FNS40815 Certificate IV in FINANCE & MORTGAGE BROKING

FNSFMB402 Identify client needs for broking services

Assessment 2 - Performance

FNS40815_ FNSFMB402 Assessment 2 REAA Released January 2019

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Assessment information

You work as a trainee Complaints Officer with XYZ Financial Services Pty Ltd (XYZ).
As part of your training your supervisor has asked you to review a complaint and the subsequent
actions arising from it.

Instructions to complete this assessment

In order to complete this assessment, you are required to complete the following sections
consecutively. Details and specific instructions are provided within each section and on the
form/templates provided.

Section 1 – Review Case Study

Requirements
Download and review the Mr & Mrs Jones Case Study, located in the Assessment Resources folder.

Section 2 – Assess Complaint handling process

Now complete each of the following steps:

1. How could the franchisee and the lender have used effective communication skills to build
rapport with clients Mr & Mrs Jones during the complaints process?

The Franchisee should have explained the process of fixing the loan and the confirmation
that is sent by them to the client once the request is actioned. The Franchisee should have
also advised that the lender does the same and they will notify clients once the loan is fixed
with the new repayment amount and commencement date.

In the complaints handling process, the franchisee should have summarised the event in
writing with the options available to Mr & Mrs Jones. In addition, the lender should have also
explained the obligations on lenders and also the obligations on the customers. They could
have mentioned due to the inconvenience caused to Mr & Mrs Jones, the lender would like
to offer them a two years competitive fixed rate and would like to refund them the additional
interest charged had their rate was fixed when initially requested.

V1.0 REAA Released January 2019

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2. Did the franchisee analyse the clients’ financial position according to accepted organisational
and industry requirements? Explain your answer.

The franchisee did not analyse the change in client's financial position. The franchisee should
have inquired the changes and documented before accepting the request to fixed the home
loan. The franchisee should have also send a summary of the changes to Mr & Mrs Jones to
ensure that the franchisee and clients are aligned on the financial position and goals.

3. How could the lender change its company policy, with regards to disclosure, so that clients can
rely on informed decisions?

The lender should make clear disclosures for customers to understand their obligations. The
disclosures needs to be made on their product brochures, websites, interest rate flyers and all
relevant product collateral.

For Example: Lender should advise in their Interest Rate flyer outlining existing customer can
avail fixed rate loans however, the rate that customer would get is the rate on the day of
processing the request. The lender will also confirm the changes of the request in writing.

V1.0 REAA Released January 2019

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