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FPC001B Economic and Legal Context for Financial Planning

Analysis task
(Total marks: 30 | Word limit: 1,600 words)

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Checklist

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Marker feedback

Comment on overall performance:

Instructions to students

• This analysis task covers Topics 1 to 3 and accounts for 15% of your final grade.

• There are two (2) questions in this analysis task. You should answer all questions.

• The overall word limit for the analysis task is 1,600 words. Marks will only be awarded for answers up to the word limit (plus 10%) for each question. Any material written after this will not be counted towards your mark for that question. Headings, quotes and references within the body of the answer are included in the word count. Numerical tables, calculations, and reference lists are not included. For more information on word counts and their rationale, go to Assessment à Analysis task à Assessment Preparation Guide.

• Refer to the Criteria-based Marking Guide for guidelines on what is expected for each question.

• The ‘Assessment Preparation Guide’ in KapLearn contains information about format and presentation, word limits, citations and referencing, collusion, plagiarism and other policies, useful resources, submitting your analysis task and accessing your results.

• Full workings must be shown for all calculations. Show all calculations in the text of your analysis task and not attached as an appendix. Appendices to analysis task will not be read.

• Answers are to be in your own words. Reference and cite all your sources (within the text of your answer) when quoting or using material from external sources. Include a reference list at the end of your analysis task. For further information on referencing, refer to the ‘Referencing and Research’ page in the ‘Build Your Skills Hub’.

• Indicative weightings are noted beside each question. Use these weightings to assist you with your allocation of time and resources. The weightings indicate the relative importance of each question.

• State all assumptions used in providing your answer.

• Requests for special consideration or information pertaining to special consideration written in the body of the analysis task will not be considered by the marker. Refer to the ‘special consideration’ section of the Assessment Policy on Kaplan’s website for more information.

Learning outcomes (LO) mapping	Marks
1. Explore the role of intermediaries in financial markets.	5
2. Explain the impact of current issues and key economic and financial indicators on the Australian and global financial markets.	5
3. Analyse the impact of government and monetary policy on the Australian financial markets.	10
5. Explore the main sources of law and the regulatory structure of financial services law in Australia.	10
Total marks	30

Analysis Task (30 marks)

Question 1 Impact of economic variables and government policies
(20 marks | Word limit: 1,000 words)

LO1 Explore the role of intermediaries in financial markets.

LO2: Explain the impact of current issues and key economic and financial indicators on the Australian and global financial markets.

LO3: Analyse the impact of government and monetary policy on the Australian financial markets.

The case study mentions five (5) factors that Jane is concerned about being:

Labour market conditions
Interest rate environment
Global economic influences on the Australian economy
Local property market conditions
Domestic equity market performance.

For each factor (5 in total), you are required to provide:

An explanation of the factor, covering the current market environment applicable to that factor.
(1 mark)
An explanation of how monetary and fiscal policy changes could influence the factor. (1 mark)
A clear and focussed explanation of how that factor and any monetary and fiscal changes has an influence on one (1) of Jane’s investment objectives of your choosing. (2 marks)

Total marks 20 marks

Hints:

Your answer should have five (5) parts — one for each factor mentioned above.
Each factor/part should then be broken down into the elements 1–3 above; accordingly.

To be clear you will need to provide five (5) lots of three (3) elements (15 elements total) in your answer.

You should note the word limit and apply the limit evenly across the five factors.
As the focus in the question is on economic and financial policy, do not attempt to answer the question as if you were wearing a lending banker’s hat. No actual borrowing advice or financial calculations are required. The question is about the impact of economic variables and government policies, including fiscal policy.
Students should assume that your comments to Jane are being provide today and should utilise the most up to date and recent information that is available.

Note: Marks are awarded for justification and research into the relevant topics.

Criteria-based Marking Guide for Question 1

The Criteria-based Marking Guide is designed to assist students to understand what is expected of them in each question and to let them know how their performance will be judged.

Excellent (Mark range: 15–20 marks)

Satisfactory (Mark range: 10–14.5 marks)

Unsatisfactory (Mark range: 0–9.5 marks)

• clear and concise explanation of each factor, including current conditions and expectations

• sound analysis of the influence of central bank and government policy on each of the factors

• excellent understanding shown of how each factor impacts or influences one of the client objectives

• evidence of external research with appropriate references

• adequate explanation of each factor

• some analysis of the influence of government policy on each of the factors

• reasonable understanding shown of how the factors impact or influence one of the client objectives

• some evidence of external research

• incorrect or little explanation of factors

• little analysis of the influence of government policy on each of the factors

• poor understanding shown of how the factors impact or influence one of the client objectives

• little or no evidence of external research

Insert your answers to Question 1 below this line

End of answers to Question 1

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Question 2 Finding the law (10 marks | Word limit: 600 words)

LO5: Explore the main sources of law and the regulatory structure of financial services law in Australia.

As outlined in Topic 3, accessing legislation and the law is a relevant skill for people working in financial services. For this question, use online legal resources to locate the following information in relation to this high-profile case.

Facts

MFS Ltd was a publicly listed company and was the parent company of the MFS Group. MFS Ltd collapsed in 2008 during the Global Financial Crisis (GFC) with substantial debts. Following the collapse, ASIC commenced civil penalty proceedings against a number of directors and officers of the group, including Mr Michael King in connection with large scale misuse of funds. The relevant entity at the heart of ASIC’s case was MFS Investment Management Pty Ltd (MFSIM). MFSIM was the Responsible Entity of the Premium Income Fund (PIF), the largest registered managed investment scheme in the MFS Group.

One of the key issues throughout the case was whether Mr King was an ‘Officer’ of the company.

(a) Find section 9 of the Corporations Act, and provide:

(i) The definition of an ‘Officer’ under this Section.

In your answer provide the full text of the heading of the section, and the online address (hyperlink) and date you viewed it. (1 mark)

The Supreme Court found that MFSIM, Mr King and other senior officers within the MFS group had contravened numerous provisions of the Corporations Act in connection with the misuse of MFSIM’s funds.

The Court of Appeal overturned the ruling of the trial judge on the question of whether Mr King was an officer of MFSIM.

In AustLII, locate the 2019 Supreme Court of Queensland – Court of Appeal involving Michael King and The Australian Securities Investment Commission (ASIC) and provide the following details:

(ii) The full case citation and the orders made by the Court. (1 mark)

(iii) The key finding of the Court of Appeal on whether Mr King was an officer of MSFIM. (1 mark)

(b) ASIC then appealed this decision to the High Court of Australia.

In AustLII, locate the 2020 High Court case involving The Australian Securities Investment Commission (ASIC) and Michael King and provide the following details:

(i) The full case citation and the orders made. (1 mark)

The Australian Securities and Investment Commission website at: <www.asic.gov.au> provides details of enforcements outcomes in a report that is released every 6 months.

Please note: Links to ASIC documents or webpages may need to be copied and pasted into a browser address bar to work correctly.

The ASIC enforcement update January to June 2020, contained details regarding the MFS case.

(ii) Provide the correct Harvard style citation of this report, including online address (hyperlink) and the date you accessed it. (1 mark)

(iii) Provide a summary of the ASIC comments in relation to this case. (1 mark)

(iv) Why do you think ASIC appealed this case? In your response provide reference to two key roles of ASIC in the financial markets. (2 marks)

(v) Provide four (4) brief comments on the significance of the ASIC v King decision from the perspective of a company?

Instructions to students: Students can provide 4 bullets points on how this case is significant to companies and its officer holders and advisers to the company. (2 marks)

Criteria-based Marking Guide for Question 2

The Criteria-based Marking Guide is designed to assist students to understand what is expected of them in each question and to let them know how their performance will be judged.

End of answers to Question 2Insert your answers to Question 2 below this line

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End of analysis task