School Of Law

Financial Advice (Regulatory and Legal Obligations)Western Sydney University Unit Code: 201041.1


Student Contribution Band: 4

Level: 7

Credit Points: 10

Assumed Knowledge
Students are expected to have practical experience working in the financial planning industry and be on the Financial Adviser Register.

Unit Enrolment Restrictions
Students are expected to be on the Financial Adviser Register before enrolling in this unit.

About this Unit
This unit examines the regulation of provision of financial advice within the Australian financial services sector – including the regulatory and legal obligations relating to financial advice that arise under Chapter 7 (“Financial Services and Markets”) of the Corporations Act 2001 (Cth) and the reporting and notification requirements under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act) and the Anti-Money Laundering and Counter-Terrorism Financing Rules (AML/CTF Rules). The main object of Chapter 7 is to promote: confident and informed decision making by consumers of financial products and services while facilitating efficiency, flexibility and innovation in the provision of those products and services; fairness, honesty and professionalism by those who provide financial services; fair, orderly and transparent markets for financial products; and the reduction of systemic risk and the provision of fair and effective services by clearing and settlement facilities. Businesses that are required to comply with the AML/CTF Act are also required to comply with the Privacy Act 1988 (Cth) when handling personal information collected for the purposes of compliance with their AML/CTF Act obligations. The unit examines the role of the Australian Transaction Reports and Analysis Centre (AUSTRAC) which is the Australian Government agency responsible for ensuring compliance with the AML/CTF Act. The unit critically evaluates the reasons for regulation in the context of contemporary and evolving events which affect the financial services sector including the overarching Australian Privacy Principles (APPs) set out by the Privacy Act 1988 (Cth). The unit also examines the Tax Agent Services Act 2009 (Cth) (TASA) requirements for tax (financial) advisors and the role of the Tax Practitioners Board (TPB) in enforcing the requirements under TASA. The unit examines the professional and ethical obligations in providing financial advice and the consequences of failing to comply with these obligations with a particular focus upon the critical importance of professional ethical conduct, the consequences understanding the need to put the clients interest first, the importance of identifying and resolving conflict of interest, and the need to identify and avoid instances of professional misconduct and unsatisfactory conduct. This unit is available as a standalone bridging unit which is accredited by the Financial Adviser Standards and Ethics Authority (FASEA) having met the FASEA curriculum and standards requirements.

Special Requirements - Essential Equipment
A computer and reliable internet access.

2824.1Master of LawsCURRENT
2825.1Graduate Certificate in Financial AdvisingCURRENT


A2015.1Master of Laws (Law Graduate) - 80cp pathwayCURRENT
A2016.1Master of Laws (Law Graduate) - 120cp pathwayCURRENT
A2017.1Master of Laws (Non Law Graduate) - 80cp pathwayCURRENT
A2018.1Master of Laws (Non Law Graduate) - 120cp pathwayCURRENT
A2019.1Master of Laws (Law & Non Law Graduates) - 160cp pathwayCURRENT

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