Question: list at least three of the main sectors of the...
- List at least three of the main sectors of the financial services industry that may impact your role as a finance broker.
- In your own words, briefly explain the memorandum of understanding between ASIC and APRA.
Refer to this ASIC link to assist you with the answer: https://asic.gov.au/about-asic/what-we-do/our-role/other-regulators-and-organisations/the-asic-apra-relationship/
SCENARIO – RESPONSIBLE LENDING CONDUCT OBLIGATIONS
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.
- What are two or more qualifying questions you should ask the clients in the above scenario to clarify their financial situation?
- Why is it important to make reasonable enquiries about a client?
- Why is it important to take steps to verify a customer’s information?