Subject Code : FNS40815
Assignment Task:

Objective
The objective of this Assessment Task is to demonstrate that you have the skills and knowledge required to conduct a client relationship and comply with statutory, industry and organization compliance requirements.

1. Identify compliance requirements

Mortgage brokers face important compliance requirements, the foremost among them being the reasonable lending provisions of the NCCP Act. The penalties for non-compliance include loss of license (for businesses) and removal from the industry (for individuals). If fraud is involved there may also be the criminal penalties of fines and/or imprisonment.

Compliance requirements are not static. It is therefore important to stay up to date with them.

Mortgage brokers also need to keep up-to-date with the actions of the regulatory authorities such as APRA and the Reserve Bank. Their actions may not amount to direct regulation, but through their effects on interest rates and bank lending these authorities can have a very direct impact on the business mortgage brokers are able to do.

a. A key requirement of the responsible lending obligations is the ‘unsuitability test.’ What must a mortgage broker do to comply with the unsuitability test?
b. List the sorts of items a client’s requirements and objectives could include (as indicated by ASIC).
c. Leading credit providers and other financial organisations have a code of ethics, sometimes called codes of conduct. Select one of them and summarise it by itemising its main principles
d. In point form, list the key information that the NCCP Act requires to be contained in a Credit Guide.
e. It is important to keep up to date with compliance requirements so that the required changes can be made to organization procedures and product offerings.  Suggest three sources that you can use.
f. Explain the requirement for Australian Credit Licensees to keep a training register.
g. Explain APRA’s current attitude towards bank lending for investment properties.

2. Identify customer needs

The relationship with a client is generally described as beginning with the establishment of empathy. In other words, it is first necessary for a mortgage broker to establish that he/she is truly interested in the client and the client’s needs. It is only after that that the mortgage broker has established the right to interview a client. 

a. Use the internet or any other source to find a definition of empathy.
b. List three open-ended questions that assist in developing empathy with a client? How do such questions indicate empathy?
c. List and explain the steps involved in an ‘active listening approach’.
d. How is client service commonly monitored in your organisation?  What are the two possible outcomes?

3. Contribute to workplace hazard identification

Occupational health and safety hazards are often considered only in terms of physical injury, perhaps the result of working with heavy machinery, working in an excessively noisy environment, or slipping or falling. Just as relevant, however, is work-related stress. This describes the physical, mental and emotional reactions of workers who perceive that their work demands exceed their abilities and/or their resources (such as time, help/support) to do the work. 

a. How would you define workplace stress?
b. Suggest at least two ways in which work-related stress may affect client relationships.
c. Suggest at least four approaches you can take to reduce workplace stress?


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  • Uploaded By : Alex Cerry
  • Posted on : February 20th, 2019

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