FNS50715 Diploma of Superannuation RG 146 Solved Assignment ASFA

This document contains a student's solution to the FNS50715 Diploma of Superannuation RG 146 written assignment. The assignment covers various aspects of superannuation, including professional practice, product knowledge, and advice provision within the financial services industry. The student, Michelle Clark, addresses eleven questions related to the core concepts of superannuation. The document also includes the assessment criteria, unit details (FNSINC401, FNSINC402, and FNSASICU503), and feedback from the ASFA marker, indicating areas needing improvement for a satisfactory grade. This resource is useful for students seeking guidance and examples for completing their own superannuation assignments, and Desklib provides access to this and other helpful study materials.

FNS50715 –Diploma of
Superannuation
RG 146 Written Assignment – Marking
Guide

FNS50715 – Diploma of Superannuation (RG 146 assignment)
Contents
RG 146 Superannuation: Assignment Cover Sheet................................................................3
Question 1............................................................................................................................ 10
Question 2............................................................................................................................ 15
Question 3............................................................................................................................ 16
Question 4............................................................................................................................ 17
Question 5............................................................................................................................ 18
Question 6............................................................................................................................ 20
Question 7............................................................................................................................ 21
Question 8............................................................................................................................ 23
Question 9............................................................................................................................ 26
Question 10.......................................................................................................................... 28
Question 11.......................................................................................................................... 29
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Written Assignment – Marking Guide
RG 146 Superannuation: Assignment Cover Sheet
Please fill in all details on this page before submission of
your assignment.
Name Michelle Clark
Email [e-mail]
Student number 174954
Deadline date 29/07/2018
Is this your first or second submission? third
Student declaration:
‘Except where I have indicated, the work I am submitting in this
assignment is my own work.’
I acknowledge the declaration:
yes
Overall Result (ASFA marker use only)
Satisfactory or Not Yet Satisfactory NYS
If your submission is Not Yet Satisfactory:
 First attempt:review the feedback on the following pages and resubmit the relevant section/s
of this assignment. Note that you are required to resubmit within 2 weeks.
 Second attempt: subject re-enrolment is required.
Important: keep a soft copy of your assignment as a backup.
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FNS50715 – Diploma of Superannuation (RG 146 assignment)
Unit details:
 FNSINC401: Apply principles of professional practice to work in the financial
services industry
 FNSINC402: Develop and maintain in-depth knowledge of products and
services used by an organisation or sector
 FNSASICU503: Provide advice in superannuation (generic and specialist
knowledge components only)
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Unit summary:
 FNSINC401: This unit describes the skills and knowledge required to identify
industry professional approaches to procedures, guidelines, policies and
standards, including ethical requirements, and to model and meet
expectations of these in all aspects of work. It applies to individuals who work
in the financial services industry and underpins other specialist units used in
all sectors of the industry. Work functions in the occupational areas where
this unit may be used are subject to regulatory requirements.
 There are no recommended pre-requisite or co-requisite units for this
competency.
 FNSINC402: This unit describes the skills and knowledge required to
develop and maintain an in-depth knowledge of the financial products and
services provided by an organisation, or those an organisation uses, and how
they may be applied to client needs. It applies to individuals who work in
various financial services industry job roles and with a wide range of financial
products or services. No licensing, legislative or certification requirements
apply to this unit.
 There are no recommended pre-requisite or co-requisite units for this
competency.
 FNSASICU503:This unit describes the generic and specialist superannuation
knowledge components which form part of this competency. Together with
the skills unit (which is assessed in ASFA’s Personal Advice: Skills Program),
this unit describes the skills and knowledge required to analyse client needs
and provide advice ethically and professionally on superannuation in
compliance with industry regulations and codes of practice. It addresses the
training requirements of current ASIC and Australian financial services (AFS)
licensing at Tier 1 level. It applies to individuals who use well-developed
interpersonal skills and excellent communication and self-management skills
to perform a specialist advisory role in superannuation. Work functions in the
occupational areas where this unit may be used are subject to regulatory
requirements.
 Advisers providing only general advice are not required by ASIC to
demonstrate particular skills. For those providing general advice, ASIC
states in RG 146 that ‘we expect a licensee to ensure its representatives are
competent to provide general advice. We anticipate that a licensee’s
compliance arrangements will monitor the delivery of any general advice.
Consequently, we do not require a person to have their skills assessed by an
authorised assessor if they are only providing general advice.’
 These subject notes deliver the generic and superannuation specialist
knowledge required for provision of general advice under RG 146.
On successful completion of this subject, you will receive a Statement of
Attainment confirming your ability to provide general advice in
superannuation.
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FNS50715 – Diploma of Superannuation (RG 146 assignment)
Assessment resource summary
Assessment
methods
Online quiz:Each quiz is linked to a certain number of chapters. They are to be
completed online.
Written assignment:This consists of questions that aim to assess the skills and
knowledge of the learner around the superannuation and financial services
industry. You must upload your completed assignment on the ASFA Learning Hub.
Full details and instructions for completing all assessments are available under
each assessment heading on the ASFA Learning Hub.
Online Quizzes Quiz 1: Online Quiz 1 is based on Chapters 1–4
There are fifteen (15) questions in this quiz. You must achieve
a pass mark of 80% for this quiz. This quiz can be commenced
at any time and you have an unlimited number of attempts to
achieve the pass mark.
Quiz 2: Online Quiz 2 is based on Chapters 5–7
There are fifteen (15) questions in this quiz. You must achieve
a pass mark of 80% for this quiz. This quiz can be commenced
at any time and you have an unlimited number of attempts to
achieve the pass mark.
Quiz 3: Online Quiz 3 is based on Chapters 8–10
There are fifteen (15) questions in this quiz. You must achieve
a pass mark of 80% for this quiz. This quiz can be commenced
at any time and you have an unlimited number of attempts to
achieve the pass mark.
Written
assignment Assessment 4: Written assignment
There are eleven (11) questions in this written assignment.
You must answer all the questions.
Time to be
allocated by
student for
each
assessment
Quiz 1 Approximately one (1) hour
Quiz 2 Approximately one (1) hour
Quiz 3 Approximately one (1) hour
Written
assignment
Approximately 2—3 weeks
Last modified August 2017
Next review Ongoing
About this assessment
This is a summative assessment and contributes to the overall outcome for the
unit. The goal of summative assessment is to evaluate student learning during a
course by comparing it against some standard or benchmark.
This assessment is for students undertaking study/training in the units FNSINC401,
FNSINC402 and FNSASICU503. The purpose of this assessment is to gather
evidence for the identified performance criteria/knowledge or performance
evidence.
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Assessment context
This written assignment is one (1) of four (4) assessment tasks. You must complete
this assignment on your own—refer to the section on Academic Misconduct on page
6. Some questions will require you to undertake independent research outside of
the subject notes.
In this written assignment, you must successfully answer all the questions and
submit your completed assignment via the ASFA Learning Hub. No marks or grades
are allocated for this assessment task—the outcome of your assignment will be
‘Satisfactory’ or ‘Not Yet Satisfactory’.
You are entitled to two (2) attempts for this written assignment. For more
information, refer to ‘Assignment Results and Feedback’ in the Subject Information
section of your subject notes.
This written assignment should be completed in a safe environment of your
choosing (eg. during work, at home, etc.). You will require access to the following:
 Organisational policy, procedures, legislation, regulations and codes of practice
 Financial services and superannuation product information
 Specialist financial services software and data
 Common office equipment, technology, software and consumables.
This assignment is to be completed using word processing software. Hand written
assignments will not be accepted.
Refer to the email communication you received from ASFA Learning at the
commencement of your studies regarding the timeframe for when this assignment
is required to be submitted.
Academic misconduct: Important!
You must NOT copy the work of another student. ASFA takes copying and
plagiarism very seriously. Plagiarism is the presentation of the work of others as
your own. Students must ensure the work they submit for any assessment that
forms part of this subject is their own work. When you submit any form of
assessment as part of this subject you are acknowledging that your assessment is
NOT the result of copying or plagiarism. Penalties may be imposed where there
has been a breach of these conditions.
To display your understanding of the course content, all questions must be
answered in your own words. Copying and pasting directly from the course material
is unacceptable. Likewise, copying and pasting material from the internet and other
external sources and presenting it as your own work is also unacceptable. You must
appropriately reference any material from the internet and other external sources.
Students may study as a group; however, each student is still expected to answer
the questions in their own words. Submission of identical answers to any of the
questions is not acceptable.
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FNS50715 – Diploma of Superannuation (RG 146 assignment)
Do not loan your assignment to a student for any reason—if another student
plagiarises your assignment (even without your knowledge), your assignment result
may be disregarded and you may be assessed as ‘Not Yet Competent’ in the
subject concerned.
Where the Assessment Committee concludes that copying or plagiarism has
occurred, the results of the students involved in the case may be disregarded and
assessed as ‘Not Yet Competent’ in the subject concerned.
Appeals process
An assessment appeals process is followed in the event that you are not happy with
your result. This includes independent re-assessment of the papers where
measurement of success is not clear. If you think that your assessment result does
not accurately reflect your performance, you may request a re-assessment of your
paper. This must be done within 10 days of receiving results and must be
requested through an ASFA Student Advisor.
Reasonable adjustment
If you are unable to participate in training or complete any assessment due to a
disability you may request a reasonable adjustment. Reasonable adjustment is a
modification made to the learning environment, training or assessment methods
used to enable students with a disability to access and participate in training on the
same basis as those without a disability. The adjustment must be ‘reasonable’ in
that it must not impose unjustifiable hardship on the person or ASFA. If you require
additional assistance, please contact an ASFA Student Adviser.
ASFA marker use only
RESULTS
Question First submission 1st Resubmission 2nd Resubmission 3rd Resubmission
(ASFA
approval
required)
Question
1 NYS - please resubmit NYS - please
resubmit
NYS - please
resubmit
S NYS
Question
2 NYS - please resubmit S
Question
3 NYS - please resubmit NYS - please
resubmit
NYS - please
resubmit
S NYS
Question
4 NYS - please resubmit NYS - please
resubmit
NYS - please
resubmit
S NYS
Question
5 NYS - please resubmit NYS - please
resubmit
NYS - please
resubmit
S NYS
Question
6 NYS - please resubmit NYS - please
resubmit
NYS - please
resubmit
S NYS
Question
7 NYS - please resubmit NYS - please
resubmit
NYS - please
resubmit
S NYS
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Question First submission 1st Resubmission 2nd Resubmission 3rd Resubmission
(ASFA
approval
required)
Question
8 NYS - please resubmit NYS - please
resubmit
NYS - please
resubmit
S NYS
Question
9 NYS - please resubmit NYS - please
resubmit
NYS - please
resubmit
S NYS
Question
10
NYS - please resubmit NYS - please
resubmit
NYS - please
resubmit
S NYS
Question
11
NYS - please resubmit NYS - please
resubmit
NYS - please
resubmit
S NYS
ASFA marker feedback
Hi Michelle
Thank you for your resubmission.
I am pleased to advise that your revised answers to questions 8(c), 10(b), 11(c) & 11(d)
have now been assessed as Satisfactory.
Unfortunately, you have still not met the requirements for the following questions and your
overall result remains as Not Yet Satisfactory:
Q1(b)
Q3
Qs 4(a), 4(b)
Q 5(a)
Qs 6(a), 6(b)
Q7(a)
Qs 8(b), 8(e)
Q9(c)
Qs 10(a)
Qs 11(b)
As per ASFA’s Fees and Refunds Policy and Procedure available on ASFA’s website, an
additional fee of $50 now applies for any further resubmissions. An ASFA Student Advisor
will contact you shortly to discuss your options for resubmission and for completing your
course.
Regards
ASFA marker ID AH
Date of assessment 25 July 2018
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FNS50715 – Diploma of Superannuation (RG 146 assignment)
ASFA marker information only
MAKING AND RECORDING THE DECISION
 The student needs to be deemed ‘Satisfactory’ in all assessments to gain
competency.
 You are to provide feedback to the student on their performance and/or the
outcome from their assessment (whether ‘Satisfactory’ or ‘Not Yet Satisfactory’)
 If a student has been assessed as ‘Not Yet Satisfactory’ on their performance in
an assessment, they should be offered information about the appeal process
and/or a reassessment opportunity.
 Using the evidence gathered and the rules of evidence (validity, sufficiency,
currency and authenticity) determine the final outcome for the student. If you
are in doubt, gather further evidence to help guide your decision.
 Assess the students on what you observe during the assessment period, not on
their actions before or after the assessment.
 If you are marking the student ‘Not Yet Competent’, ensure you outline why you
have made this decision, and provide advice on how the student can improve
their skills/knowledge prior to reassessment; or if the re-assessment
opportunities have lapsed, provide advice on appeals and or re-enrolment.
 Record the assessment results onto the Assessment Summary/Cover Sheet,
ensuring each section is complete.
 Attach all evidence (projects/checklists/tests, etc) to this form.
 Submit the completed Assessment Summary/Cover sheet and associated
evidence for processing as per ASFA’s procedures.
RE-ASSESSMENTS
 Re-assessments are to be undertaken on a different date. This is to allow an
opportunity for the student to undergo further training as required, and to
ensure the student is assessed on their ability to demonstrate their actual skills
and knowledge—not just their ability to answer questions/perform actions based
on immediate advice of the marker.
Providing feedback
 Provide constructive feedback to the student on their performance during the
assessment period. Do not make any comments on actions undertaken prior or
after the assessment period.
 Provide the student with:
 Their assessment result.
 Clear and constructive feedback based on the assessment decision.
 The reasons underpinning your assessment decision.
 Information on ways of overcoming any identified gaps in competency
revealed by the assessment the opportunity to discuss the assessment
process and outcome information on reassessment and the appeals
processes.
 Clearly state that the learner can have an opportunity for reassessment if
appropriate or requested by the candidate.
 Information on appeal process.
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Assessment information about Questions 1 to 3
The first section of this written assignment (Questions 1 to 3) focuses on workplace
approaches and analysis of procedures, guidelines, polices and standards,
legislation, regulations, codes of conduct/ethics, customer service and
administration policies and procedures, and other related organisational issues.
The assessment of these workplace elements are required by the competencies
that underpin this assignment. Some questions will require a significant
amount of independent internet and/or workplace-based research that
will require you to apply your knowledge to your organisation (or one of
your choosing).
The format of the questions is short-answer and longer discussion/analysis. You
must answer ALL the questions in this assignment.
Question 1
This question assesses the competencies:
 FNSINC401: Apply principles of professional practice to work in the financial
services industry
 FNSASICU503: Provide advice in superannuation (generic and specialist
knowledge)
Question 1 focuses on the main sectors of the financial services industry and its
interrelationship, specifically, with the superannuation industry. It also covers the
economic environment.
a. Three sectors of the financial services industry have been outlined below
(Banking, Insurance and Financial Planning). Briefly outline the role and
responsibilities of each of these sectors. Then explain the interrelationship
of each sector with the superannuation sector.
(Interrelationship: The way in which two or more things or people are
connected and affect one another).
Present your answer in the table below.
Main sector 1 Banking
Role and
responsibilities of
the sector
The main role and the responsibilities of the banking sector involves
taking care of the savings and the deposits that have been made by the
customers and regulating the money in the market with the help of
making investments in the market. The money that is deposited by the
citizens and safeguarded and accordingly pay interest for the same.
How is the sector
interrelated with
the superannuation
sector?
The sector is associated with the superannuation sector due to the fact
that the money that is accumulatedin the superannuation account of a
citizen is transferred directly to the bank account that is linked and
therefore in this way both of them are inter-related.
Main sector 2 Insurance
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FNS50715 – Diploma of Superannuation (RG 146 assignment)
Role and
responsibilities of
the sector
The insurance sector has the role of safeguarding the life of an
individual from any kind of unprecedented events and accidents and
therefore the insurance sector provides various kinds of insurances to
their customers with the help of which the customerswould be
financially remunerated in case of accidents and unprecedented events
and therefore getting financial remunerationwould be helpful in
financially safeguarding the life of an individual.
How is the sector
interrelated with
the superannuation
sector?
This sector is inter-related to superannuation sector because of the fact
that superannuation sector provides insurance with the help of which
the customerscan get assistance from the insurance facility.
Main sector 3 Financial planning
Role and
responsibilities of
the sector
Financial planning is helpful in the development of better plans and
policies with the help of which the customers can be advised in a better
way with respect to making investments with the help of which the
customers would be able to increase their returns and in this manner
would be helpful in the development of better investment portfolio.
How is the sector
interrelated with
the superannuation
sector?
Financial planning is associated with taking care of and constructing
plans and policies with the help of which the investors can have a better
idea in accordance to better investments can be attained. Financial
planning is helpful in the development of the superannuation sector as
well and therefore it is helpful in the development of the sector as well.
Satisfactory
This shows a good understanding of the main sectors of the financial services
industry and how they interrelate with the superannuation sector. Well done.
b. Provide three (3) specificexternal forces (listed below) that impact on the
financial services industry.
(External force: Those pressures or factors outside of the organisation’s
influence ie. changes in the economic, social or political climate).
Present your answer in the table below.
External force Give a specific example to explain the impact on financial
services industry
Economic The changes in the economy has an adverse effect on the financial
services industry as it is seen that changes in the rate of inflation and
other factors can have an impact on the financial services industry.
Social The changes in the social structure and the mindset can have an
impact on the financial services industry because of the fact that
changes in the mindset and the culture of the society can compel the
industry to make changes as well.
Political The changes in the policies and laws and the stability of the political
authority and government can have an impact on the financial
services industry as it is seen thatthis could hamper the smooth
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