CUS Assessment

CUS Assessment

Student’s name: Amolak singh

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Checklist of attachments:

☐ Task 1 ☐ Task 2 ☐ Task 3

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☒ Online ☐ Virtual Class

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CREDIT TRANSFER

You 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:

 FNSCUS511 Develop and maintain professional relationships in financial services industry

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 – Establishing referral relationships

1. We have listed the types of networks you’ll need to connect with to grow your business; internal, external and
personal. You need to identify who the people, professionals, businesses are within these network types and
explain how you can find them and what benefits they can bring to your business.

Complete the table below to identify the personal and professional networks and contacts that will assist you in
driving new business.

a) List a minimum of four (4) types of individuals and/or professionals for each section:
- internal – 4 types
- external – 4 types
- personal – 4 types

b) List a minimum of one (1) way to connect with each of your identified contacts
- internal – 1 way to connect with each of the 4 types
- external – 1 way to connect with each of the 4 types
- personal – 1 way to connect with each of the 4 types

c) List a minimum of one (1) way that each of your identified contacts can benefit you and your business. You
need to be specific with your answer as they help you in different ways.
- internal – 1 way that each of the 4 types can benefit you and your business
- external – 1 way that each of the 4 types can benefit you and your business
- personal – 1 way that each of the 4 types can benefit you and your business

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Networ Types of individuals Ways to connect Benefits your business

k Type and/or professionals
.

Internal network helps to add

Internal 1. Existing broker .Events people to our professional
business •Colleagues network

Learning the experience 

•Social media

2. Aggregators • Advertising or recruitment agencies Providing with a range of support and

services

•Other brokers
3. Lenders . Helping me through all facets of
getting started, gaining business and
• Training clients contacts, and understanding
how to successfully complete a range
of loan/lease applications

4. Associations industry recognition, education,

professional development and social
events, business and marketing tools
other offers and discounts

our perspective will be much

External 1. Real Estate enlarged this is the special quality
Agents
One way to network with potential external we bring to the job and there is a
industrial and professional partners is via lot to learn from people who are
existing customers. 2 Organizational Links different from you connecting
2. Buyer Agents Making a mailing list of email addresses. with people from different
Number four: creating a contact list. 5. backgrounds and experience to
Participating at many professional gatherings new perspective ,
Six, communicating through online social ideas and advice
networks
Develop and grow my business
3. Accountants Building valuable business
relationships to support that
client

 Business networks
3. Solicitors

Industry organisations

 Current clients

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
Connecting through social media

 Chamber of Commerce or service

organization


Training workshops

 Attending conferences or

Personal 1. friends Your social

 elevator speech

health will
improve
as a result of
networking.
Due
to
networking,
information
may
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be shared.
It's a great
way to
meet
individuals
in your field
and advance
your career.
Building
professional
relationships
boosts
confidence.
They already know me, build
trust easily

2. family members  elevator speech/ already know them

3. Social activity sow seeds of consideration

volunteer friends
3. Social activity
volunteer friends
3. Social activity
volunteer friend
3. Social activity
volunteer friend
3. Social activity
volunteer friend

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3. Social activity
volunteer friend
3. Social activity
volunteer friend
3. clients

4. children classmates’  children’s school

parents

2. Scenario: You (finance broker) met up with Shemi, a local Accountant, last week and had a generalised discussion
about each other’s client types. No personal information about the clients was shared, but it was enough
information for Shemi to know he could refer some of his clients to you. You agreed to sharing 15% of your earned
loan commission for each successful client he referred to you.

Click the link, download RG203 and read from ‘Mere referrals RG 203.115 through to Upstream Referrals RG
203.120’ ‘ASIC Regulatory Guideline RG203: Do I need a credit licence’. It explains the (5) five parameters for a
referrer (the Accountant in this instance to be considered exempt from having engaged in credit activities like a
licensee or credit representative when they make referrals.

Task: Write an email to Shemi, following up from your meeting. Ensure you write your email professionally, use
professional introduction and sign off and address the following points:

a) Agreed % (are you sending the referrer agreement along with this email, if so advise)
If the Accountant suggests the consumer contacts you to apply for a particular credit contract with a particular
credit provider, how is this viewed by ASIC.
b) Accountant’s responsibility towards their client for downstream referrals
c) Accountant’s responsibility towards their client for upstream referrals (all 5 requirements listed
must be addressed)
TO, Shemi
Subject: for making referrals.
I the financial broker of yours here are some sign offs and address which is considered for the
referrals. 
1. As discussed at our last meeting, we have agreed to receive a loan commission of 15% from
your referees for each successful client. However, I still need to outline some information for
you from my point of view..

2. If you introduce a consumer to another person who is licensed or authorized to engage in credit
activities and help that consumer to contact that other person, you may engage in credit
activities . Act as an intermediary to provide credit or consumer leasing to consumer .
3. Accountants' responsibilities towards the referrals of the downstream are to disclose the
consumer benefits like commissions that are received for gigging referrals. The disclosure
should be in the same form and the information about the representative and contact of the
licensee. 

4. Accountants' responsibilities towards the upstream referrals are to have the written agreement
of referral within the representative and licensee into which the exemption applies. Here are
the 5 requirement of the upstream referrals are:
 Having the written referral agreements.

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Referrals provided as the matters of incidental for carrying the other business.

Consent of the consumer should be obtained to names and details of contacts that

are given to the representative and licensee.  
 Proving licensee consumers contact details and name within the five days of
business.
 Disclosing the consumers benefits like commissions that is received by the
referrals. 
Thank you and regards

Financial broker

3. Scenario: Filomena is a real estate agent who is one of your referrers she has recommended Izzy and Eduardo
approach you for a home loan, which they have done via email. They would like a particular type of product;
however:
o you are not accredited to provide this product at the moment but it is a product in your aggregators panel

o you are not sure if it would actually be in their best interest financially; what are your obligations?

o they have indicated it time sensitive as they have signed a conditional contract.

Click here to read about Best Interest Duty ASIC Regulatory Guide RG273, specifically the information and
examples provided in the “Range of credit providers and products” section.

TASKS
a) Write a professional email to Izzy and Eduardo and explain
the factors involved in determining what loan product would be in their best interest and whether you can
assist them.

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Hello, Izzy and Eduardo.

Thank you for requesting that the product you requested be added to your aggregator
panel, and please consider nominating me as your representative. In offering credit
help, as a mortgage broker, I shall operate in the best interests of the consumers. So
I'll select the greatest product for you; all things I propose must be in the best interests
of the customer, and the grounds for this decision will be documented and explained
to you. While pricing is an important factor, additional loan characteristics may be
valuable to some consumers, depending on their unique circumstances. These
characteristics may include:

(a) tangible features, such as the usage of offset accounts, rezoning facilities, or a
bundle of services that includes other credit products; and

(b) Difficult-to-quantify issues, such as the level of service and policies of credit
lenders. But I'll do my best to pick what's best for you .I eagerly await your response.

Amolak Singh

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b) Scenario: This is the second client Filomena has sent you that you haven’t been able to help and you don’t
want to lose any future business.
Task: Explain a minimum of three (3) ways you can ensure Filomena will feel confident in sending you other
clients.

1. In order to explain our products

to customers and earn their
confidence in our
recommendations and
guidance, it's important that we
have a thorough understanding of
their needs and expectations.
2. Constantly monitors the market
for signs of shifts and innovations,
and keeps tabs on anticipated
wants from customers.
3. Disclosing collected data and
comments from customers.
1. In order to explain our products
to customers and earn their
confidence in our
recommendations and

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guidance, it's important that we

have a thorough understanding of
their needs and expectations.
2. Constantly monitors the market
for signs of shifts and innovations,
and keeps tabs on anticipated
wants from customers.
3. Disclosing collected data and
comments from customers.
1. Share customer experiences

1. forecasts of customer demand

2. Be transparent about product knowledge

For Q4 you may need to refer back to your Compliance, Regulation & Ethics Learning Guide – Section 2, Dispute
Resolution Process. Please check you have the latest version from your Learning Centre as these documents are
updated from time to time

1. Scenario: You have been trying to build a relationship with George, a real estate agent in your area. Your clients
Apple and Moses have just received a pre-approval for a home loan and you know they are working with George
to find a house. You see this as your opportunity to get a referrer arrangement over the line with George so have
told him how much your clients have been pre-approved for and suggested that he show them houses in this
price range. Your clients have not provided any authority to pass on their information to any external parties.

TASKS

a) What two (2) aspects of the legislation and regulatory guidelines have been breached in this scenario?
 Two legislations have been breached which are Privacy Act 1988 and National
Consumer Credit
Protection Act of 2009 as it is not allowed to pass data to third parties by the client

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Scenario: George has let it slip to Apple and Moses that he is are aware of the pre-approval amount. Apple and
Moses have now lodged a complaint with you which you haven’t been able to settle with them.

b) As the internal dispute is still not resolved, what four steps need to happen next?

1. Each complaint should be

 

acknowledged within 24 hours of

receipt.
2. When accepting a complaint,
whether orally or in writing, it is
important to take into account the
complainant's preferred channel of
communication and the
circumstances under which the
complaint was filed (email, post, or
social media platforms).
3. Once we've given you our IDR
form, you'll have 30 days to fill it
out and return it to us. The
complainant should get written
confirmation (a) of the IDR's
decision (confirming the firm's
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actions
to fully resolve the complaint or
providing an explanation for
rejecting or partially rejecting the
complaint) and (b) of the financial
firm's decision on the complaint
(either confirmation of actions
taken by the firm to fully resolve
the complaint or reasons for
rejection or partial rejection of the
complaint). (d) the contact details
for AFCA in the event that they are
dissatisfied with the IDR's
response.
4. However, if the financial
institution disagrees with the
complaint, it must provide a
response in the
form of an IDR that (a) identifies
and addresses the issues raised in
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the complaint, (b) sets out the

financial institution's findings on
material questions of fact and
refers to the information that
supports those findings, and (c)
provides sufficient detail for the
complainant to understand the
basis
of the decision and be fully
informed when the decision is
made.
1. Should acknowledge receipt of each complaint promptly within 24 hours.

2. acknowledge a complaint verbally or in writing (email, post or social media

channels) ,take into account the method used by the complainant to lodge their
complaint and any preferences they may have expressed about communication
methods

3. Must also comply with our IDR procedurein 30 days. written communication from a
financial firm to the complainant, informing them of:

(a) the final outcome of their complaint at IDR (either confirmation of actions taken by the firm to fully
resolve the complaint or reasons for rejection or partial rejection of the complaint);

(b) their right to take the complaint to AFCA if they are not satisfied with the IDR response; (c) the
contact details for AFCA.

4. If a financial firm rejects or partially rejects the complaint, the IDR response must
clearly set out the reasons for the decision by:

(a) identifying and addressing the issues raised in the complaint;

(b) setting out the financial firm’s findings on material questions of fact and referring to the
information that supports those findings; and

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(c) providing enough detail for the complainant to understand the basis of the decision and
to be fully informed when deciding whether to escalate the matter to AFCA or another
forum .

c) Legally, this situation can damage your business reputation; how else could Apple and Moses damage
your reputation?

d)If they submit unfavorable

feedback about you on a public
or generic website, you risk
losing their
e) confidence and facing
accusations of being
unprofessional. In addition, your
professional reputation will
f) be great but your reputation in
the business will be terrible.
If they submit unfavorable
feedback about you on a public or
generic website, you risk losing
their
confidence and facing accusations
of being unprofessional. In
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addition, your professional

reputation will
be great but your reputation in the
business will be terrible.
They lose your trust and they will tell their relationship that you are unprofessional and post bad
experiences on public or general websites.

In addition, you will have a poor record in your industry, while in your professional record, you
will probably be very good.

Task 2 – Business Practices

Adhering to social, business and ethical standards is important for a business to both develop and secure positive
referrer relationships. For a Finance Broker, these standards could be acting in the best interests of the client, codes
of conduct, or your own set of organisational standards determined by your Aggregator’s or Lenders policies. In
Section 2 of the Professional Relationships Learner Guide we explore ways to develop and secure positive
relationships by applying ethical and professional business standards.

1. Explain in your own words how to apply the following three

standards in your business:
a) Keeping up to date and knowledgeable – List three (3) areas
to keep up to date that will protect and benefit your business:

1. Keep up to date with professional body changes, requirements and support.

2. Keeping in view the regulatory changes,

Well-versed on both the established and emerging goods that make up the aggregator
panel
Well-versed on both the established and emerging goods that make up the aggregator
panel
3. Well-versed on both the established and emerging goods that make up the aggregatorpanel

b) Always thinking about ways that you can help others

Network client
If you can't help a client because you don't have the product they need, promptly
refer them to a broker you know can help them and offer the same professional
service you do.

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Be proactive with your customers if there's a better option.

Network professional
 Be the first one to refer a client to referral partners and other professional contacts.

 Keep the network updated with industry information that could benefit their own
business.

c) Being professional, trustworthy, timely and reliable; List a minimum of four (4) ways you can demonstrate
these qualities:

1. Keeping the commitments to deed if it is said that you are going to do something then do it.

2. Being honest,

3. Being transparent

4. Always maintaining consistency in the work

2. You recently met with the owner of 2XE Financial Planning. You have both agreed that due to your very similar
business and ethical standards, that you would like to proceed with a formal referral arrangement. Remember to
refer to your Learner Guide to assist you in your answer.

a) List a minimum of three (3) aspects of your proposed referrer

arrangement will you need to negotiate.
Having a strategy for customer acquisition is crucial. For example, if you send a customer to a real
estate agent and that client ends up buying a house via that agent, you should be credited with the
client in the database. The customer has authorized the real estate agent to share their loan inquiry
with you if they subsequently decide to sell their house using the same agent. You shouldn't have
to pay a commission to the real estate agent since you initiated contact with the customer.
1. Having a strategy for customer acquisition is crucial. For example, if you send a customer to a
real estate agent and that client ends up buying a house via that agent, you should be credited with
the client in the database. The customer has authorized the real estate agent to share their loan
inquirywith you if they subsequently decide to sell their house using the same agent. You shouldn't
have to pay a commission to the real estate agent since you initiated contact with the customer
One way to negotiate commission is to split the commission or take a percentage. Alternatively, you
may institute a referral fee system
2.One way to negotiate commission is to split the commission or take a percentage. Alternatively,
youmay institute a referral fee system.
3.Reaching more people and expanding your customer base are both goals of a shared marketing
campaign. The cost of the advertising plan is negotiable
4, Negotiate whether the commision will be affected by the upfront, the trial, or both

b) Using the Referral Agreement example in the Learner Guide,

list five (5) pieces of information you will need from the referrer to set up a referrer agreement.

5. Company name

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2.ABN and CAN

3.Name of referrer

4.Contact number

5.Address of business location

3. Provide a minimum of five (5) ways you can promote your business through existing business networks.

You can use networks to promote and market your organisation by: 
1. Client and referral data collecting - In order to get to know someone better, it's a good
idea to ask them some in-depth questions about themselves and jot down their answers.

2. It's easy for a customer to forget about or neglect you if you don't maintain in frequent
contact with them; nevertheless, this does not imply stalking them; rather, it means
recognizing the connection they want from you and respecting those limits.

3. Avoid assuming that a customer who has used your services before or been in touch
with you for some time is aware of what you have to offer; instead, take the time to
explain what you do and make sure that everyone remembers it. It's not uncommon to
learn, after the fact,that customer went elsewhere for a service you might have offered
but failed to, even if you've informed them about it in the past.

4. . Your referrers and customers want you to be current and competent in your industry,
so don't let them down by not doing so; 'over-learning' is never a waste of time.

5. . If someone has helped your company in any way, whether by making a referral or
otherwise, you should thank them

Describe a minimum of three (3) practices you could implement to improve how you interact with your
networks.

You may use your personal and

professional contacts to create a
list of people you can inform

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about your services and provide

assistance to if they need it.
1. You may use your personal and professional contacts to create a list of people you can inform about
your services and provide assistance to if they need it.

2.  Refine and enlarge your current catalog of goods and services so that you may continue to satisfy
the changing demands of your customers and business associates.

3. Feedback may be collected in a variety of methods, including face-to-face meetings, phone

conversations, emails, and online surveys sent using Google Docs

4. Consider the needs of your network: Pick customers who have shown an interest in your goods; a
Buyer's Agent may be more appropriate than a Real Estate Agent.

4. Communication is key for a finance broker. Answer the following questions about how the industry
communicates with you.

a) How do the lenders you’re accredited with, communicate with

you?

The accredited lenders will communicate with us through aggregator CRM, emails or through telephone.

b) List six (6) ways your Aggregator BDM works with you.
1. Fulfilling the ACR (Authorised Credit Representative) licensing arrangements.
2. On – board training.
3. Any queries and questions in relation to commissions
4. Provides guidance on generating leads in an initial stage
5. Setting up your own portal on the aggregator software and solving issues for the same.
6. Other Accrediations such as; Lender accrediations

c) When you join an industry body you will have a membership

with them and have your own member portal. List three (3) ways they will engage with you.

1.  Information of the industry will be given to you

2. Useful resources will be provided

3.  Running up a training programmes train

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5. Create an ‘elevator pitch’ you could use at a local sports club your child is playing at. Follow the guidance in
your Learner Guide.

a) Note how long it should take to recite it out loud – there is a maximum time recommended and you are to
stick with that.

Hello all, I am a broker who simplifies the complexity of meeting financial goals and prides myself on
providing professional and ethical service to my clients. I think your success is my success, I like to help
my clients achieve their financial goals, I leave my business card on the table, please feel free to talk to me
when you enjoy sports give me a call or email ,and I'll be happy to answer all your questions.

Enjoy your day.

b) There are also three (3) aspects/points to include in your pitch, what are they? Still incorrect. refer to
Learner guide.

1. The specialty that sets you apart from the rest

2. What you can offer

3 . Your aim

Task 3 – Expanding your reputation

You have noticed a decline in referred clients from your referral partners. The business relies on these contacts to
meet your yearly income targets. You were previously receiving up to two (2) new leads per week from these
networks. You have contacted your mentor to assist you in developing a strategy to reengage with your referral
partners, in the hope of increasing business.

Your Mentor has made two suggestions:

 You re-engage with your referrer by updating them on how your products and services suit the current market
trends and recommendations. The information you research could be valuable for them to pass on to their
existing client database of investor clients seeking personal and business finance.
 You expand the reputation of the business by identifying some new and improved business practices.

1. Complete the answers for (a) and (b) which will then be used in your email for Question 4 when you re-engage
with your referral network.

a) What is the current trend of the highest volume of borrowing type?

Owner purchase

Owner – Purchase Owner – Refinance Investor – Purchase Investor - Refinance

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The current highest trend of the highest volume of borrowing type is owner purchased. That is 24000 mil.
c) Based on the fixed interest rate owner occupied graph, which term has risen the least since 2021?

5 year

Based on the fixed intrest rate the term that has rised is science 2021 is 3.30%.

We are expecting you to identify and list the fixed rate term that has risen the least since 2021 in your response.
Review the green and blue line in the graph carefully to identify correct Term.

2. In order to benefit your referrer’s clients, apply your answers from Q1 (a) and (b) to find two (2) products using
www.canstar.com.au. Base your finding on $500k loan for the state you live in and complete the following table
and ensure you provide a screenshot of each Lender.

Review the product comparison once you have correctly identified the fixed term in Q1b and also
complete the table provided with the information about 2 products you are comparing and provide
screenshot.

Screen print/shot must show:

 $500,000 loan amount

 Loan purpose – refer to results of Question 1a
 Interest type – refer to results of Question 1b

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 Features and fees

 Interest rate
 Comparison rate

You must provide a screenshot to support your loan product choices, otherwise your assessor will return your
work to you and request a resubmission with the Canstar evidence, if this happens and Canstar product options
have changed, then you will need to redo the table showing the information that supports the screenshot.

Lender Name HSBC home loan  Smart booster home loans

Product Name Home loan Home loan 

Features and fees Facility of redraw Facility of redraw

Additional repayments  Additional repayments 

Money repayments= $2059.80 Money repayments= $2001.70

Interest Rate 2.82% 2.60%

Comparison 2.83% 2.96%

Rate

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3. Read or listen to the ACCC’s Home Loan Price Inquiry report (embedded and linked below), which examines how
the banks have been operating in the home loan space and potential improvements that could be made.
Recommend a specific business practice you can incorporate as a broker that has been recommended to the
banks.

https://www.accc.gov.au/publications/home-loan-price-inquiry-final-report

Promotion for the borrowers of variabler rate

A maximum time frame for the process of discharged request for the existing lenders

Continuous monitoring of the prices and compensation in the market of home loans

ACCC shoulds take actions 

4. Create an email to promote your business practices by disseminating the information researched in questions
1 – 3 that will enable you to re-engage with your referrers.

Encourage them to work out which of their clients would benefit from this information and refer them to you.

Ensure you incorporate the following along with persuasive writing:

a) Sum up what’s happening to interest rates from your research (in brief)
b) What you found in your product search
c) Base your finding on $500k loan in the state you live in
d) Must include the comparison rate
e) Must include Canstar’s Disclaimer regarding that advice is general etc., which is found at the bottom of
their product comparison screen. You may reword this to build your own disclaimer or you can copy and
paste theirs.
f) Call to action (if you are unsure what this term means, Google the definition)

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 To ******

Subject: promoting practices of business

From the researches of the paper it can be said that the interest rate for the loan of the
$500k, HSBC is providing the 2.82% of interest rate while  Smart booster home loans is
providing home loan at 2.60%, but the compensation rate of the  Smart booster home
loans is higher than the HSBC home loans. The features of the both products are similar
as it is 

Facility of redraw

Additional repayments 

Both do not include facility of account offset. 

Monthly repayments of HSBC are higher than the other product. 

Thank you 

Your email to referral partners should include information about both products compared in Q2. As per the given
points to cover you are expected to Base your finding on $500k loan in the state you live in and include the
comparison rate for both products AND INCLUDE THE CANSTAR’S DISCLAIMER.

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Reference list
Journal
Davis, K., 2019. The Hayne Royal Commission and financial sector misbehaviour: Lasting change
or temporary fix?. The Economic and Labour Relations Review, 30(2), pp.200-221.
Degeling, S. and Hudson, J., 2019. Credit advisers, consumer credit and equitable fiduciary
obligations. Federal Law Review, 47(1), pp.64-90.
Freebairn, P., 2018. Competition into the Australian Financial System. Policy.

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