31858 Competency in Financial Advice & Regulations Assignment 2 | IQ College

31858 Assignment Two

This assignment assesses your competency in terms of the following unit standards:

31858: Interpret and explain provisions in the regulatory framework in a financial advice services context

By the end of the assignment you will be able to:

• (LO1) interpret and explain legislation and regulations applicable to financial advice and financial advice services;
• (LO2) interpret financial services consumer legislation and financial services compliance legislation in a general financial services context;
• (LO3) interpret the Code of Professional Conduct for Financial Advice Services; and
• (LO4) explain legislation and regulations applicable to complaints and disputes handling processes

Instructions:

1. Answer all the questions in the space provided below.
2. Where applicable, you will be instructed on how many answers are required e.g. minimum of two (2).
3. For many questions, an example has been provided for you. This is to indicate the type of
   answer and level of detail that is required.
4. Instances of academic dishonesty (e.g. plagiarism) will not be tolerated and will be subject to disciplinary action.
5. Submit your assignment in Word format via your assignment portal on Radar. You have already been emailed a user guide with step-by-step instructions on how to upload your assignments.
6. Please contact support@strategi.ac.nz OR assessor@strategi.ac.nz should you require any assistance

Outcomes and performance criteria

Outcome 1

Interpret and explain legislation and regulations applicable to financial advice and financial advice services.

Performance criteria

1.1 Interpret terms used in financial advice legislation and regulations that apply to FAPs, FAs, and NRs.

1.2 Interpret the registration, licensing, and reporting requirements that apply to FAPs, FAs, and NRs.

1.3 Interpret disclosure and conduct obligations that apply to FAPs, FAs, and NRs.
1.4 Explain the legislative duties imposed on persons who give regulated financial advice and persons who engage others to give regulated financial advice.
1.5 Explain the consequences of non-compliance with financial advice legislation and regulations.

Outcome 2

Interpret financial services consumer legislation and financial services compliance legislation in a general financial services context.

Performance criteria

2.1 Interpret key provisions of financial services consumer legislation in terms of how they relate to the provision of financial advice services.

Range    includes – Financial Markets Conduct Act Part 2, Fair Trading Act, Consumer Guarantees Act, Privacy Act.

2.2 Interpret key provisions of financial services compliance legislation in terms of how they relate to the provision of financial advice services.

Range    includes – Financial Markets Conduct Act Part 6 Subpart 5b, Anti Money Laundering and Countering Financing of Terrorism Act.

Outcome 3

Interpret the Code of Professional Conduct for Financial Advice Services.

Performance criteria

3.1 Interpret the Code standards of ethical behaviour, conduct, and client care as they apply to FAPs, FAs, and NRs.

3.2 Interpret the Code in terms of standards of competence, knowledge, and skill; and continuing professional development as they apply to FAPs, FAs, and NRs.

Outcome 4

Explain legislation and regulations applicable to complaints and disputes handling processes.

Performance criteria

4.1 Explain participant roles and responsibilities in resolving complaints and handling disputes in accordance with financial services legislation and regulations.

Range participants may include but are not limited to – FAPs, FAs, NRs, consumers, internal complaints processes, dispute resolution scheme, regulators, Disciplinary Committee.