Finance and Mortgage Broking - Interpret Compliance Requirements - Finance Assignment Help

Assignment Task:

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Task 1: Identify and Interpret 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 code of ethics, sometimes called codes of conduct. Select one of them and summarise it by itemizing its main principles.

Task 2: Deliver and Monitor a Service to Customers
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?

Task 3: Contribute to OHS Hazard Identification & Risk Assessment

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? (Hint: you may find suggested ways if you key ‘handling workplace stress’ into a search engine).

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