V3.5 Financial Services Legislation & Compliance Assignment- AAMC Training Group Australia.

Assessment cover sheet
In order for your assessment to be marked you must complete and upload all tasks and this cover sheet via the AAMC Training Group portal. Your assessment tasks must be uploaded in an electronic format i.e. Word, Excel, PDF or Scan. A maximum of five (5) attachments (maximum 20MB each) can be uploaded for this assessment. Please see the step-by-step instructions in your Member Area on how to upload assessments. When you upload your assessment you will be asked to confirm that your assessment submission to AAMC Training is your own work and NOT the result of plagiarism or excessive collaboration, and that all material used from any third party has been identified and referenced appropriately. AAMC Training may conduct independent evaluation checks and contact your supervisor to discuss your assessment.
V3.5 Financial Services Legislation & Compliance Assignment- AAMC Training Group Australia.

Checklist of attachments:

A)Task 1 – Case study questions
B)Task 2 – Workplace project
C)Task 3 – Short answers/Activity
D)Task 4 – Workplace project
E)Task 5 – Activity
F)Task 6 – Workplace project
G)Task 7 – Research
H)Task 8 – Research
I)Task 9 – Short answers

Task 1 – Case Study

As part of managing your professional development and maintaining currency, you read many industry articles. You received this following article from Industry Media and decided it might be a good one for the other finance brokers (authorised credit representatives) of DNZ, in order to understand the industry better.The historic low interest rate of 1.5% which remained the same after nearly two years, is expected to increase “at some point,” according to Philip Lowe, Governor of the Reserve Bank of Australia (RBA). Economist Warwick McKibbin concurred stating that this has been shown by the local economic and political climate. The increase is predicted even in global standards as an effect of the rise of climate change policies, digital disruption, and the overall changing global economy.

Case Study questions:

1.You have asked the finance brokers (ACR’s) in the DNZ business to consider the article above which will also help them to better explain to their clients and referrers about external impacts that may affect borrowing. Referring to the article above and the AAMC Training learner guide, identify a minimum of three external forces that could influence the move in interest rates and that also dictate the economic and political climate in relation to the financial services industry.

2.What are the two financial services sectors that are involved in influencing interest rate movements and how do they interrelate?

V3.5 Financial Services Legislation & Compliance Assignment- AAMC Training Group Australia.
Financial Services Legislation & Compliance Assignment

Task 2 – Workplace Project

1.Paul has asked you to write a staff memo to update everyone on the recent changes and impact of the Australian Financial Complaints Authority (AFCA) on organisational policy, guidelines and procedures.

2.Paul Williams has asked you to update the DNZ Credit Guide with the correct wording about AFCA. What information should be available to consumers on both the website and in the credit guide? Reference: “Letting your customers know about AFCA”.

Task 3 – Short Answers/Activity

Read the following article and answer the relevant questions.
The broker’s guide to CCR
Having a complete picture of a borrower’s financial position promises many benefits for lenders, brokers and borrowers alike. With comprehensive credit reporting on Australia’s doorstep, The Adviser speaks to industry participants about how brokers can prepare for and make the most of the new regime. The mandatory comprehensive credit reporting (CCR) regime – which requires lenders to provide access to customer credit data, such as repayment history, credit limits and types of credit accounts – is being lauded as a revolutionary step in the lending process that could facilitate improvements to credit decisioning, credit availability, operational efficiency and competition, if implemented effectively.

V3.5 Financial Services Legislation & Compliance Assignment- AAMC Training Group Australia.

V3.5 Financial Services Legislation & Compliance Assignment- AAMC Training Group Australia.

From risk to opportunity
As Standard & Poor’s (S&P) notes in its report, Australian Structured Finance: Credit Analysis in a Digital Ecosystem: “Having access to data on borrowers’ financial commitments and the deployment of data science to analyse it will enable lenders to make a more accurate assessment of expenses, resulting in more prudent underwriting. “It will also facilitate greater consistency in debt-serviceability assessments.” S&P predicts that an open data model will reduce the financial services industry’s reliance on time-intensive manual processes, because a greater amount of information will be quickly and easily obtainable.

Task 3 Questions:

Paul has asked you to review the above article and consider the ongoing changes to comprehensive credit reporting which is highly important information for staff and customers. He has also asked you to ensure staff knowledge across the article in relation to operational procedures and processes accurately reflect these changes. He has mentioned that linking to the Equifax website and other industry related information is a good way to remain up-to- date with ongoing changes.
1.What are the procedural implications of CCR on your organisation’s operations?

1.How might you stay up to date with changes in CCR or any other regulations?

2.What would be a good method and time frame for updating finance brokers (your staff) and clients regarding these changes? You may wish to place your answer in a table similar to the one below.

Task 4 – Workplace project

Due to increased workloads, Paul has hired new broker, Shona, on a subcontract basis and she will undergo 24 months of mentoring. Shona was formerly a loan processor in her previous role and already holds an FNS40815 Certificate IV in Finance and Mortgage Broking qualification.

1.As an initial measure to implement a successful monitoring of the authorisation process, discuss with Shona the procedures a responsible manager has to undergo to authorise her as an Authorised Credit Representative (ACR) with ASIC. This process forms part of the agency agreement required under ASIC between Licensee’s and their authorised representatives. Using the table below, complete the process of authorisation
a.Undertake background checks on that representative.
b.Ensure that they are adequately trained to engage in credit activities.
c.Ensure that they have current external dispute resolution (EDR) scheme membership before the authorisation is given.
d.Provide written consent to the appointment.
e.Ensure they have adequate systems and procedures in place to monitor and supervise their representatives (see Monitoring and Supervising representatives).

2.Shona has asked you the difference between registering under an ABN versus an ACN. In your own words describe what they are and how they differ. Information may be found on Wikipedia, or similar resource.

3.Shona would also like some advice from you regarding when she should register for GST. Explain the process for registering for GST, including who needs to register and when.

V3.5 Financial Services Legislation & Compliance Assignment- AAMC Training Group Australia.

Task 5 – Activity

As the Responsible Manager you role is to determine and plan work to be completed by the finance brokers and team. As part your discussion with Paul, you have both decided that the Finance Brokers (ACR’s) need to undertake some further training to increase personal skills, make a more cohesive team and ensure service improvement. The training will contribute towards their professional development hours required for association membership and to meet ASIC requirements. This training should take place as soon as possible and needs to be completed within the next three months. To kick off the training (and lead by example) you have decided to commence with planning some training for yourself.

1.Identify three personal competency goals you would like to achieve in your role that would enhance your organisation’s image. Explain how you can go about developing the skills needed to achieve your goals and your ideal timeframe for completion. You may wish to use the responsible manager profile in the FMB Assessment Toolkit or choose your own goals.

2.Referring to ASIC RG206, what are the minimum continuing professional standards for responsible managers? Include in your answer:
1.the required number of hours
2.how often your professional development should be completed, and
3.what these activities should consist of.

3.Based on the “Credit Representative Profiles” in the FMB Assessment Toolkit, and using the table below, complete a training needs analysis for each individual.

V3.5 Financial Services Legislation & Compliance Assignment- AAMC Training Group Australia.

4.Using the “AAMC Training Course List” from the FMB Assessment Toolkit, determine which training will need to be completed by each ACR, whether it will be individually completed or as part of a team, and where the training will take place.

5.How could you ensure that your contribution serves as a role model to others and in turn, enhance the organisation’s image? Refer to Module1, Section 6.

6.Briefly explain how you would actively encourage individuals to participate in, take responsibility for and effectively communicate in team activities. Refer to Module 1, Section 5 of the learner guide.

7.Shona is having issues learning the company’s CRM system and has a loan ready to submit. Referring to the FMB Assessment Toolkit, answer the following questions:
a.What learning should Shona complete in order to adapt to the system and when can she complete this?
b.Which team members should be able to also provide support to Shona regarding the software?

8.Paul has asked you to provide some feedback to the team regarding the training outcomes. The team performed the tasks well and you would like to make sure you value and show encouragement towards their performance. How would recognise and reward individual and team efforts?

9.Paul has advised that the company are now using AAMC Training’s LMS to record CPD hours. Using the AAMC Training CPD area (this is an option in your AAMC member area under or by creating your own PD Statement (based on the AAMC Training example below) record a minimum of 20 hours of professional development activities that you may complete as a finance broker. Refer to the professional development section of the FMB Assessment Toolkit (under company professional development activities or AAMC Training courses). You may also choose some of your own activities.

V3.5 Financial Services Legislation & Compliance Assignment- AAMC Training Group Australia.

V3.5 Financial Services Legislation & Compliance Assignment- AAMC Training Group Australia.

Task 6 – Workplace Project

Paul would also like the team to attend a “First Home Buyer” event in hope to gain some new business. Your role is to determine what tasks would be allocated to whom within the business to get set up and have enough people on your stand throughout the day. The following answers are ‘free thinking’ questions and thus the learner guide or assessment may not contain the answers.Not everyone needs to be involved but, you would like to ensure all the brokers get the opportunity to attend the event. Consider the variables and write down the tasks/ requirements into the planning table below in order of priority. Your task should be based on looking at the skills of all staff in the office (as detailed in the FMB Assessment Toolkit).

The event is happening at the Melbourne Convention Centre in two months’ time and you have been advised that any items for the stand must arrive two days beforehand.
 Organise for marketing materials, prizes and banners for stand
 Setting up the stand
 Packing up the stand after the event
 Maximum of two staff to attend the event (at any one time) and be on the stand per session 9am to 12pm & 1pm to 5pm. You should consider having different personality types to ensure that sales are being made consistently.
 Organise the courier to pick up the marketing materials for delivery to the venue.

2.All of your team members did really well in achieving some good interest at the event. To prove that you value their efforts and to offer encouragement for future tasks, you have decided to provide rewards. Explain ways in which you could reward individual and team efforts.

3.You really want your team to get as many new prospects from the event as possible.What is a process or idea you may be able to use to encourage the team to participate?

Task 7 – Research

1.As part your own professional development, serving as a positive role model and teaching others, you have decided to review the MFAA Code of Practice. This will ensure a thorough understanding and future training standards. Explain the general standards of the code.

2.As part of maintaining and ensuring compliance, you have decided to check and categorise all statutory records accordingly. Under each of the headings below, list at least three types of registers that you believe fit the relevant category. Refer to the FMB Assessment Toolkit and/or Module 1, Section 8 of the learner guide to assist with your answer.

3.You are auditing one of the teams’ Product Disclosure Proposals and need to discuss it with them before they hand it to the client. You’ve noticed (ongoing) commission is shown as an annual figure instead of monthly. The loan was for $320,000.

Task 8 – Research

The of the National Australia Bank details the bank’s strategies on Corporate Responsibility and its performance over the said year. It contains the organisation’s own version of sustainability principles how they have responded to environmental, social, governance and economic responsibility.

1.Access the above link to the 2017 Sustainability Report, specifically the table found on pages 9-12. Choose one material theme from each of the three major criteria for measuring profitability – social, environmental, and economic.

2.In your own words, using the table below complete each of the areas:
a) The impact/s on the different participants in the financial services industry. (Stakeholder view and relevance to NAB)
b) The practices, strategies, and policies that are incorporated in that material theme.(How we’re responding)
c) The outcomes have been reported from the incorporation of those material themes. (Performance)

3.You and chosen members of your team have been tasked to create your own corporate sustainability framework, incorporating and supporting triple bottom line principals. Highlight at least one goal, under each of these headings that you would like to achieve for the business.

4.Based on your goals, highlight the potential economic outcome/s on your business and the greater community.

V3.5 Financial Services Legislation & Compliance Assignment- AAMC Training Group Australia.

Task 9 – Short Answers

1.List at least three of the main sectors of the financial services industry that may impact your role as a finance broker.
2.In your own words, briefly explain the memorandum of understanding between ASIC and APRA.


Paul Janes has a tiling business and has earnt $90,000 for the most recent financial year. His wife Melanie works at Coles Supermarket on a part time basis and she has been promised the position of Store Manager, likely to earn $20,000 more than what she is currently earning.The couple are in their mid 40’s and have a son living at home. They have a current home loan of $250,000. They are seeking a personal loan from you for an overseas trip of $50,000. The couple have approximately three credit cards.

3.What are two or more qualifying questions you should ask the clients in the above scenario to clarify their financial situation?

4.Why is it important to make reasonable enquiries about a client?

5.Why is it important to take steps to verify a customer’s information?

SCENARIO – Anti-money laundering & counter terrorism financing

Sam Knight contacted you about obtaining a car loan and, as part of providing documents, he sent you uncertified copy of his driver’s licence.

6.What are your obligations under AML/CTF legislation in reference to Sam’s identification?(Refer to section Module 1, Section 2 of your Learner Guide – Money laundering and terrorism financing.) Explain the requirements of the customer identification and verification process.

7.Sam has also provided his tax assessment notice as evidence of his income for the loan application. As you have another Sam Knight (Samantha) on your books, you are wondering whether you could perhaps file each of the “Sam’s” by their tax file number for easy identification in the future. Referring to the use and disclosure of tax file number information found under Module one, Section 2 of the learner guide, provide an explanation as to whether this is acceptable practice.


Maddison and Andrew (clients of yours) entered into a consumer loan with ABank. They have just been advised that Maddison is very unwell and has had several months off work. Her employer recently advised that they could no longer hold her job. As a result the couple have been struggling to meet their mortgage repayments and have fallen into default many times. They have provided a hardship application to the lender. Refer to the hardship provisions under responsible lending conduct obligation in Module 1, Section 2 of the learner guide.

8.Explain what the lender must do within 21 days of receiving the hardship application.

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