Describe the role of ASIC and the ASX as regulators of financial markets.

For those Role Play related questions, please make it up and compose freely, assuming you are the student to complete role plays

Task 1 – Short Answer questions

  2. Describe the role of ASIC and the ASX as regulators of financial markets.


  1. How does ASX work with ASIC?


  2. RG 175 identifies the required information that financial advisers should seek before providing advice to clients. What are they?


  1. What are the requirements for storing information?


  2. Explain the responsibilities of an organisation to keep their data up-to-date.


  1. Outline the responsibilities of an organisation with respect to:
  • Their policies for the management of personal information.
  • Disclosure of information held on those about whom organisations hold information.


  1. Explain the restrictions on organisations for assigning identifiers (client numbers, etc).


  1. Explain the rights of individuals to anonymity in entering transactions.


  1. Explain the conditions, under which sensitive information may be collected.



Choose three performance objectives for yourself and use the skills audit below as another means of clarifying what skills you need to match the performance objectives you have set for yourself.

Performance Objectives Required Skills Current Skills Needed Skills
Example:Become a Manager in my area Good management skills and team building skills Basic team leadership skills Further leadership skillsOrganisational skills



From what you have learned about the NCCP, list the registers that are to be maintained as records. For example: a Training Register.


Task 2 – Research questions


You will need access to the internet for this activity. Go online to review the websites of the following financial services providers and answer the questions below:

What are the characteristics of the institution? (Most of this information would be available in the “About us” section of their website.)

You may use the table below to record your data, part of the table has been completed to assist you with this exercise.

Bank Characteristics
National Australia Bank
  • One of Australia’s largest banks
  • Has an international presence
  • Listed on the stock exchange
Homeloans Limited
Peoples Choice Credit Union
Pepper Home Loans

After you have completed the table, answer the following in terms of the characteristics of the financial institutions:

  1. What is the main difference between National Australia Bank and Homeloans Ltd?


  1. How does Pepper Home Loans differ from all the other institutions?


  1. How does a Credit Union like Peoples Choice differ from other lenders?



Please visit the website of the following associations and answer questions below from the information provided on these websites:

  1. What is their purpose/s or role/s in the industry?


  1. How do they cater for consumers?



Download a full copy of RG 175 from the ASIC website and answer the following:

  1. What constitutes a financial service?


  1. What is the difference between personal advice and general advice?


  1. Identify the six occasions where advice may be considered to be “personal advice”



Download RG146, research and list the minimum training standards required for customer service representatives.



The Department of Sustainability, Environment, Water, Population and Communities commissioned a report called “Triple Bottom Line Measurement and Reporting in Australia: Making it Tangible”. You can access this report using the following link: or use a search engine to find the report.

What are the five broad categories which capture the current diverse state of play in performance measurement and reporting in Australia?



Sustainability is not confined to our larger financial institutions like CBA, NAB and IAG. It is also being embraced by smaller institutions such as MCU Sustainable Banking. MCU began operations in 1984 as a community based credit union located in Maleny, Queensland.

The MCU Board of Directors is committed to long-term sustainability and believes the credit union has social and environmental obligations in addition to providing sound financial management. MCU practices “triple bottom line” reporting as a way of measuring progress and ensuring accountability against its sustainability targets.

You can access information about MCU through its website at:

How does MCU practice socially responsible investment?



Access information about these codes of practice from the ASIC website

  1. What advice does ASIC provide consumer if they think a financial services provider they have a relationship with has breached their respective code of practice?


  1. What can ASIC do?


  1. RG 205

List the ‘General Conduct Obligations’ of a licensee referring to RG205 on the ASIC website



This activity allows you to demonstrate your competency at researching specific information. Answer the following questions:

  1. Since the introduction of the Goods and Services Tax (GST) what activity has become mandatory for all businesses within Australia?


  1. List three websites which could be useful in providing an indication of legislative and regulatory practice within the financial services industry.


  1. Referring to the following website explain in your own words the importance of Anti Money Laundering /Counter Terrorism Financing.


Task 3 – Case Study questions (1-4)


Scenario 1: Mustapha has just been told that come 1st July he would be stepping up as the new Assistant Manager. On telling his partner Jenny the good news, she suggested they start looking to buy a house as they’d probably be able to afford one. Excited, they call a local finance broker who was prevsiously referred to them by a friend.

The finance broker congratulated Mustapha on his imminent promotion and asked if they would answer some questions to help determine how much they could borrow. Mustapha and Jenny agreed to provide the required financial information. Mustapha and Jenny are good savers and have sufficient funds to possibly cover for a 10 per cent deposit.

Jenny is cautious and felt a fixed rate loan would be better so they could budget effectively. Mustapha felt no reason to disagree so the broker worked out a loan amount based on the introductory rate which was fixed for the first six months. Mustapha’s increased salary meant they could borrow a lot more than before. Jenny’s income varied as she works casual at the local store. The broker asked Jenny how many hours she worked on average to determine their combined income.

The broker signed and dated the preliminary assessment with today’s date. She then gave Mustapha & Jenny a copy.

  1. Explain the importance of making intial enquiries about a customer and verifying this information.


  1. How many problems/errors can you identify with the above scenario?


Scenario 2: Mal and Corinne are seeking your advice in relation to refinancing their loan after speaking with some friends who have a more flexible loan product and a better rate with their lender.

  1. Highlight the factors Mal and Corinne should consider before making the decision to switch or refinance their loan?




Stephen was a floor and wall tiler who earned $1,200 a week. He spent $600 a week on expenses. He went to a lender to get a home loan of $200,000. Stephen needed a loan with an average interest rate that he could pay off over the medium term.

Instead, he was offered a loan for $500,000 with a high fixed interest rate and therefore repayments that he could not readily afford. As he was experiencing hardship, Stephen sought an injunction against the lender collecting his mortgage repayments. Stephen then sought compensation for the loss and damage he had suffered for being put into an unsuitable loan.

Describe what you think will happen under the consumer protection provisions of the responsible lending obligations.


  2. What document should a credit representative or licence holder provide to client to explain about the services they offer? List some of the information contained in this document.


  1. Why is it important for a business to have a sufficient complaint’s handling system? In your answer explain the various stages of handling a customer complaint.



John Consumer is applying for a loan of $350,000 to buy a home. The credit representative quoted fees to recommend and apply for a loan on behalf of the consumer of $225. The valuation fee is estimated at $350, $800 for legal fees and loan application fee of $400.

The credit representative receives 2 per cent commission for every $100,000 of credit secured from the suggested lender.

  1. Set out the amounts and descriptions that would need to be provided to John in the credit proposal disclosure.



You have recently been employed as a Mortgage Broker in a medium-sized Mortgage Broking practice. You are in charge of a small team of inexperienced mortgage brokers and Administration support staff. You discover that morale in the firm is low because:

  • People are unable to distinguish between tasks that require them to work autonomously from those that require them to work as part of a team.
  • There is a lack of communication about team activities.
  • Due to the relative inexperience of the team, the image of the firm internally and externally is not very good.
  • People do not seem to know how to prioritise their work or to manage their time and resources effectively.
  • Although the firm has good technology it is not being used effectively for collaborative purposes.

Given the above, answer the following:

  1. What would you do to promote team work and actively encourage team members to participate in and take responsibility for team activities and communication processes?


  1. Give examples of some steps you could take to ensure that time and resources are better managed.


  1. What are the things you would do to ensure that your own contribution serves as a role model for others and improves the organisation’s image?


  1. How would you use technology to help facilitate better collaboration among staff?


  1. How would you plan tasks so that members can distinguish those that require them to work independently from those that require team effort?


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