rg146 assignment answers

RG146 Compliance Solution - Module 1. Financial advice foundation - Learning manual

Description.

CPD hours: 40 on successful completion                                                 

The RG146 Compliance Solution program will provide you the pathway to RG146 Compliance, the level of education required to become a financial adviser to provide financial advice to your clients.

It consists of four modules plus an optional specialist assessment in advising in self-managed super funds (SMSFs). It has been designed to address the competency requirements outlined in the ASIC Regulatory Guide 146 (RG146) for practitioners wishing to provide specialist financial planning advice to their clients in the areas of financial planning, general and life insurance, securities, derivatives, margin lending, managed investments, superannuation and SMSFs.

The program is very flexible; each module can be completed via self-paced distance learning or through two day intensive workshops in the order and mode that suits you best. 

The RG146 Module 1. Financial advice foundation module addresses the fundamental skills and knowledge requirements for financial planners or anyone wishing to provide financial advice. It covers the theories of investment and legal environment in which financial planning advice is provided, relevant also to the other specialist knowledge areas, which include disclosure, compliance and documentation. It also shows how the different parts of the financial planning service fit together and covers areas such as estate planning, developing, implementing and reviewing a financial plan, and providing ongoing service. 

The self-paced learning option is offered year round and there are no enrolment date restrictions, meaning candidates can enrol any time.

On completion of each module, you must complete an assessment consisting of a written assignment and a telephone role-play scenario. The assessment tasks are designed to enable you to demonstrate your skills and ability against the key areas of competency covered in each module.

On completion of modules one and two , candidates will achieve the FNS50615 Diploma of Financial Planning , which covers the essential skills and knowledge criteria required to provide advice in financial planning.

This course is offered under CPA Australia’s RTO.

CPA Australia Registered Training Organisation Number: 7144

Further information can be found in the  Candidate handbook (PDF)  and our  policies and forms page .

Learning objectives

• Fundamental skills and knowledge requirements for anyone wishing to provide financial advice to clients, including the "generic knowledge" requirements of RG146 such as economic environment, operation of financial markets and financial products
• In-depth learning on the legal environment (disclosure, compliance and documentation), and theories of investment that are common to all advisory areas
• The basis from which to address the financial needs of the client by examining areas such as - estate planning, developing a financial plan, implementing a financial plan, reviewing a financial plan and providing ongoing service
• Members and non-members
• Financial planners, financial services advisers or anyone wanting to pursue a career in financial planning
• Public accountants and their employees
• Anyone wanting to launch a career in this sector

RG146 Tier 1 Free Practice Test

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RG146 Superannuation

Considered a pre-requisite for many superannuation industry careers, our RG146 courses provide participants with a qualification that meets the ASIC RG 146 requirements to provide general advice in superannuation*.

We have three (3) RG146 course options to choose from. RG146 Rapid and RG146 Refresher, both of these courses meet the ASIC knowledge requirements.  Separately, we also provide the nationally accredited RTO RG146 General Advice in Superannuation. This course is provided under our Registered Training Organisation (RTO #32151) .

*Please note that the course provides the knowledge/skills to provide general advice, however, you must be authorised under an AFSL in order to provide general advice .

Why Choose Us?

Our RG146 courses provide you with:

• Up-to-date content, including recent legislative changes
• Qualified trainers with practical experience in the industry
• Support and guidance from course commencement to successful completion from our trainers and assessors
• Knowledge and skills for a career in superannuation, including the provision of general advice

About the Courses

Our courses cover:

• Financial services industry and the Australian economy
• Regulation of the industry
• The differences between factual information, general and personal advice
• Who looks after super
• Superannuation money flows
• Social security and age pension
• Retirement planning

Courses overview

RG146 Rapid

We offer the RG146 Rapid (Superannuation) which meets the requirements of ASIC RG146. This course is ideal for people new to the industry.

RG146 Refresher

We offer the RG146 Refresher (Superannuation) for those that have previously obtained an RG146. This course is suitable for people that may have been out of the industry for some years and are now returning.

Course Assessment – Rapid and Refresher

Assessments are comprised of a number of different assessment methods:

• Multiple choice questions (online)
• Short answer questions (online)

RG146 General Advice in Superannuation - Nationally Accredited

We offer the RG146 General Advice in Superannuation  for those that choose to obtain a nationally accredited RG146.

We deliver nationally accredited training through our Registered Training Organisation (RTO #32151) .  

Units of Competency for the Nationally Accredited RG146

Upon completion of the nationally accredited RG146 course, the following four units of competency from the FNS Financial Services Training Package will be awarded:

• 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 a company or sector
• FNSSUP508  Provide effective information to members
• FNSFMK505  Comply with financial services regulation and industry codes of practice

Course Assessment - RG146 General Advice in Superannuation 

Assessments are comprised of a number of different assessment methods to meet the national training package requirements:

• Case studies (online)
• Face-to-face/Phone-based role play or written scenario

Students will have 12 months to complete all assessments with access to qualified trainers for individual guidance and coaching throughout the course as appropriate.

Continuing Professional Development (CPD) points are able to be allocated towards RG146 Generic knowledge, Superannuation and relevant RSE competencies.

• RG146 General Advice in Superannuation – 24 structured CPD points
• RG146 Rapid (Superannuation) – 20 structured CPD points
• RG146 Refresher (Superannuation) – 12 structured CPD points

This Registered Training Organisation no.32151 is provided by Apex Compliance Solutions (Australia) Pty Ltd. 

ACS’s Privacy Policy – Australia is available here .

ACS’s Complaints Handling Policy (Australia) (including Appeals and Refunds) is available here .

Further information on the training courses and RTO can be obtained at:

e: [email protected]

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RG146 Compliance

What is rg146.

RG146 is ASIC ‘s Regulatory Guide 146 for Licensing: Training of financial product advisers.  Anyone giving financial product general advice under an Australian Financial Services Licence (AFSL) must satisfy ASIC’s RG 146 training standards.

Our RG146 Compliance Training Courses meet ASIC’s requirements for financial product advisers or representatives needing to meet the relevant training standards. (see RG 146.1–RG 146.3.)

Our courses are also an effective learning solution for financial services workplaces looking to ensure a desired level of base knowledge across selected teams or the wider organisation.

Explore our RG146 compliance training

How do i become rg146 compliant.

Here’s our practical, back to basics guide to step you through becoming RG146 compliant. Learn more .

Tier 1 RG 146 Compliance training courses

To meet relevant training standards at the Tier 1 level, you must complete both Generic Knowledge and the specialist knowledge area you intend to provide general advice in.

RG146 Generic Knowledge

RG146 Securities Course

RG146 Derivatives

RG146 Managed Investments Course

• RG146 Foreign Exchange

• RG146 Superannuation

• RG146 Life Insurance

Tier 1 General Insurance

Tier 1 RG146 CFA Gap Program

RG146 Margin Lending

Tier 1 RG146 Insurance Broking Program

Tier 2 rg146 compliance training courses.

Comply with ASIC’s Tier 2 related guidance in RG 146, which requires your representatives to study “specialist knowledge about the specific products you advise on and the markets in which you operate”.

Tier 2 RG146 General Insurance

Tier 2 RG146 Deposit Products and Non-Cash Payment Products

Frequently asked questions, about our our rg146 courses..

We offer an online, modular approach, allowing you to study and complete one RG146 specialist knowledge area at a time.

To meet relevant training standards at the Tier 1 level, you must complete both  Generic Knowledge and the specialist knowledge area you intend to provide general advice in.

Do the RG146 courses meet ASIC’s requirements?

Under their Australian financial services licensing obligations, some firms are required to meet additional standards if any representatives give advice to retail clients (RG146).

To assist AFS Licensees, we follow the syllabus prescribed by the Australian Securities and Investments Commission ( ASIC ) for each Tier 1 and Tier 2 specialist knowledge area.

We are a  Registered Training Organisation  and an ASIC Authorised Assessor, so you can be assured that each RG146 course covers all the elements ASIC has specified advisers should learn. ( RG 146.87 ).

How do I enrol my team?

You can enrol your team either:

• Easily enrol online (you can add multiple participants to your cart) or
• Contact us to arrange a quote.

Study related fees

We do not charge additional study related fees.

• Exam resit $0
• Course extension request (4 weeks) $0
• Certificate replacement fee $0

What are ASIC’s RG146 training standards?

ASIC’s training standards are sets of knowledge and (in some cases) skill requirements that must be satisfied by advisers before they give advice.

Knowledge and skill requirements vary depending on:

• whether the adviser gives general or personal advice; and
• what products the adviser gives advice on.
• Some products are classified as being Tier 1, while others are Tier 2

The knowledge requirements are set out in Appendix A of RG146 and the skill requirements are set out Appendix B.

What are the RG146 specialist knowledge areas?

Our Tier 1 specialist knowledge areas include:

• RG146 Securities
• RG146 Managed Investments
• RG146 General Insurance
• RG146 Insurance Broking .

To meet relevant training standards at the Tier 1 level, you must complete both  Generic Knowledge  and the specialist knowledge area you intend to provide  general advice  in.

Our Tier 2 specialist knowledge areas include:

• RG146 General Insurance  and
• RG146 Deposit Products and non-cash payments .

RG 146  continues to apply to people who provide:

• general advice,
• personal advice on basic banking products, general insurance and/or consumer credit insurance, and
• individuals who provide financial product advice in relation to a time-sharing scheme.

RG 146 refers to ‘ Tier 1 products ’ and ‘ Tier 2 products ’. As a result of the professional standards reforms, ASIC considers, in general, that:

• Tier 1 products are relevant financial products, and
• Tier 2 products are financial products that are not relevant financial products (i.e. basic banking products, general insurance products and/or consumer credit insurance, and time-sharing schemes).

Our practical, back to basics guide steps you through becoming RG146 compliant. Learn more in our recent insight How Do I Become RG146 Compliant?

What is the difference between RG146 Tier 1 and Tier 2?

ASIC has divided RG146 products into Tier 1 and Tier 2. Tier 2 products are generally simpler and better understood than Tier 1 products and are therefore subject to lighter training standards.

In RG 146 ASIC says it has taken this approach because while Tier 2 products carry certain risks, they:

• are relatively straightforward;
• do not have any investment component;
• are subject to standard terms and conditions except for disclosed variations; and
• are of limited life, often 12 months.

In practical terms, advisers on Tier 1 products are required to have Generic Knowledge plus a specialist knowledge about the specific products they advise on and the markets in which they operate. This differs from ASIC’s syllabus for Tier 2 products, which covers only specialist knowledge requirements that are relevant to the adviser’s tasks and specific industry and product/s.

Tier 2 products are deposit products , non-cash payment facilities, and general insurance (other than personal sickness and accident insurance).

Most other financial products are Tier 1, such as Securities , Managed Investments , Derivatives , Foreign Exchange , Superannuation , and Life Insurance .

Note that not all licensed financial products are in the RG 146 framework. For details of what financial products are in scope and whether they are Tier 1 or Tier 2, refer to RG 146 .

Remember, licensees still have a general obligation to ensure that their advisers have the necessary skills to be competent to provide advice (s912A(f) of the Corporations Act). Studying RG 146 learning is an effective avenue for fulfilling this requirement.

Our RG146 Compliance Training Courses meet ASIC’s requirements for financial product advisers or representatives needing to meet the relevant training standards. (see RG 146.1–RG 146.3.)

What is the expected study time for a RG146 course?

Learners have up to 16 weeks to complete a Tier 1 Compliance Course. The study time all depends on your current knowledge and experience, however we estimate 20 hours to complete a Tier 1 RG146 course or 8 hours to complete a Tier 2 RG146 course.

What is the mode of assessment for RG 146 courses?

• For each specialist knowledge area; there is one knowledge exam (multiple-choice questions) per topic. Each exam is based on the subject materials in the given topic.
• Assessment is online, open-book and does not need to be supervised
• If you are unsuccessful, you may repeat the assessment (3 attempts)

What is the RG146 Course Duration?

Our RG146 Programs are self-paced with online learning resources & on-going support.

• You have up to 16 weeks to complete the learning and assessment requirements for your Tier 1 RG146 Course .
• You have up to 8 weeks to complete the learning and assessment requirements for your Tier 2 RG146 Course .
• Experienced professionals can complete in less time.

What RG146 knowledge areas should I gain compliance in?

That would depend on your role and what financial products you provide advice in. You must be accredited to provide advice in all knowledge areas you intend to advise on. Consult your licensee if you are unsure or would like to discuss with them your desire to advise on additional knowledge areas.

Authorisation is the responsibility of your Australian Financial Services Licensee.

Who does RG146 compliance apply to?

RG 146 continues to apply for certain groups, namely licensees and advisers who:

• Provide general advice in  Securities ,  Derivatives ,  Managed Investments ,  Foreign Exchange ,  Superannuation  or  Life Insurance .
• Provide  general or personal advice  to retail clients in  General Insurance ,  Insurance Broking , and/or  Deposit Products & Non-Cash Payment Products
• Are already listed on the Financial Advisers Register and wish to study RG146 specialist knowledge as  CPD
• Need to complete a  relevant short industry  course under Responsible Manager Nomination Option 3
• Provide advice to wholesale clients (optional under RG146.35).

It is also recommended for trading/dealing desk heads, middle office, responsible managers, and other oversight roles.

We are a Registered Training Organisation and an ASIC Authorised Assessor, so you can be assured that our courses comply with ASIC’s requirements ( RG 146.87 ).

Our practical, back to basics guide steps you through becoming RG146 compliant. Learn more in our recent insight How Do I Become RG146 Compliant ? If there is any training that you or your team needs, feel free to reach out and we will be happy to assist.

What others say about us

Industry leaders in CPD The delivery method, the flexibility and the currency and relevance of content. FEP are and have always been a leader in CPD for the finance industry – thankyou

Parallels real workplace experience. We have been using FEP for a number of years now. The course materials are highly professional and parallels real workplace experience. Staff greatly value participating in meaningful external training and are the greatest advocates.

Efficient, informative and accessible. The content is well set out, clear and precise. My organisation does the course every year and we are continuing to learn new and interesting things with each new offering. The content is up to date with the industry and completely relevant to my role. I had all the support and learning resources available to get it done…

Extremely relevant and meaningful. Our firm exclusively uses the services of Financial Education Professionals for all of our ongoing RG146, compliance and responsible manager training for our team. We find course materials extremely relevant and meaningful and this allows our team to have up to date, practical knowledge.

Regulatory News

APRA publishes Member Therese McCarthy Hockey’s remarks to COBA CEO and Director Forum

The Australian Prudential Regulation Authority (APRA) has published remarks delivered by Member Therese McCarthy Hockey to the Customer Owned Banking Association CEO and Director Forum in Sydney.

In her opening remarks ahead of taking questions, Ms McCarthy Hockey outlined the steps APRA is taking to minimise regulatory burden and enhance the proportionality of its prudential framework while also ensuring banks are prepared to respond to risks.

Her comments included:

• “At a time when the global financial system is evolving rapidly, the array of risks banks need to identify and manage is growing in both scope and severity. This time last year, we saw a banking crisis in the United States emerge and spread internationally with unprecedented speed, facilitated by social media and online banking.”
• “Enhancing the proportionality of the framework isn’t the only way we’ve sought to reduce the regulatory burden. As part of our corporate planning process in 2021, we also set about looking at our prudential rule book and considering whether it remained fit for purpose.”
• “We will continue to evolve our approach and prudential framework in response to new risks and changes in the operating environment. Your challenge as mutual banks is much the same: to understand the risks to your businesses from factors such as new rivals, technological innovation and evolving consumer preferences – and make sure you are equipped to respond.”

Keynote speech by ASIC Chair Joe Longo at the Australian Institute of Company Directors (AICD) Australian Governance Summit

• Complying with directors’ duties may be difficult, but ASIC expects you to do it, it can be done, and there are benefits.
• Developments in AI, cyber threats, sustainable finance and ESG mean greater complexity in the business environment.
• Directors need to ask themselves the right questions: Are you acting honestly? Are you putting the company first? Do you have a continuous curiosity to understand the business and associated risks? And are you challenging management and getting professional advice?

APRA and ASIC release a cross-industry information package on the Financial Accountability Regime

The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have published further information to help banks, insurers and superannuation trustees prepare for the commencement of the Financial Accountability Regime (FAR).

The FAR, which takes effect for banks from 15 March 2024 and one year later for the insurance and superannuation industries, imposes a strengthened responsibility and accountability framework to improve the risk governance cultures of APRA-regulated entities, their directors and most senior executives.

Better coordinated financial sector regulation

The current Federal Government will introduce a financial sector regulatory initiatives grid to make sure the standard business of regulation is carried out in a more coordinated way.

We want to make it simpler and easier to do business in Australia and that’s what this will help achieve in the financial services sector.

The grid will be a rolling, 24‑month forward program of regulatory initiatives that will materially affect the financial sector, including banking, credit, insurance, superannuation, investment, payments, and capital market entities, updated twice a year.

APRA publishes Chair John Lonsdale’s Opening Statement to the Senate Economics Legislation Committee

The Australian Prudential Regulation Authority (APRA) has published Chair John Lonsdale’s Opening Statement to the Senate Economics Legislation Committee.

“APRA recently released their latest Policy and Supervision Priorities , which provides a six-month view on APRA’s key focus areas for banking, insurance and superannuation.

It emphasises:

• operational and cyber resilience, reflecting the growing reliance on digital technologies by entities and the community;
• embedding lessons learned from last year’s global banking turmoil through targeted changes to the prudential framework for authorised deposit-taking institutions;
• lifting superannuation trustees’ practices on retirement incomes, implementing recommendations from the Financial Regulator Assessment Authority (FRAA) review, enhancing transparency and aligning APRA’s heatmaps with the performance test; and
• across insurance, continuing to balance financial sustainability with the need to enhance affordability and availability.”

APRA and ASIC release letter on the Financial Accountability Regime (FAR) ADI commencement and implementation

The Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC) have jointly released a letter to all authorised deposit-taking institutions (ADIs) and their authorised non-operating holding companies (NOHCs) on the Financial Accountability Regime (FAR).

ASIC accepts court enforceable undertaking from buy now, pay later provider Elepay

ASIC has accepted a court enforceable undertaking from buy now, pay later provider Elevare Pay Easy Pty Ltd, trading as Elepay.

Elepay’s products are financial products under the Design and Distribution Obligations (DDO) of the Corporations Act which requires Elepay to make a Target Market Determination (TMD) before offering them to consumers.

TMDs ensure that products are only sold to consumers in the target market for that product and that the product is appropriate to their needs and objectives.

Although buy now, pay later products are not considered credit products, they must comply with the DDO.

The DDO commenced on 5 October 2021. They require issuers and distributors to take a consumer-centric approach by placing consumer outcomes front and centre at the product design, product distribution, and monitoring and review stages of the product life cycle.

The Corporations Act extends the definition of ‘financial product’ for the purpose of the DDO to include a ‘financial product’ within the meaning of the ASIC Act, which includes a ‘credit facility’.

Keynote address by ASIC Deputy Chair Sarah Court at the Connexus Super Chair Forum

Keynote address by ASIC Deputy Chair Sarah Court at the Connexus Super Chair Forum, 1 February 2024.

• ASIC’s enforcement priorities in the superannuation sector in the coming year run along three key themes: member services failures; misleading conduct, including greenwashing; and failures to protect superannuation balances.
• These reflect areas of genuine harm ASIC is seeing through intelligence and surveillance and should serve as fair warning to the sector as to where it needs to lift performance.
• Superannuation fund board chairs are in a powerful position to impact outcomes for members and ASIC is calling on them to be proactive in placing members at the heart of day-to-day operations or face possible regulatory attention.

Keynote address by ASIC Chair Joe Longo at the at UTS Human Technology Institute Shaping Our Future Symposium

ASIC Chair Joe Longo spoke at the UTS Human Technology Institute Shaping Our Future Symposium on the current and future state of AI regulation and governance:

We’re not there yet: Current regulation around AI may not be sufficient.

• ASIC Chair Joe Longo spoke at the UTS Human Technology Institute Shaping Our Future Symposium on the current and future state of AI regulation and governance.
• All participants in the financial system have a duty to balance innovation with the responsible, safe, and ethical use of emerging technologies – and existing obligations around good governance and the provision of financial services don’t change with new technology.
• ASIC will continue to act, within our remit, to deter bad behaviour whenever appropriate and however caused. Our focus is – and will always be – the safety and integrity of the financial system and positive outcomes for consumers and investors.

APRA outlines 2024 supervision and policy priorities

The Australian Prudential Regulation Authority (APRA) has published its supervision and policy priorities for the first six months of 2024.

In a letter released this morning, APRA outlined its regulatory agenda across banking, superannuation and insurance, we well as major cross-industry issues including cyber security, operational resilience, climate risk and governance.

The letter acts as an interim update ahead of APRA moving to publishing its policy and supervision priorities in its annual Corporate Plan, which is due by the end of August.

ASIC consults on ABA’s proposed changes to the banking code

ASIC has opened its consultation on the Australian Banking Association’s proposed changes to its Banking Code of Practice. The Code contains a set of contractually enforceable standards that customers and small business can expect subscribing banks to uphold. The ABA plans to apply for ASIC approval of the revised Code.

ASIC targets misconduct in superannuation sector

ASIC will look to take strong, targeted enforcement action in the coming months and into 2024, as part of its focus on member outcomes in the superannuation sector.

The enforcement focus comes after ASIC’s enforcement and regulatory update highlighted ASIC’s work to protect consumers, including calling on banks to ensure better consumer outcomes and civil penalty action against Westpac Banking Corporation after alleged failures to address financial hardship notices.

ASIC calls for greater organisational vigilance to combat cyber threats

ASIC calls on organisations to prioritise their cyber security after its report into the cyber capability of corporate Australia identified significant gaps.

The report summarises the results of ASIC’s recent cyber pulse survey. The results of the voluntary self-assessment survey have exposed deficiencies in cyber security risk management of critical cyber capabilities, indicating that organisations are reactive rather than proactive when it comes to managing their cyber security.

HESTA trustee pays infringement notices for misleading marketing

ASIC has taken action against H.E.S.T. Australia Limited (HESTA), the trustee of HESTA superannuation fund, for alleged false or misleading statements made in their marketing material. HESTA paid $48,600 to comply with three infringement notices issued by ASIC regarding alleged false or misleading statements about its ‘Balanced Growth’ superannuation investment option.

ASIC oversees more than $17.4 million in compensation to retail investors by OTC derivative issuers

ASIC has overseen more than $17.4 million in combined compensation payments to over 2,000 retail clients affected by breaches of financial services laws by eight retail OTC derivative issuers.

October Corporate Publications

Coinciding with AGM season, in recent weeks financial services regulators have released their annual reports. We’ve collated them all, to make them easier for you to look up, read, and consider any points of interest for your organisation.

Regulatory favourites October 2023

With spring now in full swing, here is our latest round-up of the plays regulators have been following.

APRA publishes 2022-23 Annual Report

The Australian Prudential Regulation Authority (APRA) has published its Annual Report for the 2022-23 financial year.

The Annual Report is available on the APRA website at: APRA Annual Reports

APRA publishes Member Suzanne Smith’s speech to ICA Annual Conference

The Australian Prudential Regulation Authority (APRA) has published a speech delivered by Member Suzanne Smith to the Insurance Council of Australia’s Annual Conference in Sydney.

In “Worth the risk: finding a better balance in general insurance”, Ms Smith discussed the need to keep the insurance sector strong while also finding a way to ensure cover remains accessible and affordable for the community.

Strong, sustainable insurance businesses are central to a thriving economy. Essential to this is the availability of affordable, appropriate cover to every household and business that needs protection along with confidence to take financial risks. Getting everyone on the same page and finding solutions to the myriad of issues I have outlined won’t be easy. I’m sure there will be mis-steps and we may not always agree. But if we are truly going to insure the future together, working together to leverage our strengths and harness the collective wisdom is definitely worth the risk.

APRA publishes Chair John Lonsdale’s speech to Citi Australia and New Zealand Investment Conference

The Australian Prudential Regulation Authority (APRA) has published a speech delivered by Chair John Lonsdale to the Citi Australia and New Zealand Investment Conference in Sydney.

In “Aftershock: lessons from a real-life banking stress test”, Mr Lonsdale outlined the steps APRA was taking to shore up financial system stability in response to the lessons learned from the global banking turmoil of earlier this year.

Join our course and regulatory updates.

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ASFA’s RG 146 Superannuation course is the industry leading and most flexible RG 146 course available in the market. Designed specifically for the superannuation industry, it satisfies the ASIC requirements for the provision of general advice in superannuation. It is updated annually to ensure its content remain current and incorporates any legislative changes.

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RG146 Superannuation Written Assignment

Assignment help on short answer questions.

This written assignment is one (1) of two (2) assessment tasks. You must complete this assignment on your own—refer to the section on Academic Misconduct on page 5. Some questions will require you to undertake independent research outside of the subject notes.

It contains ten (10) questions which are worth a total of 100 marks. The value of each question is shown in parentheses beside each question number.

In this written assignment, you must try to answer  all  the questions and submit your completed assignment via the ASFA Learning Hub.  The grade for this assignment is out of 100 marks, you must achieve 80% or higher overall to pass this assignment.

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 (e.g. 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.

Handwritten 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.

Resubmissions

For any resubmissions, those questions where you have not achieved 8 or above out of 10 marks will need to be resubmitted.

You are entitled to two (2) attempts for this written assignment.

Assignment resubmissions fees

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.

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 passed’ 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 passed’ 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 Advisor.

Assessor feedback: First submission      

Question 1                                                                                                                (10 marks).

This question focuses on the main sectors of the financial services industry and how they are interconnected with the superannuation industry. It also covers the economic environment.

1a.    Two sectors of the financial services industry have been listed below  (Banking and Insurance) . Complete the table by:

• Briefly outlining the role and responsibilities of both sectors.
• Explaining how each sector is interconnected with the superannuation sector.

( Interconnected:  Refers to the way in which two or more things or people are connected and affect one another).                                                                                                                                                        (2 marks)

1b.   External forces are pressures or factors outside a super fund’s control such as changes in the economic, social and political climate. For each of the external forces listed:

• Describe a change/pressure outside the control of the superannuation industry
• Give a specific example to explain how super funds have responded to the change or pressure described

                                                                                      (3 marks)

1c.    In general, the federal government has the following four (4) broad economic objectives it aims to achieve:

• Sustainable economic growth
• Full employment
• Price stability
• A balanced trading position with the rest of the world

Choose two (2) of these objectives and for each objective:

• Give a definition
• Briefly explain the impact a  contractionary  phase in the business cycle would have on that economic objective.

                                                                                 (2 marks)

1d.   Explain how monetary policy is implemented in the Australian economy. Provide one (1) example of how the Reserve Bank of Australia (RBA) might use monetary policy to influence economic growth.                (1 mark)

1e.    Inflation is a sustained increase in the general level of prices over a given period of time.

          Complete the table below to explain the negative effects of inflation for different market participants. Give two examples of market participants who are negatively affected by inflation, and explain how they are affected.                                                                                                                                                         (2 marks)

QUESTION 2                                                                                                                (10 MARKS)

This question focuses on the operation of the financial markets, investments and the types of products traded in the market.

You will need to undertake some independent research  to answer the following questions about financial products:

2a.    The concept of a ‘financial product’ is central to the operation of Chapter 7 of the Corporations Act 2001 (Corporations Act). What is the general definition of a ‘financial product’ as per the Corporations Act?  (1 mark)

2b.   The Corporations Act outlines the specific inclusions and exclusions of what constitutes a financial product. Research which sections of the Corporations Act includes these inclusions and exclusions.  (1 mark)

2c.    Complete the table below to build a summary of the traditional asset classes.            (4 marks)

2d.   In the table below, specify the  type(s) of return earned  and  rate  of tax that applies to the return for each asset class held by complying superannuation funds.                                                              (2 marks)

2e.    When setting the investment objective and strategy, trustees need to consider several things, including the make-up of their membership.

          In your own words, how would you describe investment risk?                                             (1 mark)

2f.    How would a fund with a younger membership base differ from a fund with an older demographic in terms of its investment strategy?                                                                                                                      (1 mark)

QUESTION 3                                                                                                                (10 MARKS)

This question allows you to identify some of the policies and procedures relevant to a superannuation fund’s day to day operations in relation to administration and customer service. It also focuses on the role of the employer in providing Superannuation Guarantee for eligible employees, and the fund administrator in establishing a relationship with the employer.

3a.    Complete the following table to explain some features of a superannuation fund’s customer engagement activities. You will need to:

• Describe and explain the purpose of each document/item listed
• Use the ERASE acronym to explain when each document needs to be given to a member

                                                                                                                                                                              (4 marks)

3b.   Trustees of regulated superannuation funds are required to communicate to members the details of the internal and external dispute resolution services the fund has in place. What are two ways in which a superannuation fund can satisfy this requirement?                                                                    (1 mark)

3c.    Following a major investigation, a regulated superannuation fund has become aware of a major breach of security. An external contractor has gained unauthorised access to the personal data of all fund members who joined after March 2019.

          Outline what obligations the fund trustees have for reporting this matter under the Privacy Act.             (1 mark)

3d.   Hamish is a 22 year-old university student in his last year of completing a computer science degree. To gain some work experience, he started a casual job as a data analyst working 10 hours a week with International Data Solutions, a large software company. He joined Data Solutions on 6 April 2021 and is paid $22 per hour.

          Is Hamish’s employer required to make compulsory superannuation guarantee (SG) contributions on his behalf during the 2021/22 financial year? Explain how you came to this conclusion.  (1 mark)

3e.    An employee of any business needs to carry out her or his professional duties and obligations with the highest principles of integrity, ethics and honesty amongst other things when dealing with customers externally and internally.

          Provide three specific (3) examples of how you maintain these standards in your role:

          Note: you may need to do some external research outside of your subject notes to answer this question.                                                                                                                                                                           (3 marks)

QUESTION 4                                                                                                                (10 MARKS)

This question requires you to complete tasks by researching either the superannuation fund you work for, or another superannuation fund of your choice. The superannuation fund you choose must offer a MySuper product (or option) and a retirement or transition to retirement product.

4a.    Complete the following details for your chosen fund.                                                                (1 mark)

• Use the Product Disclosure Statement (PDS) and fund website to answer the following questions for your chosen  MySuper  product or option  (3 marks)
• Use the (PDS) and fund website to answer the following questions for your chosen  retirement  or  transition to retirement product  (TTR).  (3 marks)

4d.   Is the MySuper product for your chosen fund promoted or marketed any differently from other products the fund offers? If so, explain how it differs.                                                                                           (1 mark)

4e.    List two (2) other funds which could be considered competitors to your chosen fund. Give a brief justification why you believe them to be competitors.                                                                                       (2 marks)

QUESTION 5                                                                                                                (10 MARKS)

Alistair is a member of the Seniors Super Fund. He has sent a written letter of complaint to the trustees of the fund arguing against the timing of when the fund processed his switch request. When he sent the request, the unit prices were higher but had fallen when the request was actually processed which resulted in a considerable reduction of his accrued benefits. He has requested the switch be backdated to a date where unit prices were more favourable, and he would, instead, make a gain from the switch instead of a loss.

5a.    Seniors Super Fund has received Alistair’s written letter of complaint via the post. What timeframe must the fund legally adhere to for responding to Alistair’s complaint?                                               (1 mark)

5b.   Superannuation funds are required to have an internal complaints process in place to deal with member complaints. As part of this process, what four (4) general steps will the Seniors Super fund follow before resolving and responding to Alistair’s complaint?                                                                     (2 marks)

5c.    Alistair is not satisfied with the response he receives from Seniors Super Fund and wants to take his complaint to the Australian Financial Complaints Authority (AFCA).

In your view, is Alistair’s complaint likely to fall within AFCA’s jurisdiction? Give a reason to support your answer.                                                                                                                                                             (1 mark)

5d.   AFCA cannot deal with complaints that relate to the overall management of a fund such as investment performance and fees.

          Outline two (2) more guidelines for complaints that can’t be dealt with by AFCA.    (2 marks)

5e.    After reviewing the facts, AFCA’s attempt to resolve the complaint by conciliation was unsuccessful. Identify and describe the two (2) next steps AFCA may take to resolve the complaint.            (2 marks)

To answer the next question you will need to access the ‘ AFCA Transition Complaints Approach’  document which is available on AFCA’s website www.afca.org.au

5f.    In July 2018, Rosa had a complaint heard by the Superannuation Complaints Tribunal (SCT) with the outcome being that the SCT affirmed the trustee’s decision.

Rosa has just found out that the SCT was replaced by AFCA on 1 November 2018. Still feeling aggrieved, she decides to lodge the same complaint with AFCA hoping for a more favourable outcome. There has been no change to the facts or evidence supporting the matter in dispute.

Can AFCA deal with this complaint? Give reasons for your answer.                                    (1 mark)

5g.    Yasmine has discovered that her employer has not been making superannuation guarantee contributions to her superannuation fund, despite recording this on her pay slips. The superannuation fund confirms they have not received any contributions. Her employer claims she must have made an error because they have been sending payments.

          What action can Yasmine take to address her complaint?                                                        (1 mark)

QUESTION 6                                                                                                                (10 MARKS)

This question looks at different types of contributions and how those contributions are taxed. It also looks at eligibility for the Government co-contribution and tax offsets. Some calculations are required. All workings must be shown.

6a.    Sukari is completing her tax return for 2020/21 and wishes to claim a tax deduction for the personal contributions she made to a superannuation fund during this period.

          Outline the eligibility conditions she must meet to claim a tax deduction for these contributions.           (1 mark)

6b.   What contributions cap applies to any personal contributions Sukari makes if she claims a tax deduction for these contributions in 2020/21?                                                                                                         (1 mark)

6c.    Before lodging her tax return with the ATO, what steps will Sukari need to take so that her fund knows of her intention to claim a tax deduction for the personal contributions she has made?        (1 mark)

6d.   Ee Pin has recently joined the Big Bucks Super Fund into which his employer will pay SG contributions each month. He did not include details of his TFN on the Member Application Form when he joined as he was told by a colleague not to worry about it as the super fund will ‘sort this out’ for him.

          Identify and describe two (2) other options the fund has for obtaining Ee Pin’s TFN without the need to contact him directly for this information.                                                                                      (2 marks)

6e.    Candice has an assessable income of $44,275 and meets all criteria to be eligible for a co-contribution payment. She makes a personal contribution of $800 to her super fund in 2021/22.

          What is the maximum government co-contribution amount Candice will be entitled to? Show all workings.                                                                                                                                                                           (2 marks)

6f.    How much of the co-contribution received by Candice will count towards her non-concessional contributions cap? Explain your answer.                                                                                         (1 mark)

6g.    Sheldon contributes $1,500 in 2021/22 to a complying superannuation fund for his spouse Lucy who earns $38,600. Sheldon and Lucy meet the eligibility requirements for Sheldon to claim a tax offset in his 2021/22 tax return for these contributions.

          Calculate the amount of tax offset that Sheldon is entitled to. Show all workings.      (2 marks)

QUESTION 7                                                                                                                (10 MARKS)

Preservation involves keeping a member’s benefit entitlement in a superannuation environment until a condition of release is met. People over preservation age who are retired, or in the pre-retirement phase of their life, can provide for their retirement through retirement income streams. This question covers conditions of release, some of the calculations around income streams and the impact of deeming rates.

7a.    Andrew is 38 years old and has recently been diagnosed with a brain tumour. He would like to access his superannuation benefit to help pay for his treatment and medical expenses. Andrew was advised by his doctors that he is unlikely to see his 40th birthday. While he is still well enough, Andrew would also like to use a portion of his superannuation benefit to go on a holiday with his young family.

          Name two (2) conditions of release that may enable Andrew to claim part or all of his superannuation benefit. Outline any specific requirements he must meet for the benefit to be released under each of these conditions.                                                                                                                                                                           (2 marks)

7b.   Gloria is planning on retiring on 31 March 2022. At this time, she will be 59 years of age. Her superannuation benefit is worth $755,000 which consists of a tax-free component of $85,000. Gloria’s fund is a taxed superannuation fund.

          Calculate the amount of tax Gloria would need to pay if she decides to take her whole benefit as a lump sum. Show all workings.

          ( Note:  include the 2% Medicare levy in your calculations.)                                                  (2 marks)

7c.    Aarav turned 67 years of age on 11 October 2021 and retired on his birthday. He was entitled to a superannuation lump sum benefit of $300,000. He decided to take an account-based income stream commencing on 11 October 2021 and will withdraw the minimum payment for 2021/22.

          In the first year, the payment must be proportioned over the number of days remaining in the financial year from date of commencement.

          Calculate the number of days remaining in the financial year from Aarav’s commencement date. Show all workings.                                                                                                                                                        (1 mark)

7d.   Use the number of days calculated for Q7(c) and the relevant age-based percentage factor to calculate how much Aarav’s payment will be in the first year (i.e. to 30 June 2022)? Show all workings including correct rounding of your answer.                                                                                                                      (2 marks)

7e.          Jill is aged 86 and she sold her home that she owned for 40 years, on 1 July 2021 for $280,000. She has no superannuation at all. Explain whether Jill is able to contribute any     or all of the amount as a Downsizer contribution.

           (1 mark)

7f.           Peter has joined an APRA regulated default superannuation fund on 1 June 2021 and he          is aged 23. He has rolled in $7,000 from his previous superannuation fund. Discuss whether he is given default insurance or not. The new superannuation fund DOES NOT          have any exemptions for the riskiest quintile of occupations. 

           (2 marks)

QUESTION 8                                                                                                                (10 MARKS)

One of the trustee’s main duties is to invest a superannuation fund’s money. This question looks at factors affecting investment decisions including constraints and disclosure requirements.

8a.    Trustees of super funds must regularly review their investment strategy policies and risk management policies to ensure the covenants contained in the SIS legislation are always met.

          Identify and describe the three (3)  investment  covenants which are binding on the trustees of superannuation funds.                                                                                                                            (3 marks)

8b.   Valhalla Corporate Super Fund is a non-public offer accumulation fund which is only available to employees of Valhalla.

The Trustees have invested some of the assets of the fund in a resort development being undertaken by a company owned by business partners of the individual directors of the Trustee of Valhalla Corporate Super. The individual directors of the trustee are also members of the fund. The Trustee has invested 15% of its assets in the resort.

Considering the facts in this scenario:

• Explain whether the Trustee is in breach of the SIS in-house assets limits
• Explain whether the directors are likely to have breached the SIS covenant to exercise the care, skill and diligence expected of a superannuation fund director when making investments?  (2 marks)

8c.    When setting a fund’s investment objectives and investment strategy, trustees need to consider several things, including the fund’s membership. Identify and give an outline of the two (2) investment strategies for a MySuper option.                                                                                                                                     (2 marks)

8d.   The product dashboard provides key information about MySuper products presented in a standardised way.

• List what information must be provided on the MySuper product dashboard
• Explain how this is of benefit to consumers when choosing a MySuper product  (2 marks)

8e.    How quickly must the trustees update information on the MySuper product dashboard if there has been a change to:

• fees and costs
• any other measure published on the dashboard  (1 mark)

QUESTION 9                                                                                                                (10 MARKS)

You are the Training Manager for ‘We Manage It’, a service provider who looks after the administration of several high-profile superannuation funds. You have a group of new Customer Service employees to train and have prepared the following questions for the upcoming induction program.

9a.    Outline one (1) defining characteristic for each of the following superannuation vehicles that can accept superannuation monies.                                                                                                                        (4 marks)

9b.   There are two (2) main superannuation fund designs.

          Identify and describe two (2) key differences between these fund designs.                 (2 marks)

9c.    Superannuation contributions are broadly categorised into concessional and non-concessional contributions.     Answer the following questions to explain how these differ from each other.    (3 marks)

9d.   Identify the two (2) main options a superannuation trustee has available to manage the administration of the superannuation fund.

          Note: In this question, the fund is not part of a master-trust.                                                 (1 mark)

QUESTION 10                                                                                                              (10 MARKS)

This question looks at the roles and responsibilities of the main regulators who oversee different aspects of the superannuation industry. It also considers the impact of legislation and provision of quality advice.

10a. Complete the table below to build a summary of the main regulators in the superannuation industry.    (6 marks)

10b. Complete all details in the table below.                                                                                              (2 marks)

10c. One of the aims of FoFA was to improve the quality of financial advice given to retail clients. Explain what the ban on conflicted remuneration structures is and how it helps achieve this aim.          (2 marks)

Expert's Answer

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