Mortgage Broking Assignment: Discussing Various Scenarios Based On Broking Industry

Question

Task:
Mortgage broking assignment consists of the following activities:

Written Activity 7:

1. Risk Issues.

In a pamphlet that would be suitable to provide to clients, explain the risk issues that relate to each of the following:

1. Borrowing risk and gearing.
2. Specific product risk.
3. Institutional risk.
4. Risk factors and return expectations of the client.
5. Volatility of income and capital.
2. Complex Features of a Client Situation and Needs.

Explain each of the following complex features of a client situation and needs:

1. Commercial loans.
2. Chattel leases.
3. Native title rights.
4. Heritage issues.
5. Contaminated sites or properties near noxious industries.
3. Key Products Available In the Broking Industry.

Identify and categorise at least 4 of the key products that are available in the broking industry.

This task must be completed within 30 minutes.

4. Legislation, Regulations and Codes of Practice.

Identify and discuss the various legislative requirements, regulations and codes of practice that affect the broking industry.

Written Questions And Research Task:

Short Answers are required which is approximately 4 typed lines = 50 words, or 5 lines of handwritten text.

1. Why is it essential for you to address a client needs and objectives in a manner that is consistent with their level of financial understanding?
2. How can you ensure that you address the needs and objectives of clients in a manner which directly applies to objectives and requirements they have disclosed?
3. Briefly discuss how you can demonstrate high level verbal and non-verbal communication skills throughout your interactions with clients, including for clients with special needs.
4. What methods could you use to assist you in introducing services, strategies and recommendations to clients?
5. Why is it important to use language that is clear and unambiguous, and to avoid the use of jargon when communicating with clients, in both oral and written communication?
6. What information should be included in the disclosure of capacity to ensure that it is consistent with industry requirements and organisational guidelines?
7. Briefly explain the important things to consider and discuss with clients, clearly and comprehensively, as you guide them through the broking options.
8. What can you provide to a client to clearly explain the fees, charges and commissions?
9. Why is it important to disclose the commercial relationship of the representative and their organisation to any of the products and services mentioned in plan?
10. What types of issues will you need to use your professional judgement to identify and address?
11. How might you seek confirmation from the client that they understand broking options presented?
12. Outline the steps that you should follow to respond to identified client concerns appropriately.
13. What will you need to do when clients request alternatives to your recommendations?
14. What are the limits you will need to observe when you are presenting clients with broking options?
15. Outline a basic complaint handling procedure that you could follow, maintaining communication channels, when dealing with a customer complaint.
16. How will you need to obtain agreement to proceed from clients?
17. What relevant documentation will you need to use to record your client interactions and to provide conformation to clients?
18. Why do you need to ensure that instructing or purchasing documents, where required, are signed by clients?
19. What are the types of post-broking services you will need to clearly define and communicate to your clients?
20. Briefly discuss the organisational guidelines top follow when dealing with clients who have the following special needs:

1. Visual or hearing impairment.
2. English as a second language.
3. Cultural differences.

Written Activity 8

1. Relevant Legislation.

Identify and outline the key features of the legislation relevant to the implementation of complex loan structures, including all relevant state and territory legislation, charges and taxes.

This task must be completed within 30 minutes.

2. Complex Features of a Client Situation and Needs.

Explain each of the following types of complex features that you may encounter in a client’s situation or needs:

1. Commercial loans.
2. Chattel leases.
3. Native title rights.
4. Heritage issues.
5. Contaminated sites or properties near noxious industries.
3. Complex Nature of Securities to Be Taken.

Explain the complex nature of the following:

1. The implications of borrowing against leased premises.
2. Multiple securities of differing kinds.
3. Rural land.
4. Specialised securities (such as hotels).
4. Forms of Security to Be Taken For Complex Loan Structures.

Explain the following forms of security that are to be taken for complex loan structures:

1. The assignment of rental income to the lender.
2. Joint and several personal or related company guarantees.
3. Multiple mortgages.
4. Registered company charges.
5. Second mortgages.
6. The involvement of unit or family trusts as either borrowers or guarantors.

Research Task And Written Questions

Short Answers are required which is approximately 4 typed lines = 50 words, or 5 lines of handwritten text.

1. What are the special or complex features of client’s situation that will need to be identified for their implementation implications?
2. What information might you use to prioritise you implementation actions?
3. What information do you need to consider when you are planning the timing for each action in your implementation plan so that they are consistent with the needs and specifications of the client?
4. What information must you consider and include when you are clearly explaining to the client the implementation actions required?
5. Outline the requirements for obtaining written agreement from the client.
6. Briefly discuss how timing and priority can be used throughout the implementation of actions to maximise advantage for the client.
7. What information will you need to include in a brief for identified individuals for the implementation actions for the loan structure?
8. What are the internal documentation requirements that may need to be completed for the complex loan structure implementation process?
9. Discuss the external document requirements that may need to be completed for a complex loan structure implementation process.
10. Why is it essential to coordinate any implementation actions that depend on or involve actions by other professionals?
11. Identify and briefly discuss 3 of the time management techniques and tools that are suitable to use to support the implementation process.
12. Why is it important to establish monitoring procedures for the critical implementation timing and priorities?
13. List 5 of the actions that may need to be taken for the implementation, and that you would need to fully brief a client about.
14. What assistance might you need to provide to the client throughout the implementation?
15. List 6 of the internal and external personnel you may need to issue instructions to, as per the loan structure.
16. In what circumstance will you need to maintain consultation and monitoring with other professionals?
17. What types of documentation might you need to follow up on the lodgement of?
18. What types of fees and charges will you need to obtain and process, according to the organisational and legislative requirements?
19. What range of factors will need to be discussed with the client during the post-implementation debrief?
20. Outline a process that could be followed to address and respond to client concerns.
21. Briefly discuss the documentation requirements relating to the following:

1. Disclaimers.
2. Disclosures.
3. Insurance policies.
4. Prospectuses.
5. Receipts.
6. Written advice.

Answer

1. Risk Issues.
1. Borrowing risk and gearing
   According to the words of Gikama, (2019) considered within the mortgage broking assignment, fall in overall gain and rise in overall lose, negative gearing, fall in value of investment portfolio, rise in interest rate which is borrowed, change in loan repayment, change in legislation in future, employment or income circumstances are the risks that are related to borrowing and gearing.
2. Specific product risk
   Failure of specific product or project can affect a company’s popularity and thus its market and business in terms of monetary profit. Lack of sufficient raw materials such as lack of silicon in computer manufacturing company or introducing new technology for a product such as using new programming language for an application and using DB server by a team with less experience can cause specific product risk.
3. Institutional risk
   Institutional risk such as organizational diversity and inclusion, data security breach, enrolment issue, mental health of employees and employers can decrease the productivity level both in qualitative and quantitative level and can create a barrier to meet organizational objectives.
4. Risk factors and return expectations of the client
   While borrowing and investing in some assets, a client expects more return than his borrowing value. However, sometimes even after doing cost benefit analysis, a client has to suffer a monetary loss beyond the level he was willing to accept.
5. Volatility of income and capital
   Volatility is measured by “standard deviation” tool which changes dramatically with short space of time. Substantial spike or dips of income is considered as volatility of income whereas, a dramatical change in an asset’s value is considered as capital volatility (Susanto et al., 2021). A significant change or rapidly decreasing value of an investment over a period of time destroys the reasons of investing and causes a huge financial loss to the investors or clients of an investing company.
2. Complex Features of a Client Situation and Needs.
1. Commercial loans
   There are many complexity drivers for a client situation while taking commercial loan such as risk management and underwriting, regulatory compliance, long and complicated back-office process, lack of staff’s skill and lack of efficient technology. There are variations in client’s need even regarding size of the credit facility, within a short period of time to respond accordingly.
2. Chattel leases
   Chattel leases is a commercial finance product where customer regularly makes repayment for the money borrowed from a financier to buy something. The major complexity in this process is that though it seems buyer has the ownership, but the financier has a mortgage over that purchased item until the loan is paid with added interest amount.
3. Native title rights
   Native title rights mean to have a right to live on a structured area with traditional purpose. As stated by Almqvist and Lassinantti, (2018), this right comes under Australian common law of pre-existing Indigenous rights and interest. As numerous parties are often involved in native title issues, therefore, related parities or client need to show concrete ongoing connection to their country since colonisation. Even application process of native title rights takes many years which is also considered as a complex feature for a client situation.
4. Heritage issues
   As stated by Giliberto and Labadi, (2021), heritage can be damaged by natural disasters, earthquake, flood, pollution, war, armed conflict and unplanned urbanization. However, it is tough to asses an exact value of heritage, which creates complexity for conservation planning and policies for the client. Even there is complexity to maintain management policies on behalf of client’s need.
5. Contaminated sites or properties near noxious industries
   Noxious industries spread pollution, therefore, contaminated properties or sites near such industries will affect the health of people living or working over such areas. Therefore, people in the business of lending money for the construction or purchase of such contaminated lands must be aware of the Contaminated Sites Act 2003. According to the law, the lender may be accountable for remediation of the site. Therefore, mortgagees in possession may be responsible to take hefty penance for non-compliance.
6. Key Products Available in The Broking Industry
   Direct Investments, Loan products, Insurance products and tax advice are considered as some of the key products or key services available in the broking industry.
7. Legislation, Regulations and Codes of Practice.
   Consumer Affairs Act is the legislation that is controlled by the minister for consumer affairs and this legislation covers the areas of Credit Act 1984, Credit Act 1984 and Consumer Credit Act 1995. With the aim to provide consumer protection and fair trading, Australian Consumer Law has been implemented (Schmulow, A., Virginia, D., Jacob, R. and William, H., 2020). Another important law are Contract Law and Consumer Credit Code. The Industry Codes of Conduct and Practice has been initiated for finance business. General Insurance Code of Conduct, Code of Banking Practices, Insurance Brokers Code of Conduct and Customer Owned Banking Code of Conduct are other codes of practice.

Why is it essential for you to address a client needs and objectives in a manner that is consistent with their level of financial understanding?
As the primary concern is to meet client’s financial goals, therefore, it is important to address client’s needs and objectives after the consideration of the client’s ability and willingness to bear financial risks.

How can you ensure that you address the needs and objectives of clients in a manner which directly applies to objectives and requirements they have disclosed?
A client’s need and objectives are related with price, profit, convenience, functionality and experience. If a client would invest more in the same sector where he already invested, that would be an indication that every need and objective has been met successfully that was disclosed by the client.

Briefly discuss how you can demonstrate high level verbal and non-verbal communication skills throughout your interactions with clients, including for clients with special needs.
Throughout the interaction with clients, high level verbal and non-verbal communication skill is important. Good communication skills equate following small steps like: listen more and listen attentively, speak confidently and calmly, making eye contact while interacting and finally asking relevant question if needed.

What methods could you use to assist you in introducing services, strategies and recommendations to clients?
In order to provide service and recommendations to clients, it is important to use positive language, improve product knowledge and technical skills, communicate clearly, practice listening, identify client’s expectations and evaluate skills after analysing client’s feedback.

Why is it important to use language that is clear and unambiguous, and to avoid the use of jargon when communicating with clients, in both oral and written communication?
As stated by Rahayuningsih, Saleh and Fitriati, (2020), if clients are unable to understand what they would be provided, then they become unsatisfied and break the business tie. Specially in financial service, it is important to use clear and unambiguous words, in order to continue fair transaction.

What information should be included in the disclosure of capacity to ensure that it is consistent with industry requirements and organisational guidelines?
The process of informing people regarding facts and information is called disclosure. Any organization should include information and data regarding summary of financial data, audited financial statement, company’s current financial condition and management’s description of company’s business system in the disclosure of capacity to ensure that it is consistent with industry requirements.

Briefly explain the important things to consider and discuss with clients, clearly and comprehensively, as you guide them through the broking options.
According to Guenzi and Habel, (2020), brokers should explain things such as location of a property premises, drawback of a product, should provide clear copy an agreement, should discuss internal rates of return, currency derivatives and long gilt futures to the clients. Brokers should explain specific product risk, borrowing risk and gearing and institutional risk to their clients.

What can you provide to a client to clearly explain the fees, charges and commissions?
A client can be provided a clear copy of agreement, copy of receipt of municipal tax of a property and a written declaration of all the parties involved in a business tie.

Why is it important to disclose the commercial relationship of the representative and their organisation to any of the products and services mentioned in plan?
Clients are interested know every essential detail of their chosen products, plan or services. Products, mentioned in a plan is also important to the clients, therefore, they have the rights to know the commercial relationship of the representative and the organization to the particular product mentioned in a plan.

What types of issues will you need to use your professional judgement to identify and address?
High quality professional judgement to identify and address can be made through some effective elements such as gathering information and data and identifying relevant literature, identifying and defining challenges, identifying potential substitutes, making decisions accordingly and finally review and close the documentation.

How might you seek confirmation from the client that they understand broking options presented?
In order to seek confirmation from the client that he understands all broking options, one may ask the client’s written acknowledgement of completing a trade. According to Auerbach and Thachil, (2018), broker must explain all the profits and loss of a product and provide many options to its customer and allow them to raise their queries. Finally, broker needs to answer all the questions to satisfy the client.

Outline the steps that you should follow to respond to identified client concerns appropriately.
A broker should follow appropriate steps in order to respond client’s concerns. These steps are listening to the client, ask the client to confirm his understanding, provide enough explanation to the client, ensure all the queries are responded professionally, refer the client to other efficient personnel if required and check client’s feedback.

What will you need to do when clients request alternatives to your recommendations?
Service providers should provide different alternatives as the client’s requirements and simultaneously they should explain all the benefits and risk associated with these alternatives.

What are the limits you will need to observe when you are presenting clients with broking options?
While providing financial services to the clients, all financial service providers should maintain all the guidelines imposed by the organization and should stick to the limits imposed by the regulatory bodies and laws (Barwitz, N. and Maas, P., 2018). The qualification and training of the financial service providers determine their limits of providing financial services to their clients. Therefore, financial advisers permit the financial service providers limited access of providing financial services to their customers.

Outline a basic complaint handling procedure that you could follow, maintaining communication channels, when dealing with a customer complaint.
Basic complaint handling procedure must satisfy the clients queries and therefore, the procedure is to follow some steps like, recognize the reason of complaints, suggesting the clients a wide range of suitable options, explain the clients how they can manage the issues, explain the complaint resolution process clearly, describe all the alternatives to the client if the process of resolution of complaint is time taking, documenting the complaint in details and finally keep updating the client about the progress in the process of resolution of complaint.

How will you need to obtain agreement to proceed from clients?
Financial service providers or the brokers should ask their clients to submit written form of agreement to proceed. It is also advisable to involve a third person to assist the client, if the client is in special need. However, the whole agreement procedure must not be done just verbally, rather it must be completed in a written form.

What relevant documentation will you need to use to record your client interactions and to provide conformation to clients?
As stated by Sheehan, Jin, and Gottlieb, (2020), the relevant documentation that are required are following: every disclosure written in clear and unambiguous languages, written application created for the clients, copy of agreements, written advices by the service providers to their clients and as well as the written suggestions for the service providers from their clients and documentation of the legal responsibilities of both the parties involved.

Why do you need to ensure that instructing or purchasing documents, where required, are signed by clients?
Signature is the evidence that the client is giving permission and agreeing to all the clauses of an agreement. Therefore, all the documents and applications of clients must contain the sign of the clients, which shows as the responsibility of the clients.

What are the types of post-broking services you will need to clearly define and communicate to your clients?
The post broking services is started after the agreement is signed by the client. In order to make the clients understood regarding the role of the brokers, the broker should provide clear written document to client about the post broking services, which include updates on current events, recondition in the situation of the clients, details of occurring financial services provided to the clients and informing after sell services provided by the organization.

Briefly discuss the organisational guidelines top follow when dealing with clients who have the following special needs:

1. Visual or hearing impairment
   Clients with visual impairment can be provided hardcopy documents in Braille or they can be provided audio recordings of relevant information.
2. English as a second language
   All information can be provided in a suitable language that can be easily understandable to the clients (Ribal et al., 2020). Even organization can involve interpreters to help the clients understand English.
3. Cultural differences
   Often financial service providers have to take care of cultural diversity in order to avoid disrespectful acts and challenges related with cultural differences. Brokers and financial service providers can communicate to one or other gender to maintain cultural differences.

Reference list
Almqvist, A.L. and Lassinantti, K., 2018. Social work practices for young people with complex needs: An integrative review. Child and Adolescent Social Work Journal, 35(3), pp.207-219.

Auerbach, A.M. and Thachil, T., 2018. How clients select brokers: Competition and choice in India's slums. American Political Science Review, 112(4), pp.775-791.

Barwitz, N. and Maas, P., 2018. Understanding the omnichannel customer journey: Determinants of interaction choice. Journal of interactive marketing, 43, pp.116-133.

Gikama, G., 2019. Does gearing influence on corporate performance? Evidence from Kenya. International Journal of Management and Sustainability, 8(1), pp.1-9.

Giliberto, F. and Labadi, S., 2021. Harnessing cultural heritage for sustainable development: an analysis of three internationally funded projects in MENA Countries. International Journal of Heritage Studies, pp.1-14.

Guenzi, P. and Habel, J., 2020. Mastering the digital transformation of sales. California Management Review, 62(4), pp.57-85.

Rahayuningsih, D., Saleh, M. and Fitriati, S.W., 2020. The realization of politeness strategies in EFL teacher-students classroom interaction. Mortgage broking assignment English Education Journal, 10(1), pp.85-93.

Ribal, M.J., Cornford, P., Briganti, A., Knoll, T., Gravas, S., Babjuk, M., Harding, C., Breda, A., Bex, A., Rassweiler, J.J. and Gözen, A.S., 2020. European Association of Urology Guidelines Office Rapid Reaction Group: an organisation-wide collaborative effort to adapt the European Association of Urology guidelines recommendations to the coronavirus disease 2019 era. European urology, 78(1), pp.21-28.

Schmulow, A., Virginia, D., Jacob, R. and William, H., 2020. AFCA: the first foothill between Australia’s Twin Peaks. Law and Financial Markets Review, 14(4), pp.201-222.

Sheehan, B., Jin, H.S. and Gottlieb, U., 2020. Customer service chatbots: Anthropomorphism and adoption. Journal of Business Research, 115, pp.14-24.

Susanto, H., Prasetyo, I., Indrawati, T., Aliyyah, N., Rusdiyanto, R., Tjaraka, H., Kalbuana, N.,

Rochman, A., Gazali, G. and Zainurrafiqi, Z., 2021. The impacts of earnings volatility, net income and comprehensive income on share Price: Evidence from Indonesia Stock Exchange. Accounting, 7(5), pp.1009-1016.

written activity 8

Relevant Legislation
The Australian Law Regulating Consumer loan and credit includes the main credit legislations such as National Credit Code (NCC), National Consumer Credit Protection Act 2009 (NCCP Act) and Australian Consumer Law. According to Claessens, Frost, Turner and Zhu, (2018), home loans, car loans and credit cards are under these acts. National Consumer Credit Protection Act 2009 deals with credit services, consumer leases, credit contracts and mortgages. Australian Securities and Investments Commission Act 2001 gives the power of providing functions to the business, ensuring the availability and accessibility of information and establishing power to the company.

Complex Features of a Client Situation and Needs.

Commercial loans Commercial loans are given to any credit worthy organization that is capable enough to repay the loan amount within given time. This type of loan is a debt-based funding carried out between a business organization and a financial organization such as bank. Chattel leases The process of borrowing capitals to purchase movable assets for personal usage by a person is called chattel leases. As stated by Brumm and Liu, (2019), though the ownership of that asset would be of the borrower, but the asset is mortgaged with the bank or the financial institution that lends money until the loan is repaid with added interest amount. Native title rights The Native Title Act 1993 protects the interest of Aboriginal and Torres Strait Islander people. According to Woodley, (2019), under this act a client holding his native title can submit an application to the Federal court in order to be acknowledged by the Australian law. This act was amended in 1998 but evaluated in the year 2007 and 2009. Heritage issues Heritage sites are such building that hold cultural importance and therefore, it is the responsibility of the government to preserve such buildings. Thus, if client has an ownership of such heritage buildings, then he has no much pliability to change, extend or renovate the building. Contaminated sites or properties near noxious industries People living or working over contaminated sites or properties near noxious industries are exposed to serious health issues. The resale value of such properties is very low; therefore, financial institutions are less interested to provide loan for purchasing of such sites. The Contaminated Sites Act 2003 was introduced to maintain and clean such sites as those places are highly polluted and requires huge amount of expenses to be cleaned up.

Complex Nature of Securities to Be Taken.

The implications of borrowing against leased premises If there is a bank loan against landlord’s mortgage, then it is important to obtain Mortgagee consent and the bank consent prior the leasing of the property. Lenders can terminate the lease if the landlord become defaulter. It will be considered as a breach of mortgage if the landlord fails to give notification regarding proposed lease to the lender. Multiple securities of different kinds There are different kind of securities such as debt securities and equity securities. If an individual purchases a share of a company through a broker, then it is considered as equity securities (Toroptsev, Marahovskiy and Babkin, 2019). If a country or a company issue a bond or a loan then it is called debt securities. Rural land In order to buy rural lands in Australia, some important steps must be followed such as inspection, making reports, contracting, exchanging of contracts, financing, depositing and finally settlement. Rural land transaction is implemented to provide land to those who are productive but has no or little access to their own land. Specialised securities (such as hotels) Specialised security is the established and leading security that provides a wide number of high-quality solutions that would require to be maintained through the nation.

Forms of Security to Be Taken for Complex Loan Structures. The assignment of rental income to the lender.
Lenders can directly ask the tenants to pay the rental, which act is later used as an alternative of discharging loans. Joint and several personal or related company guarantees. Often the directors of the company become the guarantors for a sanctioned loan, in such cases all the directors involved are liable separately and jointly for the debt taken by the company. Multiple mortgages. According to Ong, Wood and Cigdem, (2021), aloan that uses existing asset which is already under a mortgage as a collateral, is called multiple mortgages. After repaying for the primarily purchased loan, the asset by default comes under the mortgage for the second loan. Registered company charges. A fixed charge for every action that is created by an organization and has become a legal right for that organization is called registered company charges. Second mortgages A loan which is made in addition to the owner’s primary mortgage is considered as the second mortgage. The involvement of unit or family trusts as either borrowers or guarantors. In order to ensure the credit worthiness and to present the loan borrower as capable enough to get required financial support in case it is needed, the involvement of family trust or guarantors are needed. Research Task and Written/Oral Questions

What are the special or complex features of client’s situation that will need to be identified for their implementation implications?
It is the responsibility of the client to work on the factors such as ensuring the availability of data and information in order to increase practicable access for the public affair (Hoe and Mansori, 2018). It is also important to manage the provisions which might be detrimental for the clients.

What information might you use to prioritise you implementation actions?
Pivotal information such as associated laws of Australia, background reasons of an issue and a client’s background must be used to prioritise effective implementations.

What information do you need to consider when you are planning the timing for each action in your implementation plan so that they are consistent with the needs and specifications of the client?
In the case of the financial service providing, the pivotal duty of a company or financial institution is to provide credit to its clients. Therefore, client’s credit worthiness and information about his background need to be considered while planning for implementing something new.

What information must you consider and include when you are clearly explaining to the client the implementation actions required?
The implementation of actions such as laws and regulations related to the deal, expected issues and challenges and relevant solutions and possible alternatives for future are the important information that need to be explained to the clients.

Outline the requirements for obtaining written agreement from the client
As stated by Risku, Pichler and Wieser, (2017), in order to do a secured business or legal transaction, it is important to make legal agreement in written form at every step of the deal. Therefore, in order to maintain written agreement, four major steps must be followed and these are the legal process and regulations, an offer, the acceptance and the transaction procedure of money.

Briefly discuss how timing and priority can be used throughout the implementation of actions to maximise advantage for the client.
In order to maximise the advantages for the client, an organization may consider the need of the customer to sanction the credit amount or the loan amount. Even at the time of recovering the loan amount, the organization should grant a relaxation of time to the borrowers. These are some of the advantages provided to the clients.

What information will you need to include in a brief for identified individuals for the implementation actions for the loan structure?
Information such as authenticity of all the documents provided by the client and the value of the asset that is kept as a mortgage against the providing loan amount, are needed for the implementation actions for the loan structure.

What are the internal documentation requirements that may need to be completed for the complex loan structure implementation process?
The internal documentations such as disclaimers, disclosures, written applications (manual or computerized), insurance information documents, clearance copy, existing loan documents, evidence of credit worthiness and signed consents are the important documents that are required to be completed for the complex loan structure.

Discuss the external document requirements that may need to be completed for a complex loan structure implementation process.
According to Pelletier et al, (2018), the government rules and regulations, acts and codes are considered as the external documents that may need to be completed for a complex loan structure implementation process.

Why is it essential to coordinate any implementation actions that depend on or involve actions by other professionals?
It is important to mention all the planned actions required to maintain the relevant rules and regulations of the business process while providing loans to the clients. Thus, at the time of recovering the loan amount, the financial institution can take required actions against the client if needed according to the rules and regulations related to the specific matter.

Identify and briefly discuss 3 of the time management techniques and tools that are suitable to use to support the implementation process.
In order to manage time, an individual needs to avoid any kind of distraction or interruption to focus on the particular job while working. One need to focus on only pivotal activities rather than focusing on other side activities. Another technique is to divide a big task into small parts and to fix time accordingly to complete every small part of that given task.

Why is it important to establish monitoring procedures for the critical implementation timing and priorities?
As stated by Williams and Beidas, (2019), monitoring is such an essential part to be used for the critical implementation timing and priorities. The process of effective monitoring shows the wide scope of strengthen an implementation in the procedure of business plan.

List 5 of the actions that may need to be taken for the implementation, and that you would need to fully brief a client about.
The five major actions that may need to be taken are planning, providing relevant working procedures, adapting required actions and decisions, responding to the action plan and maintaining the plans that are ongoing.

What assistance might you need to provide to the client throughout the implementation?
In order to continue the working procedure effectively and without any issue, a leader need to take the control and guide his employees to perform their given jobs efficiently.

List 6 of the internal and external personnel you may need to issue instructions to, as per the loan structure.
Secured loan, unsecured loan, conforming loan, conventional loan, open ended loans and close ended loans.

In what circumstance will you need to maintain consultation and monitoring with other professionals?
In case of providing suitable alternative suggestions to the clients for minimizing his loss and increasing his profit, financial service providers should consult with other professional. At the time of recovering the loan amount, if there is any doubt, one can maintain consultation and monitoring with other professionals.

What types of documentation might you need to follow up on the lodgement of?
The documents required to follow up on the lodgement includes reports, statutory declarations as well as contracts and waivers.

What types of fees and charges will you need to obtain and process, according to the organisational and legislative requirements?
Currency conservation fee is 2.98%, overdrawn fee is $14.17, home loan is for $259 and credit card fees $130 (Dobrovnik, Herold, Fürst and Kummer, 2018).

What range of factors will need to be discussed with the client during the post-implementation debrief?
The lodgement process, the dealing procedures, post-implementation action plans, rules and regulation regarding breaching of an agreement are the factors that need to be discussed during the post implementation debrief.

Outline a process that could be followed to address and respond to client concerns.
In order to address and respond to client’s concerns, an individual must listen to its clients carefully and respond accordingly as only good communication can solve a query or concern of the client.

Briefly discuss the documentation requirements relating to the following:

Disclaimers. As stated by Mai, Tian Lee and Ma, (2019), the negation of certain details such as responsibility is considered as disclaimers. Disclosures. The concept of disclosure means to reveal any kind of unknown facts or secret to the public. Insurance policies. The contract between an insured and an insurer is called insurance policy. Prospectuses. A well-documented booklet that consists of relevant data and legal information is called prospectuses. Receipts. A legal document that is provided as evidence of received item or service, is considered as receipt. Written advice. A verbal suggestion in written form is called written advice.

Reference list
Brumm, L. and Liu, J., 2019. New leasing accounting standard. Taxation in Australia, 53(8), pp.449-450.

Claessens, S., Frost, J., Turner, G. and Zhu, F., 2018. Fintech credit markets around the world: size, drivers and policy issues. BIS Quarterly Review September.

Dobrovnik, M., Herold, D.M., Fürst, E. and Kummer, S., 2018. Blockchain for and in Logistics: What to Adopt and Where to Start. Logistics, 2(3), p.18.

Hoe, L.C. and Mansori, S., 2018. The effects of product quality on customer satisfaction and loyalty: Evidence from Malaysian engineering industry. International Journal of Industrial Marketing, 3(1), p.20.

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