Interpret Compliance Requirements - Actions of the Regulatory Authorities - Business Assignment Help

Assignment Task :

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, sometime 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.

Task 1: Identify and Interpret Compliance Requirements Continued
1.2 Interpret, analyse and prioritise identified compliance requirements
Some of the compliance requirements are difficult to meet. Unfortunately, also there have been some ‘rogue’ mortgage brokers who have failed to comply – to the disadvantage of their clients.
The finance planning industry has been plagued by non-compliance in the largest planning groups, with the image of the industry being substantially tarnished as a result. It may not suffer greatly because of the absence of an alternative source of financial advice.
This is not so with mortgage brokers. They are just establishing their reputation and consumers always have alternative of going to the lenders directly. 
(a) Select three tasks you perform on a regular basis that are subject to compliance requirements.
(b) Identify the compliance requirements that are relevant to the three tasks selected, indicating the name of the relevant legislation, regulation or code of conduct.
(c) How does your organisation monitor your compliance?
 

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.

This Business Assignment has been solved by our Business Experts at My Uni Paper. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.

Be it a used or new solution, the quality of the work submitted by our assignment experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.