Compliance Role Play
Student name: |
For your assessment to be marked you must complete and upload all tasks and this cover sheet via the AAMC Training Group portal. Your assessment tasks must be uploaded in an electronic format i.e. Word, Excel, PDF or Scan. A maximum of five (5) attachments (maximum 20MB each) can be uploaded for this assessment. Please see the step-by-step instructions in your Member Area on how to upload assessments.
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Checklist of attachments:
Task 1 ☐ Refresher Presentation
Task 2 ☐ Skills Observed Checklist ☐ Qualified Observer Signoff and documentation
PLEASE ONLY COMPLETE AND UPLOAD THIS ASSESSMENT ONCE YOU HAVE BEEN MARKED SATISFACTORY IN ALL OTHER ASSESSMENTS IN THIS COMPLIANCE MODULE.
Please indicate style of course undertaken: ☐ Online ☐ Virtual Class
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CREDIT TRANSFERYou may be able to claim credit transfer for a unit/s of competency that you have previously completed with AAMC Training or another RTO. If you have been awarded a record of result or statement of attainment for any of the units detailed below then please go to the Credit Transfer tab in your Learning Centre and follow the prompts. This assessment relates to the following units of competency: FNSFMK515 Comply with financial services regulation and industry codes of practice FNSCMP501 Comply with financial services legislation The unit of competency FNSINC411 Conduct work according to professional practices in the financial services industry requires all aspects of your job role in financial services to be completed to professional and legislative standards. You have met some of the requirements of FNSINC411 by completing the tasks in this unit/module to a Satisfactory standard. Please refer to AAMC Training’s full Recognition Policy for further details. |
Task 1 – Refresher Presentation
Scenario
JC Loans is the loan aggregator for Swanson Brokers (SWB) and has just informed James the broker responsible for John and Davina Edwards mortgage loan application that the assessment for their loan falls short. This is because of compliance documents and credit information not being provided. James has rushed the process because John and Davina have been putting enormous pressure on him to push the application through quickly, John being a FIFO worker is due to fly out for work again and they don’t want to miss out on their dream home. However, now the loan assessment will be delayed which could mean that John and Davina may miss out on purchasing the home.
The ACL holder for SWB is Claude Marasco and he and his brokers are all members of the MFAA. Claude is not happy with James for allowing the pressure his clients put him under to influence how he put their loan application together. Claude also senses that James was eager to get an early commission paid which is unacceptable. Claude has decided to give the brokers a refresher training session regarding:
the legislative requirements of a broker;
the importance of getting the documentation right – including examples of what happens when you don’t; and
the implications for mortgage brokers in relation to compliance under Best Interests Duty legislation.
Presentation task
Create a presentation that you will use in the subsequent role play and go over what each broker needs to provide when doing a loan assessment for a potential client including:
Clearly explain NCCPA requirements and identify key documents that clients need to provide to apply for a mortgage:
Credit Guide
Quote
Needs Analysis
Preliminary loan application
Credit Proposal
Highlight the NCCP requirements held within the Credit Guide only:
broker is licensed
information that as a licensed credit provider they must belong to a dispute resolution scheme under AFCA requirements
Provide refresher information about the changed legislation – RG273 and explain the following three (3) requirements:
Best interests duty
implications on product selection
increased timelines in the broking processes compared to prior to BID
File notes requirements when providing evidence of meeting BID in the recommended products
Conflict of interest priority rule
must also quote the relevant MFAA Code of Practice Clause and what it states for the clause (e.g. 14.1) and what the sub-clause states, e.g. (i), (e.g. 14.4 (i) this clause does not exist but is an example of how to present the appropriate information)
Provide information on two (2) root causes of why James lodged non-compliant documents.
Discuss why the following procedures had changed and base this on the relevant legislation:
Product selection – must be a greater choice presented to the consumer
Need for more in-depth file notes than previously
Impacts on services provided by brokers because the process takes longer now due to the higher level of compliance.
This presentation must be uploaded with the completed role play documents.
Task 2 – Role Play
Providing evidence of your role play
If you are currently working in the financial services industry, you may demonstrate your role play in front of your Qualified Observer. If you cannot get a volunteer to role play with you, the Qualified Observer may play the role of the other person in the scenario, but they must also mark off the Skills Observed Checklist. Your Qualified Observer has instructions to prompt you to cover a criteria if you miss it.
For your submission to be accepted:
You must:
write your name and the date of the role play on the Skills Observed Checklist
study type is ticked on the Skills Observed Checklist
Upload:
fully completed Skills Observed Checklist
fully completed, signed and dated Qualified Observer Sign-off and Declaration
Your Qualified Observer must:
mark off the Skills Observed Checklist
complete all of the mandatory sections of the Qualified Observer Sign-off and Declaration
provide supporting information details of their job role/experience
ensure they sign and date.
If you are not currently working in the financial services industry and do not have access to a Qualified Observer, you have two options:
You can video your role play and upload it against this assessment for one of our assessors to view and assess.
To ensure authenticity of your submission you must be up close to the camera and hold up your official photo identification (either their drivers’ license, Keypass ID or passport) next to your face and state your name so we can confirm your identity. Please ensure we can read your ID information and see the photo clearly. During the role play your face must remain visible at all times. We accept the following files: avi, flv, mp3, wmv and mp4.
Call the Member Support team and book an assessor to do the role play with you. The cost for this is $45.00 per role play and payable at the time booking. At the beginning of the assessment, your assessor/third party observer will request that you hold up your official photo identification (either their drivers’ license, Keypass ID or passport) next to your face and state your name so we can confirm your identity.
Demonstrating your skills and knowledge will be considered satisfactory if all performance criteria has been successfully demonstrated, whether on the 1st, 2nd or 3rd attempt.
It is estimated your role play will take 10 – 15 minutes to demonstrate.
Scenario
JC Loans is the loan aggregator for Swanson Brokers (SWB) and has just informed James the broker responsible for John and Davina Edwards mortgage loan application that the assessment for their loan falls short. This is because of compliance documents and credit information not being provided. James has rushed the process because John and Davina have been putting enormous pressure on him to push the application through quickly, John being a FIFO worker is due to fly out for work again and they don’t want to miss out on their dream home. However, now the loan assessment will be delayed which could mean that John and Davina may miss out on purchasing the home.
The ACL holder for SWB is Claude Marasco and he and his brokers are all members of the MFAA. Claude is not happy with James for allowing the pressure his clients put him under to influence how he put their loan application together. Claude also senses that James was eager to get an early commission paid which is unacceptable. Claude has decided to give the brokers a refresher training session regarding:
the legislative requirements of a broker;
the importance of getting the documentation right – including examples of what happens when you don’t; and
the implications for mortgage brokers in relation to compliance under Best Interests Duty legislation.
Role Play Instructions
Imagine the role play is being done in front of several brokers, however, only two people are required for the role play which is ACL holder Claude (student) and mortgage broker James (volunteer or Qualified Observer). The student playing Claude is the ACL holder and must cover the legislative requirements under the NCCP Act including how they are to present this to clients without the need to quote the legislation but explain it in everyday terms.
Using the Presentation created in Task 1, Claude must address all the listed requirements. The assessment performance criteria listed in the Observed Skills Checklist matches the instructions in Task 1 the student received.
Address areas of legislation that are applicable to produce the final assessment which will deem the proposed credit contract ‘not unsuitable’ rather than unsuitable which has happened in John and Davina’s case.
Documents required for the role play:
Scenario for Qualified Observer to understand the context of the role play.
Refresher Training Presentation completed in Task 1 of this assessment
Swanston Brokers Credit Guide & Privacy Consent form. You may download this embedded document or locate in your Resources tab of your Learning Centre. Print and review this resource.
Demonstrating your skills and knowledge will be considered satisfactory by assessors if all performance criteria has been successfully demonstrated within three attempts. If you haven’t been able to demonstrate something by the 3rd attempt, the Qualified Observer is to note this. Once you have submitted the documentation an assessor will follow up with you to provide extra support to complete.
You must give your Qualified Observer the following 3 pages or if you are videoing your assessment then provide your volunteer with the information on this page.
Qualified Observer – Compliance role play information
The student must give you the following documents:
Scenario
‘Qualified Observer – Compliance role play information’
Skills Observed Checklist – you complete
Qualified Observer Sign-off and Declaration – you complete
Context and Instructions
For each performance criteria, place a tick in column 1, 2 or 3 which will show on which attempt the student demonstrated the skills.
Students under testing conditions often forget points they already know, so this system captures which attempt they demonstrated the skills on. We require this to be an honest and authentic reflection of their demonstration and in no way impacts the outcome of successfully completing this unit if they have demonstrated the skills within the three attempts.
If they are unable to demonstrate a particular performance criterion after the third attempt, please tick the relevant declaration in the Qualified Observer sign-off section and an assessor will follow up with them and provide extra support.
Please ensure you have fully completed the Qualified Observer Sign-off which follows the Skills Observed Checklist.
Role Play – Skills Observed Checklist
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Thank you for completing your details, we recognise the information we require can feel intrusive, however when we are audited by our governing body (ASQA), we need to be able to provide evidence of our due diligence in verifying your role and that you are qualified to understand that the skills you have observed are acceptable for the finance and mortgage broking industry. |