Overview
In this unit you will further your awareness of commercial law and the reforms intended to ensure access to quality financial advice in Australia. You will identify and research the significant elements of Corporations Law within the context of commercial law related to the licensing requirements of financial planners and the provision of financial planning advice. You will review and debate the outcomes from a range of cases. Comparisons will be made between the past and how the revisions to legislation impact on the future delivery of financial planning advice.
Details
Pre-requisites or Co-requisites
There are no requisites for this unit.
Important note: Students enrolled in a subsequent unit who failed their pre-requisite unit, should drop the subsequent unit before the census date or within 10 working days of Fail grade notification. Students who do not drop the unit in this timeframe cannot later drop the unit without academic and financial liability. See details in the Assessment Policy and Procedure (Higher Education Coursework).
Offerings For Term 1 - 2020
Attendance Requirements
All on-campus students are expected to attend scheduled classes - in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory. International students, on a student visa, must maintain a full time study load and meet both attendance and academic progress requirements in each study period (satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).
Recommended Student Time Commitment
Each 6-credit Postgraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.
Class Timetable
Assessment Overview
Assessment Grading
This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of 'pass' in order to pass the unit. If any 'pass/fail' tasks are shown in the table above they must also be completed successfully ('pass' grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the 'assessment task' section (note that in some instances, the minimum mark for a task may be greater than 50%). Consult the University's Grades and Results Policy for more details of interim results and final grades.
All University policies are available on the CQUniversity Policy site.
You may wish to view these policies:
- Grades and Results Policy
- Assessment Policy and Procedure (Higher Education Coursework)
- Review of Grade Procedure
- Student Academic Integrity Policy and Procedure
- Monitoring Academic Progress (MAP) Policy and Procedure - Domestic Students
- Monitoring Academic Progress (MAP) Policy and Procedure - International Students
- Student Refund and Credit Balance Policy and Procedure
- Student Feedback - Compliments and Complaints Policy and Procedure
- Information and Communications Technology Acceptable Use Policy and Procedure
This list is not an exhaustive list of all University policies. The full list of University policies are available on the CQUniversity Policy site.
- Critically articulate the academic and professional literature covering the evolution of the Corporations Act (2001) within the context of commercial law as it applies to licensed financial planners
- Critically evaluate the intention of the law underpinning the provision of financial planning advice in Australia, particularly in terms of practical professional situations
- Communicate orally and in writing, advanced knowledge of the regulations pertinent to a range of client scenarios
- Communicate orally and in writing, persuasive arguments defending recommendations and approaches to financial planning advice based on advanced understanding of the intentions of the Corporations Act (2001) and amendments within the context of commercial law.
This unit has been designed to conform to the requirements of the Financial Planning Education Council, the guidelines formulated by FASEA Standards Authority and the mandated higher education standards stated in the Corporations Amendment (Professional Standards of Financial Advisers) Act.
Alignment of Assessment Tasks to Learning Outcomes
| Assessment Tasks | Learning Outcomes | |||
|---|---|---|---|---|
| 1 | 2 | 3 | 4 | |
| 1 - Literature Review or Systematic Review - 30% | ||||
| 2 - Report - 40% | ||||
| 3 - Practical Assessment - 30% | ||||
Alignment of Graduate Attributes to Learning Outcomes
| Graduate Attributes | Learning Outcomes | |||
|---|---|---|---|---|
| 1 | 2 | 3 | 4 | |
| 1 - Knowledge | ||||
| 2 - Communication | ||||
| 3 - Cognitive, technical and creative skills | ||||
| 4 - Research | ||||
| 5 - Self-management | ||||
| 6 - Ethical and Professional Responsibility | ||||
| 7 - Leadership | ||||
| 8 - First Nations Knowledges | ||||
| 9 - Aboriginal and Torres Strait Islander Cultures | ||||
Alignment of Assessment Tasks to Graduate Attributes
| Assessment Tasks | Graduate Attributes | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | |
| 1 - Literature Review or Systematic Review - 30% | |||||||||
| 2 - Report - 40% | |||||||||
| 3 - Practical Assessment - 30% | |||||||||
Textbooks
Australian Commercial Law
- Edition: 32nd (2019)
- Authors: Clive Turner and John Trone
- Thomson Reuters
- Pyrmont Pyrmont , NSW , Australia
- ISBN: 9780455241395
- Binding: Paperback
The Regulation of Financial Planning in Australia: Current Practice, Issues and Empirical Analysis
- Edition: 1st edn (2019)
- Authors: Angelique Nadia Sweetman McInnes
- Routledge
- Abingdon Oxon, Oxfordshire and New York Abingdon Oxon, Oxfordshire and New York , United Kingdom and United States
- ISBN: 9780367149970
- Binding: Hardcover
Additional Textbook Information
The supplementary textbooks are available online from several online bookshops offering different pricing options..
Some of the textbooks are available as an eBook or to rent at a lower cost than outright purchase.
For instance, The Regulation of Financial Planning: Current Practice, Issues and Empirical Analysis is available for rent for 6 months at $32.50. Refer to https://www.routledge.com/The-Regulation-of-Financial-Planning-in-Australia-Current-Practice-Issues/McInnes/p/book/9780367149970 for further details.
Therefore, it pays to Google to find the best options (rent or buy or neither).
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
All submissions for this unit must use the referencing style: American Psychological Association 6th Edition (APA 6th edition)
For further information, see the Assessment Tasks.
a.mcinnes@cqu.edu.au
Week 1
Begin Date: 09 Mar 2020Module/Topic
Introduction to the Australian Legal System
Chapter
Chapter 1 (Turner & Trone, 2019).
Events and Submissions/Topic
- Please refer to the study guide for details of the unit.
- Complete self-study questions.
- For the assessment download and read the requirements for the Exploratory Literature Review of Quality Financial Advice Investigations, Case Law and Judgements Assessment (in the course profile/Moodle).
Week 2
Begin Date: 16 Mar 2020Module/Topic
Different forms of business organisations
Chapter
Chapter 26, 27 and 30 (Turner & Trone, 2019).
Events and Submissions/Topic
- Please refer to the study guide for details of the unit.
- Complete self-study questions.
- For the assessment start searching for relevant information. When searching for information, be sure that you collect the appropriate kind of sources. In some cases, you will be restricted to using only academic journal articles, while in others, you may have to use a combination of academic, practitioner, empirical and theoretical articles. Always check your course profile. If you need help in finding articles through the databases, you are recommended to make an appointment with the library staff.
Week 3
Begin Date: 23 Mar 2020Module/Topic
Corporate Constitution and Internal Governance
Chapter
Chapter 1, 2, 27 and 28 (Turner & Trone, 2019).
Events and Submissions/Topic
- Please refer to the study guide for details of the unit.
- Complete self-study questions.
- For the assessment skim-read texts. Read the abstract, introduction, findings and conclusion. Evaluate the source for relevancy – author’s credentials, date of publication, type of publication and bibliography. Make notes of any common themes/issues/ideas that present themselves. This will be useful later when you come to note taking. Second read for detail and make summary notes. The next step is to start making notes of key ideas from each source for analysis and evaluation.
Week 4
Begin Date: 30 Mar 2020Module/Topic
Introduction to the Regulatory Environment and Evolution of Financial Advice
Chapter
Helping you understand the FASEA CODE OF ETHICS (FPA, 2019).
Events and Submissions/Topic
- Please refer to the study guide for details of the unit.
- Complete self-study questions.
- For the assessment develop a set of guide questions/general points that need to be considered in relation to your topic. These may come directly from your course profile, or they may be a more specific set of key issues/questions/points based on your first reading of the materials. You may have a set of key questions about the topic already in mind, but you may wish to add common ideas/discussion points you have noticed from your reading. Once you have completed the note-taking process you then need to evaluate the information.
Week 5
Begin Date: 06 Apr 2020Module/Topic
Corporations Law & Financial Advice & Application Part 1
Chapter
Australian Securities and Investments Commission. (2017). Regulatory guide 175 Licensing: Financial product advisers-Conduct and disclosure.
Nethercoate, Tim, 21 October 2009, The basis of research – Basis capital FOS decision unpacked.
Gilligan, G. (2018). The Hayne Royal Commission and trust issues in the regulation of the Australian financial sector. Law and Financial Markets Review, 12(4), 175-185.
Hanrahan, P. (2018). Background Paper 7: Legal framework for the provision of financial advice and sale of financial products to Australian households.
Events and Submissions/Topic
- Please refer to the study guide for details of the unit.
- Complete self-study questions.
- For the assessment plan the structure of your Literature Review. Collate and develop the essay/paper. Once you have collected, compared and evaluated your information, then you are in a position to start organising ideas and begin writing the Literature Review.
Vacation Week
Begin Date: 13 Apr 2020Module/Topic
Catchup and assessment completion week
Chapter
Events and Submissions/Topic
- Catch up on weekly readings, audio lectures and self-study questions.
- Continue to work on your Literature Review.
Week 6
Begin Date: 20 Apr 2020Module/Topic
Corporations Law & Financial Advice & Application Part 2
Chapter
Parliament of Australia. (2019). Chapter 3 Best interests duty.
Australian Securities and Investments Commission. (2017). Report 515: Financial advice: Review of how large institutions oversee their advisers.
Australian Securities and Investments Commission. (2017). Report 562: Financial advice: Vertically integrated institutions and conflicts of interest.
FPA. (2018). Managing conflicts of interest. Paper presented at the FPA Professional Congress, Sydney 21 to 23 November 2018.
Hanrahan, P. (2018). Background paper 7: Legal framework for the provision of financial advice and sale of financial products to Australian households.
Commonwealth of Australia. (2019, February 1). Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Commonwealth of Australia. (2019) Royal Commission Final Report Recommendations - Volume 1 and Case Studies – Volume 2.
Events and Submissions/Topic
- Please refer to the study guide for details of the unit.
- Complete self-study questions.
- For the assessment you should be spending this week editing and proof-reading your paper of 2,000 to 3,000 words as you polish for final submission.
Case Study Literature Review Due: Week 6 Friday (24 Apr 2020) 11:45 pm AEST
Week 7
Begin Date: 27 Apr 2020Module/Topic
Corporate Law Applications Part 3
Chapter
Anti- Money Laundering and Counter-Terrorism Financing Act 2006.
AUSTRAC Compliance guide – Chapter 6 – AML/CTF Programs.
AUSTRAC Compliance Guide – Chapter 7 – AML/CTF reporting obligations.
AUSTRAC Compliance Guide – Chapter 8 – AML/CTF record-keeping obligations.
AUSTRAC Compliance Guide – Chapter 9 – Exemptions from obligations under the AML/CTF Act.
Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1).
Events and Submissions/Topic
- Please refer to the study guide for details of the unit and the page numbers of the chapters for your prescribed text.
- Complete self-study questions.
- For the assessment study the instructions and task requirements to start completing your Report. Use the secondary data collected during the Literature Review you submitted last week to aid you with the content and references for your Report.
Week 8
Begin Date: 04 May 2020Module/Topic
Corporate Law Applications Part 4
Chapter
Commonwealth Privacy Act 1988.
Australian Government. (2019). Australian Privacy Principles Guidelines: Privacy Act 1988, July. Office of the information Commissioner.
Events and Submissions/Topic
- Please refer to the study guide for details of the unit and the page numbers of the chapters for your prescribed text.
- Complete self-study questions.
- For the assessment continue working on your report using the SBL Student Study Guide 2019 v3.1.
Week 9
Begin Date: 11 May 2020Module/Topic
Corporate Law Applications Part 5
Chapter
Tax Agent Services Regulations 2009.
Tax Practitioners Board (TPB) Information Sheet – What is a tax (financial) advice service?
TPB Code of Professional Conduct - Code of Professional Conduct for Tax (financial) advisers.
TPB(I) 27/2016 Code of Professional Conduct - Acting lawfully in the best interests of clients for tax (financial) advisers.
TPB(I) 28/2016 Code of Professional Conduct - Reasonable care to ascertain a client's state of affairs for tax (financial) advisers.
TPB(I) 29/2016 Code of Professional Conduct - Reasonable care to ensure taxation laws are applied correctly for tax (financial) advisers.
TPB(I) 30/2016 Code of Professional Conduct - Having adequate arrangements for managing conflicts of interest for tax (financial) advisers.
TPB(I) 32/2017 Code of Professional Conduct - Confidentiality of client information for tax (financial) advisers.
Events and Submissions/Topic
- Please refer to the study guide for details of the unit and the page numbers of the chapters for your prescribed text.
- Complete self-study questions.
- Your assessment is due this week.
Case study Report Due: Week 9 Friday (15 May 2020) 11:45 pm AEST
Week 10
Begin Date: 18 May 2020Module/Topic
Contemporary Issues and Case studies
Chapter
Commonwealth of Australia. (2019, 1 February 2019). Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Commonwealth of Australia. (2019). Royal Commission Final Report Recommendations - Volume 1 and Case Studies – Volume 2.
Events and Submissions/Topic
- Please refer to the study guide for details of the unit and the page numbers of the chapters for your prescribed text.
- Complete self-study questions.
- Start planning your recorded presentation reporting a summary of your report you submitted last week.
Week 11
Begin Date: 25 May 2020Module/Topic
Contemporary Issues and Case studies
Chapter
Khan, F. (2019). The Rise of RegTech 2.0 – Moving to a new era of regulatory compliance [Press release].
KPMG. (2018). There's a revolution coming: Embracing the challenge of Regtech 3.0 [Press release].
TAS. (2019). Tas Insurance industry report 2018-2019: Adapting to digital disruption.
TAS. (2018). Compliance Index 2018: The rise of regulation, risk and RegTechs.
Events and Submissions/Topic
- Please refer to the study guide for details of the unit and the page numbers of the chapters for your prescribed text.
- Complete self-study questions
- Continue finishing off your recorded presentation assessment
- Complete the student evaluation
Week 12
Begin Date: 01 Jun 2020Module/Topic
Contemporary Issues, Case studies, Revision & Have Your Say survey
Chapter
Financial Services Council. (2019). State of the industry.
Events and Submissions/Topic
- Please refer to the study guide for details of the unit and the page numbers of the chapters for your prescribed text.
- Complete self-study questions
- Submit your recorded presentation assessment today
- Complete the student evaluation
Case Study Presentation Due: Week 12 Friday (5 June 2020) 11:45 pm AEST
Review/Exam Week
Begin Date: 08 Jun 2020Module/Topic
Chapter
Events and Submissions/Topic
Exam Week
Begin Date: 15 Jun 2020Module/Topic
Chapter
Events and Submissions/Topic
1 Literature Review or Systematic Review
This is an individual assessment.
Important detailed information for your assessment is on the Moodle site.
Before you begin please read the instructions for completing and submitting your assessment.
Task requirements:
Write a literature review that covers topics from week four of your unit.
We provide:
- Instructions document to complete the assessment
- Detailed grading rubrics to guide how your work will be assessed
From the above task, it is clear this is a written assessment dealing with deficiencies and concerns, the resolutions, case law and legislation aimed at improving the access of professional and quality financial advice for Australians. Please start this assessment as soon as possible, because it is due in Week 6. Your unit coordinator is available via Moodle discussion forum and Q&A forum, as well as Zoom drop-in sessions.
Please refer to Moodle and download the single file detailing the Assessment requirements. Please read this document carefully.
Email your unit coordinator directly to address any personal matters, concerns or difficulties during the term is encouraged.
Week 6 Friday (24 Apr 2020) 11:45 pm AEST
Submission via Moodle
Week 7 Friday (1 May 2020)
Feedback via Moodle
Marks are awarded for:
(1) demonstrating research skills to search and locate literature (e.g. Journal articles) using library and internet resources
(2) analyzing information found in journal articles
(3) synthesizing new knowledge into a written literature review.
The rubric describes how the marks are allocated for your literature review.
- Critically articulate the academic and professional literature covering the evolution of the Corporations Act (2001) within the context of commercial law as it applies to licensed financial planners
- Knowledge
- Self-management
- Ethical and Professional Responsibility
2 Report
This is an individual assessment.
Important detailed information for your assessment is on the Moodle site.
Before you begin please read the instructions for completing and submitting your report.
Task requirements:
Write report that covers topics from week four of your unit and uses the information you included in your Literature Review Assessment and submitted in Week 6.
We provide:
- Instructions document to complete the assessment
- Detailed grading rubrics to guide how your work will be assessed
From the above task, it is clear this is a written assessment dealing with deficiencies and concerns, the resolutions, case law and legislation aimed at improving the access of professional and quality financial advice for Australians. Please start this assessment as soon as possible, because it is due in Week 9. Your unit coordinator is available via Moodle discussion forum and Q&A forum, as well as Zoom drop-in sessions.
Please refer to Moodle and download the single file detailing the Assessment requirements. Please read this document carefully.
Email your unit coordinator directly to address any personal matters, concerns or difficulties during the term is encouraged.
Week 9 Friday (15 May 2020) 11:45 pm AEST
Submission via Moodle
Week 10 Friday (22 May 2020)
Feedback via Moodle
Marks are award for completing the report:
· using Microsoft Word
· by ensuring you present a cohesive persuasive argument to address the intention of the legislation underpinning financial advice to a specific situational problem.
The rubric describes how the marks are allocated for your Report.
- Critically evaluate the intention of the law underpinning the provision of financial planning advice in Australia, particularly in terms of practical professional situations
- Communicate orally and in writing, advanced knowledge of the regulations pertinent to a range of client scenarios
- Communicate orally and in writing, persuasive arguments defending recommendations and approaches to financial planning advice based on advanced understanding of the intentions of the Corporations Act (2001) and amendments within the context of commercial law.
- Knowledge
- Communication
- Cognitive, technical and creative skills
- Research
3 Practical Assessment
This is an individual assessment.
Important detailed information for your assessment is on the Moodle site.
Before you begin please read the instructions for completing and submitting your presentation.
Task requirements:
Prepare a video presentation that covers topics from week four of your unit and is based on the report you complete for Assessment 2 and submitted in week 9.
We provide:
- Instructions document to complete the assessment
- Detailed grading rubrics to guide how your work will be assessed
From the above task, it is clear this is a video presentation assessment dealing with deficiencies and concerns, the resolutions, case law and legislation aimed at improving the access of professional and quality financial advice for Australians. Please start this assessment as soon as possible, because it is due in Week 12. Your unit coordinator is available via Moodle discussion forum and Q&A forum, as well as Zoom drop-in sessions.
Please refer to Moodle and download the single file detailing the Assessment requirements. Please read this document carefully.
Email your unit coordinator directly to address any personal matters, concerns or difficulties during the term is encouraged.
Week 12 Friday (5 June 2020) 11:45 pm AEST
Review/Exam Week Friday (12 June 2020)
Marks are award for completing the presentation:
· using Microsoft PowerPoint
· by ensuring you present a cohesive persuasive argument to address the intention of the legislation underpinning financial advice to a specific situational problem.
The rubric describes how the marks are allocated for your presentation.
- Critically articulate the academic and professional literature covering the evolution of the Corporations Act (2001) within the context of commercial law as it applies to licensed financial planners
- Critically evaluate the intention of the law underpinning the provision of financial planning advice in Australia, particularly in terms of practical professional situations
- Communicate orally and in writing, advanced knowledge of the regulations pertinent to a range of client scenarios
- Communicate orally and in writing, persuasive arguments defending recommendations and approaches to financial planning advice based on advanced understanding of the intentions of the Corporations Act (2001) and amendments within the context of commercial law.
- Knowledge
- Communication
As a CQUniversity student you are expected to act honestly in all aspects of your academic work.
Any assessable work undertaken or submitted for review or assessment must be your own work. Assessable work is any type of work you do to meet the assessment requirements in the unit, including draft work submitted for review and feedback and final work to be assessed.
When you use the ideas, words or data of others in your assessment, you must thoroughly and clearly acknowledge the source of this information by using the correct referencing style for your unit. Using others’ work without proper acknowledgement may be considered a form of intellectual dishonesty.
Participating honestly, respectfully, responsibly, and fairly in your university study ensures the CQUniversity qualification you earn will be valued as a true indication of your individual academic achievement and will continue to receive the respect and recognition it deserves.
As a student, you are responsible for reading and following CQUniversity’s policies, including the Student Academic Integrity Policy and Procedure. This policy sets out CQUniversity’s expectations of you to act with integrity, examples of academic integrity breaches to avoid, the processes used to address alleged breaches of academic integrity, and potential penalties.
What is a breach of academic integrity?
A breach of academic integrity includes but is not limited to plagiarism, self-plagiarism, collusion, cheating, contract cheating, and academic misconduct. The Student Academic Integrity Policy and Procedure defines what these terms mean and gives examples.
Why is academic integrity important?
A breach of academic integrity may result in one or more penalties, including suspension or even expulsion from the University. It can also have negative implications for student visas and future enrolment at CQUniversity or elsewhere. Students who engage in contract cheating also risk being blackmailed by contract cheating services.
Where can I get assistance?
For academic advice and guidance, the Academic Learning Centre (ALC) can support you in becoming confident in completing assessments with integrity and of high standard.
What can you do to act with integrity?
