FNSINC411 - Case Study (Nelly Fitcher) v1.1_Aman

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FNSINC411 – Conduct work according to professional practice in the financial service industry (Release 1) Case Study (Nelly Fitcher) Case Study Nelly Fitcher Page 1 © Real Estate Academy Australia Version 1.1 – January 2022 RTO 32426

FNSINC411 – Conduct work according to professional practice in the financial service industry (Release 1) Case Study (Nelly Fitcher) What you need to do: Answer the questions below by writing in the space provided. You are required to answer all questions correctly. If correct, you will see ‘Satisfactory’ or if incorrect you will see ‘Not Satisfactory’ in your grades section of your learner portal next to the assessment name. The assessor will provide feedback and a Record of Results in the assessment task once graded. You will be required to resubmit your work for any ‘Not Satisfactory’ assessment tasks. What you will need: Use the learner material provided in your online student portal as well as research materials such as books, internet, magazines, workplace documentation etc. to assist you in gaining the knowledge required to answer the questions. Remember that the assessment task is self-paced and open book. You can use whichever resources you have to answer the questions. What you need to submit: Your answers to these questions. How to Submit your Assessment: Upload your completed document into the “FNSINC411 – Case Study (Nelly Fitcher)” assessment task [1] in your learner portal. You can drag and drop the file into the window or use the add file icon in the top left of the submission window and select the file your wish to upload by using the browse/choose file option. Click on finish attempt to submit it for grading. Page 2 © Real Estate Academy Australia Version 1.1 – January 2022 RTO 32426

FNSINC411 – Conduct work according to professional practice in the financial service industry (Release 1) Case Study (Nelly Fitcher) Scenario Instructions Nelly Fitcher, a young and dynamic female entrepreneur, has contacted you to arrange her next home loan. After thorough market research and with a solid business plan on hand, she started her own business eight months ago. She is proud to say that the business has strived well above expectations and that she has already been recognised and awarded at the last ‘woman entrepreneur’ summit. She has given you all the information and documentation you requested so far and sent you an email mentioning that she has always banked with CBA and Adelaide Bank and would like to include these two banks in the options you would provide her with. Question 1 After reviewing CBA and Adelaide Bank Key Fact Sheets located in the FNSINC411 Learning Resources Folder write an email to Nelly communicating why you will unfortunately not be able to meet her request to include these two lenders in your selections. Dear Nelly, I hope you are doing well. This email is regarding your inquiry regarding submitting a home loan application with either CBA or Adelaide Bank. Please be informed that at this stage we will not be able to apply with either bank due to the following reasons:  CBA has the eligibility criteria for a borrower to be self-employed in the same industry for a minimum of 1 year.  Adelaide Bank has the eligibility criteria for a borrower to be self-employed for a minimum of 2 years. To be eligible to apply for a home loan from CBA Bank, we would have to wait for four months. We are currently searching for a suitable option for you. We will be in touch with a few options for your consideration shortly. Please feel free to get in touch with us in case you have any queries or concerns. Kind regards, Amandeep Arora Page 3 © Real Estate Academy Australia Version 1.1 – January 2022 RTO 32426

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FNSINC411 – Conduct work according to professional practice in the financial service industry (Release 1) Case Study (Nelly Fitcher) Page 4 © Real Estate Academy Australia Version 1.1 – January 2022 RTO 32426

FNSINC411 – Conduct work according to professional practice in the financial service industry (Release 1) Case Study (Nelly Fitcher) Question 2 Explain in your own words, what Responsible Lending Obligations would you fail to meet if you still include CBA and Adelaide Bank in the finance options for your clients? If I include CBA and Adelaide Bank in the finance options for my client in this case, I will fail two of the four key steps of Responsible Lending Obligations  Make reasonable efforts to verify the consumer's financial situation.  Preliminarily assess whether the credit contract is "not unsuitable for the consumer." Due to the above two items, it wouldn't be in the best interest of my client as per the Best Interest Duty Obligations. It is not advisable to submit an application which does not meet the lender criteria and policies. Page 5 © Real Estate Academy Australia Version 1.1 – January 2022 RTO 32426

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