Finance Brokers (ACR’s) in the DNZ Business - Accounting & Finance Assignment Help

Assignment Task

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.
Due to low inflation, lack of growth in wages, and job insecurity - the present interest rate has failed to catch up with the global interest rates. These in turn mean that household spending is not enough to push the economy forward.
While the RBA is able to influence most interest rates in the economy, and in turn manipulate the demand for borrowing, the banks are assumed to pass the cost on to borrowers. The banks endeavour to shoulder the costs of borrowing funds within their business before passing it on to borrowers via loan repayments.
As the RBA and banks determine the cash rate and interest rates, they do not solely govern the behaviour of the financial services industry.
While this is so, there is the call to prepare for the rate hikes. It is best for borrowers to sort out their finances ahead of time and be mindful of the industry’s climate, so that they are aware of interest rate movements. If it is possible, park spare cash in an offset account or use it for paying down the loan.
News article resources can be found at the following websites (which were correct at the time of this publication):

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

Task 2 – Workplace Project
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.
Using the template below and considering the key points, write the office memo.

Dear colleagues,
ABOUT AFCA
*Who are AFCA and what are the benefits of AFCA membership?
LETTING YOUR CUSTOMERS KNOW
*What are the key points that you have to consider in communicating information about AFCA?
*What does the AFCA Code Compliance and monitoring team support and administer? (Found under Codes of Practice)
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”.)
Our internal disputes resolution process has finished. If you do not think we have resolved your complaint to your satisfaction, you can lodge a complaint with the Australian Financial Complaints Authority (AFCA). AFCA provides fair and independent financial services complaint resolution that is free to consumers.
Website: Email: Telephone: In writing to: Time limits may apply to complain to AFCA. You should act promptly or otherwise consult the AFCA website to find out if and when the time limit relevant to your circumstances expires.

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