FNSACC403B Make Decisions in a Legal Context (Doc)

Assessment Tool Page 1 of 56
FNSACC403B: Make decisions in a legal context.
Name of Participant:.............................................. Date:....................................
Element of Competency
1. Evaluate legal context for financial services work
2. Identify compliance requirements.
3. Develop procedures to ensure compliance.
Complete the following assessment tasks and ensure that any manual printouts of
evidence are signed by yourself in the bottom right hand corner. The completed
Assessment Tasks and any evidence must be provided to your Trainer in order to be
assessed on the subject, and ultimately marked Competent.
User Guide Activities
The course activities will require you to work through both the Make Decisions in a
Legal Context (FNSACC403B) User Guide.
Activity Task 1 – UG Topic 1.1
a) Write down a list of some of the decisions you could make as part of your daily
tasks within the Financial Services Industry?
1. It is the duty of the financial manager to provides report, developing strategies,
financial organizational plans for the Financial Service Industry.
2. The Financial Managers is used to provide services in many places like banks
and other insurance companies.
3. They help in the preparation in the business activity along with the financial
reports.
4. helps in final financial reports and helps to review in reduce costs
5. Helps in taking decision and looks for the financial marketing opportunities for
expanding the strategies.
tmpk1wi7nz3demo.doc V4.12 © Copyright 2012 OfficeLink Learning
ASSESSMENT TOOL
Part # 321ATF10VOL
Version # 4.12.1

Assessment Tool Page 2 of 56
a) List the Acts, legislation or laws that you are aware of that may affect the way
that you make these decisions.
The legislations are The Australian Securities and Investment Commission
(ASIC), Australian Prudential Regulatory Authority (APRA), Australian
Competition and Consumer Commission (ACCC) AND Anti-Money Laundering
and Counter-Terrorism Financing Act 2008.
b) How could you ensure that you are up to date with changes to the legislation
listed in your answer above?
It is necessary to ensure about all the details of the legislations, which related
with financial services and must keep the records of the details about the new
updates. It is also need to track down about the records where the details of
update legislations need to mention.
tmpk1wi7nz3demo.doc V4.12 © Copyright 2012 OfficeLink Learning

Assessment Tool Page 3 of 56
c) Explain the consequences that could be enforced if you fail to comply with
these requirements.
According to the all legislations in the Financial Industry it is necessary to ensure
about the details about it and the legislations has made for the keeping the
regulation for the people who are related with the financial industry. If the
legislations are not followed according o the Code of Conduct then they ,ay face
the consequences and it may affect in their financial occupations.
Activity Task 2 – UG Topics 1.2
a) With reference to the three tables listed in this section, who is the main
supervisor/regulator of the Australian Banking Industry?
The Australian Prudential Regulation Authority (APRA)
The Australian Securities and Investments Commission (ASIC)
The Reserve Bank of Australia (RBA);
The Australian Treasury.
The Council of Financial Regulators (CFR).
b) Access the ASIC website and access the section that covers the compliance
requirements that apply to your business within the Financial Services Industry:
http://www.asic.gov.au/asic/ASIC.ASF/byHeadline/Codes-of-practice
c) Select and print one Code of Practice relevant to your organisation.
 Read through the Code and record three key points extracted from the Code in the
space provided below.
 In addition, undertake some research and locate information in regards to the
penalties that can be imposed in the case of non-compliance against the Code.
tmpk1wi7nz3demo.doc V4.12 © Copyright 2012 OfficeLink Learning

Assessment Tool Page 4 of 56
tmpk1wi7nz3demo.doc V4.12 © Copyright 2012 OfficeLink Learning

Assessment Tool Page 5 of 56
Code of Conduct: Code of Banking Practice
Key Point 1: the code provides a new commitment to small businesses consumers ten
written days notice of changes materially adverse alteration in the credit facilities.
(unless the alterations are also applicable on to the othe small businesses facilities or a
shorter period of notice is required for reducing or voiding the increase in the credit risk
of the bank.)
Key Point 2: commitment has been provided to those customers in the indigenous
remote communities which includes commitment to record information in relation to
available banking services in a manner accessible and towards assisting the customer
to meet the requirements of identification.
Key Point 3: Provisions in order to deal with those customers who are in financial
difficulties which also includes commitment towards dealing with an authorised financial
representative or counsellor on request for the purpose of providing a written response
along with reasons for making a assistance request and also to include details about
the dealing processes with financially challenged people on the bank website.
Penalties for non-compliance: where the code it not complied with it results in financial
penalties and fines as well as cancellation of licence in certain situations resulting out
of serious breaches
Activity Task 3 – UG Topic 1.3
a) Choose a Code of Practice or an Act from the list within this section of the User
guide and describe its purpose and how it affects the Financial Services
Industry.
Act/CoP : The National Consumer Credit Protection Act 2009
Website: http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/Codes-of-practice
Purpose: The purpose is ensuring the benefits of equivalent, which helps to
protect from the air, soil and pollution and noises. The Business also helps to set
the protocols, guidelines, standard and protocols.
Effect on Financial Services Industry:
The act helps to protect the ambient the quality of air, marine, fresh water. The
environmental protection, which are hazardous wastes and the motor vehicle and
emissions.
b) List any other Acts you are aware of, that are applicable to the Financial
Services Industry, which were not listed here.
The Taxation Administration Act 1953 is one of the important acts, which is
applicable in the Financial Industry helps in managing the interpretation,
management and enforcement in the Australian Tax System.
tmpk1wi7nz3demo.doc V4.12 © Copyright 2012 OfficeLink Learning

Assessment Tool Page 6 of 56
c) Discuss below the importance of non-financial related legislation such as
environmental or OH&S requirements.
The Occupational Health and Safety (OH&S) is one of the important legislation
which help in provide the safety for the workers and the public in their workplace
and the safe workplace environment for the employees must be provided by the
employers. Now the employees will have responsibilities according to the
employers, supervisors or team leaders and the employees. Both Commonwealth
and state bodies control health and safety in the workplace. Within these OH&S
Acts are OH&S Regulations, Standards, Codes of Practice and guidelines
tmpk1wi7nz3demo.doc V4.12 © Copyright 2012 OfficeLink Learning

Assessment Tool Page 7 of 56
Activity Task 4 – Research Activity – UG Topics 1.4 – 1.5
(a) Undertake some research on the website for Certified Practicing Accountants and
locate information in regards to the statutory requirements for CPA membership.
Requirements for membership
For the purpose of becoming a CPA member a person must hold a degree which is
recognised by CPA Australia in any discipline.
The person must have completed the CPA program, which includes the persons
experience within a time frame of six years.
Examination process
a foundation examination is conducted by the CPA for the purpose of giving those who
are not having a degree in the fields of finance are provided the opportunity to complete
a CPA program.
Other requirements
the person making an application has to provide personal details, payment of application
fees and supporting documents for being eligible to make an application
Timeframes for compliance
the exam has to be scheduled between 12 months of enrolment.
tmpk1wi7nz3demo.doc V4.12 © Copyright 2012 OfficeLink Learning

Assessment Tool Page 8 of 56
(b) Apart from a statutory requirement, discuss some other advantages that
may be realised by becoming a CPA.
CPA certified accountant are considered to have lot more expertise that a normal
accountant; the is a need for CPA accountants everywhere as they are trusted;
payments which are made to CPA certified
(c) What methods can you undertake to assist you in maintaining up to date
knowledge on the governing requirements that affect you (legislation/Acts,
location of information, etc.) - How often should you do this? (Hint – maybe look
for some historical version information?)
Legislation - methods Frequency of check
Information from Industry website Daily
Governing Body Website Monthly
Experienced book keepers Monthly
tmpk1wi7nz3demo.doc V4.12 © Copyright 2012 OfficeLink Learning