client was not successful in this FOS claim against the financial adviser or the firm, it illustrates very salient insight into why financial planners must follow their obligations so carefully. You must read this document in full in order to answer the questions in this assessment.
For your general interest, the FOS case number is 200885. If you ever want to source this case directly from FOS for any reason, it can be found by going to www.fos.org.au and searching under “Decisions” in the top right search section of the FOS homepage. You can then type in the Case Number.
Required

First, you are to read carefully the FOS Determination (note: it is contained in Appendix 20 of the Module 1 course materials). Second, you are then required to answer the following questions in the context of the information you have learnt in Module 1.
1. Summarise the advice recommended by Ms A
2. Stipulate the date Ms A prepared the SOA, and the date the subsequent advice was actioned including the amount invested.
3. Summarise the client’s grievance
4. List precisely what parts of the 6 Step Process Ms A followed (…or did not follow) based on your analysis of the case.
5. Important: The required minimum word length for this answer is 300 words. Refer to the “Reasons for Decision” section on page 5 of the FOS Determination. Summarise FOS’s decision, and make reference to the following issues:
a. FSG
b. Fact Find (i.e. Client Questionnaire)
c. Risk Profile
d. Statement of Advice (SOA)
e. Product Disclosure Statement (PDS)
f. Authority to Proceed

6. Refer to “Step One” of the six-step financial planning process outlined in the course materials - specifically the sub-heading titled “capturing a client’s risk tolerance” and “what is the client’s real risk profile”. Explain what practical measures you think Ms A could have undertaken so that Mr and Mrs H understood the risks of Ms A’s recommended investment portfolio better?
7. Refer to “Step Six” of the six-step financial planning process outlined in the course materials. Explain why you think FOS made a finding that despite Ms A not reviewing Mr and Mrs H’s portfolio, Ms A was not at fault. Explain in the context of the purpose of reviewing, revising and maintaining a financial plan.

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2020). Diploma Of Financial Planning. Retrieved from https://myassignmenthelp.com/free-samples/fnscu-5505-diploma-of-financial-planning.

"Diploma Of Financial Planning." My Assignment Help, 2020, https://myassignmenthelp.com/free-samples/fnscu-5505-diploma-of-financial-planning.

My Assignment Help (2020) Diploma Of Financial Planning [Online]. Available from: https://myassignmenthelp.com/free-samples/fnscu-5505-diploma-of-financial-planning
[Accessed 31 July 2021].

My Assignment Help. 'Diploma Of Financial Planning' (My Assignment Help, 2020) <https://myassignmenthelp.com/free-samples/fnscu-5505-diploma-of-financial-planning> accessed 31 July 2021.

My Assignment Help. Diploma Of Financial Planning [Internet]. My Assignment Help. 2020 [cited 31 July 2021]. Available from: https://myassignmenthelp.com/free-samples/fnscu-5505-diploma-of-financial-planning.


MyAssignmenthelp.com is the perfect solution to render quality solution for all sort of academic issues. We have hired professionals from different fields of study to provide assistance with different subjects. We successfully have provided different types of assignment solutions on 100+ subjects. We have hired industry experts to deliver nursing assignment, hr assignment and finance assignment help. To offer quality content with IT assignments, we have hired IT professionals to render programming language assignment help and IT assignment help for other types of IT assignments as well.

Latest Finance Samples

HLT54115 Diploma Of Nursing

Download : 0 | Pages : 8

Answer: The Nursing and Midwifery Board (NMBA) regulates the health professionals such as nursing students, enrolled nurses and the registered nurses. The boards have standards of practice to which the registered nurses are accountable. Nurses should be aware of standard 4 of NMBA, according to which health care assessments should be conducted comprehensively and systematically, analyse the information, interpret data and communicate the outco...

Read More arrow Tags: Australia Brisbane Economics University of New South Wales Management 

FINC20018 Managerial Finance

Download : 0 | Page : 1

Answer:   Opening  Intallment Interest Closing 1 0 11472.3975 0 11472.3975 2 11472.3975 11472.3975 1491.412 24436.2066 3 24436.2066 11472.3975 3176.707 39085.3110 4 39085.3110 11472.3975 5081.09 55638.7989 5 55638.7989 11472.3975 7233.044 74344.2402 6 74344.2402 11472.3975 9664.751 95481.3889 7 95481.3889 11472.3975 12412.58 119366.3670 8 119366.3670 11...

Read More arrow

FIN91110 Finance

Download : 0 | Pages : 9

Answer: All the data has been taken from the reliable sources : (a) Calculation of monthly percentage return for the company’s shares during period? In order to answer this question company JB HI- FI Company has been taken for the further analysis (Brigham and Houston, 2004). Interpretation There has been shown monthly percentage return on the basis of Historical price of JB HI- FI finance from 30th June 2015 to 30th J...

Read More arrow Tags: Australia Rosemeadow Management Explain sociologically how social inequality (in terms of class and/or ethnicity) is constructed and Univers 

BUS 4283 Islamic Finance And Banking

Download : 0 | Pages : 15

Answer: Introduction Overview of the project This project will explain the detail about the Islamic bank, their operation and organizational structure. This report will illustrate the shariah regulation under which the bank is regulated and details regarding the contracts that are allowed and that are forbidden under Shariah Purpose of the project The main aim and objective of this report is to present the details of the Dubai Islamic Bank...

Read More arrow

BSBFIM801 Manage Financial Resource

Download : 0 | Pages : 10

Answer: Introduction With the increasing ramified economic changes and complex business structure, each and every organization needs proper level of finance to run the business effectively. This report reflects the forecasted budgeted financial plans and business functioning for raising the funds from the banks. Present description of the proposed company  The name of the business is Royal fashion limited which will be operated at dom...

Read More arrow
Next

Still in Two Minds? The Proof is in Numbers!

33845 Genuine Reviews With a Rating of 4.9/5.

student rating student rating student rating student rating student rating
19 Jul 2021

Mechanical Engineering

Assignment: 8 Pages, Deadline: 8 days

Passed my subject because of you. Thank you........................................................................

flag User ID: 2***76 Sydney, Australia

student rating student rating student rating student rating student rating
19 Jul 2021

Healthcare

Essay: 1 Page, Deadline: 17 days

Instructors comments on marking :



The depression rate has been increased by 31% among teenagers in America as a consequence of the excessive us ...

flag User ID: 6***41 Campbell River, Canada

student rating student rating student rating student rating student rating
19 Jul 2021

English

Assignment: 0 Pages, Deadline: 4 days

Grate job on my assignment. I got a 100 on it. thank you. I have two questions? 1)Whats The distance from Clarksville,TN to Dayton, Ohio? What's the ...

flag User ID: 7***74 United States

student rating student rating student rating student rating student rating
19 Jul 2021

Assignment

Essay: 5 Pages, Deadline: 6 days

Great job by an incredible organization that truly goes above and beyond to assist in any matter. I truly thank you again for your help.

flag User ID: 5***89 Hillsborough, United States

student rating student rating student rating student rating student rating
19 Jul 2021

Networking

Programming: 4 Pages, Deadline: 30 days

Very Good Team and they attend to you whenever u need them and make all the changes required as soon as possible.

flag User ID: 6***7 Brisbane, Australia

student rating student rating student rating student rating student rating
19 Jul 2021

It Write Up

Assignment: 4 Pages, Deadline: 16 days

This was short assignment but i was satisfied with the work. I got good grades and passed the assignment. The assignment was overall good. I ordered i ...

flag User ID: 6***34 Canada

student rating student rating student rating student rating student rating
18 Jul 2021

Healthcare

Essay: 4 Pages, Deadline: 6 days

the revised version of the assignment was ok, based on the feedback for all the parts.

flag User ID: 5***77 Australia

student rating student rating student rating student rating student rating
18 Jul 2021

Nursing

Home Work: 4 Pages, Deadline: 4 days

My assignment always done on time sometime before the given time. MY ASSIGNMENT team is very responsive.

flag User ID: 4***34 United States

student rating student rating student rating student rating student rating
18 Jul 2021

Nursing

Assignment: 4.8 Pages, Deadline: 5 days

My Assignment was done very good. Good work and it was delivered on time. Very responsive.

flag User ID: 4***34 United States

student rating student rating student rating student rating student rating
18 Jul 2021

HRM

Thesis: 6 Pages, Deadline: 9 days

YOU WORKED HARD ON THIS ASSIGNMENT AND DID EXACTLY WHAT WAS ASKED. THANKS, AND I CAN'T WAIT FOR YOU TO DO WELL ON THE NEXT WORK.

flag User ID: 4***64 United States

student rating student rating student rating student rating student rating
19 Jul 2021

Mechanical Engineering

Assignment: 8 Pages, Deadline: 8 days

Passed my subject because of you. Thank you........................................................................

flag User ID: 2***76 Sydney, Australia

student rating student rating student rating student rating student rating
19 Jul 2021

Healthcare

Essay: 1 Page, Deadline: 17 days

Instructors comments on marking :



The depression rate has been increased by 31% among teenagers in America as a consequence of the excessive us ...

flag User ID: 6***41 Campbell River, Canada

student rating student rating student rating student rating student rating
19 Jul 2021

English

Assignment: 0 Pages, Deadline: 4 days

Grate job on my assignment. I got a 100 on it. thank you. I have two questions? 1)Whats The distance from Clarksville,TN to Dayton, Ohio? What's the ...

flag User ID: 7***74 United States

student rating student rating student rating student rating student rating
19 Jul 2021

Assignment

Essay: 5 Pages, Deadline: 6 days

Great job by an incredible organization that truly goes above and beyond to assist in any matter. I truly thank you again for your help.

flag User ID: 5***89 Hillsborough, United States

student rating student rating student rating student rating student rating
19 Jul 2021

Networking

Programming: 4 Pages, Deadline: 30 days

Very Good Team and they attend to you whenever u need them and make all the changes required as soon as possible.

flag User ID: 6***7 Brisbane, Australia

student rating student rating student rating student rating student rating
19 Jul 2021

It Write Up

Assignment: 4 Pages, Deadline: 16 days

This was short assignment but i was satisfied with the work. I got good grades and passed the assignment. The assignment was overall good. I ordered i ...

flag User ID: 6***34 Canada

student rating student rating student rating student rating student rating
18 Jul 2021

Healthcare

Essay: 4 Pages, Deadline: 6 days

the revised version of the assignment was ok, based on the feedback for all the parts.

flag User ID: 5***77 Australia

student rating student rating student rating student rating student rating
18 Jul 2021

Nursing

Home Work: 4 Pages, Deadline: 4 days

My assignment always done on time sometime before the given time. MY ASSIGNMENT team is very responsive.

flag User ID: 4***34 United States

student rating student rating student rating student rating student rating
18 Jul 2021

Nursing

Assignment: 4.8 Pages, Deadline: 5 days

My Assignment was done very good. Good work and it was delivered on time. Very responsive.

flag User ID: 4***34 United States

student rating student rating student rating student rating student rating
18 Jul 2021

HRM

Thesis: 6 Pages, Deadline: 9 days

YOU WORKED HARD ON THIS ASSIGNMENT AND DID EXACTLY WHAT WAS ASKED. THANKS, AND I CAN'T WAIT FOR YOU TO DO WELL ON THE NEXT WORK.

flag User ID: 4***64 United States

Order on the go!

Say hello to our new app

callback request mobile
Have any Query?