Financial Services Legislation & Compliance - Case Study - Accounting and Finance Assignment Help

ASSIGNMENT TASK:

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 upwith 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.

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? Reserve Bank Australia (RBA) and financial service are the two financial services sectors that are involved in influencing interest rate movements in Australia. The RBA set the interest rate and these effect a range of financial services.

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. Using the template below and considering the key points, write the office memo in less than 500 of your own words*.

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 an din the credit guide? Reference: “Letting your customers know about AFCA”.

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