Finance Broking in Practice (FBP) Student Assessment Booklet

Finance Broking
in
Practice
(FBP)
Student
Assessment Booklet
Name:
Date:
Manual Version Number:

Please note: It is a requirement for students to make their submissions
using this electronic assessment booklet. At the facilitator’s discretion
any submissions made in another format may not be accepted. If you
are completing the course via various computers, please save the one
booklet on a USB so you can send the submission in using the one file
Getting Started
Please insert your NAME,DATEand the Manual Version Number on the first
page of your Assessment Booklet.
Answering Assessment Questions
Each Assessment Booklet contains blank spaces for following assessment items:
 Short Answer Questions
When submitting Assessment Booklets for marking, please ensure that the entire
booklet is completed.
Short Answer Questions
Using the space/s provided, please complete your answers making sure to:
 Please restrict your answers to no more than 300 words per question
 Please include any calculations that you used to reach your answer
Referencing Your Answers
Students undertaking the course must exhibit a range of skills in order to be
confirmed as competent in their course. These skills include:
 Understanding a question.
 Possessing knowledge about the issue, which in some assessments
includes locating information from references.
 Providing an answer, this shows personal understanding.
Please make sure that all assessments are documented in a way that
exhibits your personal study and/or research. To that end would you
please acknowledge all material and sources used in the presentation of your
assessment whether they are books, articles, reports, Internet searches, or any
other document or personal communication. For example if:
 An idea is sourced; reference it e.g. (Bagra 2010).
 You are directly quoting, wrap it in quote marks e.g. “Tom Horner sat in a
corner” (Peters 2007 page 7).
 You are quoting from the internet include quote marks and the web
reference e.g. “ban on conflicted remuneration structures including
commissions” <http://futureofadvice.treasury.gov.au/content/Content.asp
x?doc=reforms.htm> accessed on the 28th of December 2012.
Please note that no more than 5% of direct quoting which is referenced is
deemed to be acceptable and no amount of direct quoting without referencing
is deemed acceptable. Any direct quoting should form only a small portion of any

FBP: Chapter 4
answer and the answer should demonstrate the student understands and can
interpret the question and provide an appropriate answer.
Whilst this will require more work for you I hope you will understand that we are
trying to maintain high standards and support your progression into further
qualifications.
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naming the file:
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Note:If you are submitting handwritten assessments all questions must be
completed in blue or black pen. If assessments are received in pencil or with
illegible handwriting, a resubmission will be required.
Note: It is your responsibility as a student to keep a copy of all assessment
submissions. IIT do not take responsibility for the loss of any submissions.
Distance Education Students
Student Declaration
I understand that by completing this form I am bound by the following
declaration.
To the best of my knowledge and belief, no part of this assignment for the above
unit has been copied from any other student’s work or from any other source
except where due acknowledgment is made in the text, or has been written for
me by another person.
Name: SARA T MANU Date:16 March 2021

FBP: Chapter 4
Short Answer Question 1
You had recommended a variable interest rate product with an offset
account to your client and they emailed you and said they did not want to
take up the product as it was too expensive. A cheaper product exists but
you believe it doesn’t meet their needs as it does not have the features
they need. Write an email in response (referred to a sales response)
designed to overcome their reluctance. Ensure you sign off with your
name and provide your mobile phone so they can contact you.
Email address: [e-mail]
Dear Customer,
Thank you for your emailed that I have received
in regards of the product that we have
recommended. You did not want the variable
interest rate together with the offset account as
you mentioned it is expensive for you. I
understand you wanted a cheaper option
unfortunately the requirements for the products
will not suit your need of having an offset
account. The cheapest option doesn’t have the
feature that you need but the recommended
product has more benefit than the cheaper
product in the long run. For instance, if you
deposit both of your wages in the offset account
it will help decrease the interest rate and you
will not have to pay for the full term of the loan
but pay off your loan quicker which is something
that the cheaper product can not achieved. Also
the recommended product will cost you $500
more upfront but in the long run you be able to
save a lot of money by helping decrease the
interest on your home loan comparing to the

FBP: Chapter 4
cheaper product which this option is not
available.
Please do not hesitate to contact me on
041-1139486 for more details. I would love to
help you in regards of your request.
Best regards
Email:

FBP: Chapter 4
Short Answer Question 2
(a) Which software applications would you use to calculate a client’s
financial position?
Servicing Calculator
(b) All brokers are required to pass the So Sweet credit guide to their
clients. Devise an item on an audit program to prove she does it.
A signed checklist provided by the broker to the
client.
(c) So Sweet requires all new brokers to email a summary of their efforts
each week to their mentor. Devise an internal monitoring program to
ensure they do it.
Continuous professional development
requirements
(d) Keeping up with new regulations is vital. Devise a mechanism to
ensure the currency of regulatory literature is distributed in a timely
fashion in accordance with organisational policy.
The compliance with new regulations is very
important and it is necessary for companies to
follow all the regulations. This is because of the
reason that the laws guide the company that
how they have to work and what steps they
need to follow. Hence, the compliance with
regulation will also assist company in facing the
competition in better and effective manner.
Also in case the currency of regulatory literature
is distributed on timely manner and in