FPC001B Economic and Legal Context for Financial Planning

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Assignment 1 referencing and presentation (5 marks)

Your assignment should be presented in a clear and appropriate format, with all sources correctly referenced and cited.

You are required to:

  • structure a clear response to each question, using headings if required
  • number questions (including sub-questions) and pages
  • use correct font style and size
  • ensure tables or graphs are clearly labelled and readable
  • clearly set out calculations or workings, where they are required
  • adhere to the assignment word limit
  • cite sources and provide a reference list at the end of your It is recommended to use Kaplan Professional’s preferred referencing style, Harvard (see Kaplan Australia: Harvard Referencing Guide, available from the ‘Build Your Skills’ hub in KapLearn), but the consistent application of any other referencing style will also be accepted.

Case study

You are auditing the file for a client Stu Kirby prepared by financial adviser Penny Brewster. The file reads as follows:

Client: Stu Kirby

Discovery meeting file note:

  • Initial meeting with Stu He has recently returned from a holiday to the UK, visiting his brother, Scott, and mother Dianne.
  • Stu would like to invest conservatively to preserve
  • Stu’s holiday went for longer than he expected, upon his return his driver’s licence had
  • Stu would like to build assets both within and external to superannuation. He is comfortable with term deposits and some shares in the investment
  • Stu highlighted that it is important to him that any investment portfolio commenced for him allows direct deposits from overseas, as his brother owes him money and would like to have monies repaid to him directly deposited into an investment account. Prefers to not receive those funds ‘in the bank’ as he feels he’d just spend it, wants to actively ‘save and invest’ it via an investment
  • Stu has an existing superannuation account with Plum super – it is linked to his employment with the employer paying all fees and costs associated with having the superannuation
  • Stu currently holds Life, TPD, Trauma and income protection cover outside superannuation — noted that his father was injured in an accident at work and it nearly sent their family broke while he recovered. Both he and Scott started full time work straight out of school to maintain the family
  • Let Stu know he could view our company FSG on our website and emailed fact find to him to complete.

Pre-advice meeting, to determine appropriate strategy, confirm objectives file note:

  • Completed fact find returned by Stu and we reviewed
  • Discussed investment portfolio options outside of super to meet his objectives in high interest cash accounts and fixed interest products, some shares, as well as ongoing contributions to
  • Demonstrated projections for Stu’s position using a 8% p.a. return on the recommended portfolio and current superannuation
  • Stu happy to proceed to advice stage on the basis of this discussion — remarked that he’s glad that in Australia his super and insurances have their own regulatory body — insurance company in the UK didn’t pay in his Dad’s claim and he and Scott are still looking after their mother now following their father’s passing, although she is considering moving house soon which should free up some

Advice delivery and implementation meeting file note:

  • Provided Stu with document called ‘Advice recommendations for Stu Kirby’ and Product Disclosure Statements for the recommended investment platform and underlying investment options (as per workpapers attached). Stu signed the ‘Authority to Proceed’ in the
  • Completed application forms for investment product.

Meeting file note - review follow up six months later:

  • Stu brought in his brother Scott to meet with me — he has recently repatriated to Australia and will start contributing to
  • He would like a similar account to Stu’s for investment purposes — noted that their Mum is going to start paying them both some irregular sums of money as a thank you for supporting the family while their father was Provided an RoA to Scott for an investment portfolio the same as Stu’s.
  • Scott asked about my education and I informed him I have a diploma in financial planning, passed the adviser exam and have been an adviser for six years. He was content. I informed him a trainee/junior adviser, who recently completed their business degree, is assigned to me and will start working with my clients. I reassured Scott that I would introduce them when it was time to do so.

Question 1

Identify two (2) purposes of financial services law and relate the two (2) purposes identified to two (2) unique benefits financial planning practices can benefit from.

Note: Answer the questions using your own words and experiences.

Question 2

Using the six (6) steps of the financial planning process, outline each stage of the advice process by:

  • providing a brief summary of the purpose of each step
  • highlighting a behaviour, document or reporting process that should take place at each step
  • summarising a legislative or regulatory issue identified within the interaction detailed in the case study at each

(Total of 25 marks)


  • To avoid exceeding the word limit, it is recommended that you use bullet points or a table to answer the questions
  • Your answers should reference the case study

Question 3

Using the same six (6) steps of the financial planning process, outline the issues raised from the above discussion and provide an alternative, compliant way of interacting with the client at each stage of the advice process.

  • Considering the issues highlighted in the discussion above:
    • provide an appropriate and compliant way of completing the actions
    • identify the relevant piece of legislation or regulatory framework that supports your remedy detailed above
    • outline the appropriate regulator of the legislation or regulatory framework referenced.

(Total of 24 marks)

  • Following this, reflect on the Quality of Advice review and determine if all recommendations from this review were legislated. Outline a maximum of two (2) of Penny’s actions that would satisfy any new compliance requirements, and how these differ to the regulations currently in place.

(6 marks) 


  • You are required to undertake independent research to answer this question.
  • Answer the question in your own words and do not copy or paraphrase the subject notes or any commonly accessed websites.
  • Include reference to appropriate documentation and legislative or regulatory references in support of your suggested ways of interacting with the client for each stage of the advice process.

Question 4

Explain the requirements of:

  • Penny maintaining her authority/licence to be a financial adviser (4 marks), and
  • Penny’s new colleague (junior adviser) progressing to a financial adviser (4 marks), and
  • Penny acting as the junior adviser’s nominated supervisor either personally or in respect to their licensee (2 marks).

In your answer, refer to any recent announcements (provide URLs) and discuss elements that Penny and the junior adviser have already satisfied and will need to satisfy.

Note: Support your answers with relevant independent research. (Total of 10 marks).

Note to assessors: the professional year requirements are not covered in the course materials and will require evidence of independent research from students.


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