Financial Services Professional Practice by xiaohuicaicai


									Financial Services
Professional Practice

          Subject Code: ACC03
        Unit Code: FNSICIND401B
       Lecturer: Sudarshan Adhikari
 Professional Organisations
(Session 4)
A professional body consists of a group of
people within a industry. An example is the
Australian   Medical    Association  whose
membership consists of medical practitioners
and medical students.

They also promote codes of conducts and
ethical standards, and provide support and
advice to members.
Networking & Lobbying
 Networking is an opportunity for people in the same industry to
  meet informally, share ideas, ask and answer questions and
  make valuable business contacts. The functions could be
  formal, like a seminar on taxation, or a casual event like a
  Christmas party. Either way, members can mix, socialize, swap
  business cards and get to know other members. Networking in
  general can lead to extra business opportunities and useful
  contacts and is highly regarded by the business community.
 Lobbying government is an important function of professional
  bodies in any area. Lobbying simply means trying to influence or
  persuade the government to act or legislate for the benefit of the
  members of the body and business community. Lobbying also
  involves providing technical advice to individual politicians,
  committees and public servants.
 Australian      Shareholders’     Association     (ASA):      was
  established as not for profit organization in 1960 to protect and
  advance the interest of investors. ASA has been successful in
  raising the standard of corporate governance in Australian
  Companies. The association continues to press for
  improvements in transparency and accountability in relations to
  company performance, executive remuneration, treatment of
  minority shareholders, risk management and dividend policy.
 Financial Services Institute of Australia (FINSIA): The
  mission of FINSIA now is concerned with:
     Raising standards in the financial services industry by
      fostering professional development and market integrity.
     Connecting people and knowledge.
     Promoting ethical and effective practice, and
     Championing the status of our members and stature of our
National Institute of Accountants (NIA): is a professional
organization for accountants recognized for their practical, hands-
on skills and a broad understanding of the total business
Institute of Chartered Accountants in Australia (ICCA): is the
professional body representing Chartered Accountants in Australia.
CPA Australia: is the biggest professional body in the accounting
In order to join most of these organizations members must have a
recognized qualification from a university or TAFE and a required
number of years of practical experience in the field. These bodies
also set and maintain ethical standards and will investigate
complains from the public about the conduct of their members.
Code of Practice
Industry codes of conduct or practice have been
developed by a number of industry association
in the financial services sector. The content of
each of these codes is different. Each code sets
out the service standards that can be expected
when dealing with a company that subscribes to
that code.
ASIC has the power to approve codes in the
financial services sector.
What happens if an industry code is
Generally,     the  industry   codes    require
companies to have a fair process for dealing
with complaints. If a customer thinks a
company has breached the code, they should
write to that company and ask for a response. If
not happy with their response, they can contact
the relevant independent complaints resolution
scheme or industry association.
Financial Ombudsman Service (FOS).
Telephone 1300 780 808
Call this number to be directed to one of the following
complaints schemes. Don’t worry if you don’t know
which of the schemes is the right one for you
because the operator will be able to refer you to the
correct one, depending on your complain.
Banking and Financial Services Ombudsman
The BFSO deals with complaints about banks, their
affiliates operating in Australia and a range of other
financial services providers.

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