While you were completing an audit of all new clients Thursday afternoon, you noticed some notes by
Question:
While you were completing an audit of all new clients Thursday afternoon, you noticed some notes by one of your new brokers that had conflicting information regarding a client. The information you located in the client's profile may be seen to be not following industry codes of practice and the notes go against your team's organizational policy. They are not relevant to be on the file and of a personal nature of the client so you discuss this with your supervisor.
Your supervisor has asked you to delete the notes, add this task of checking notes to the auditing task on Thursday afternoons, and to send an email out to the team to remind them of their obligations under Responsible Lending. You are to research the regulation and include in your email the following:
- Interpret how Responsible Lending is part of your everyday work as a broker.
- Discuss that notes not relevant to a client's financial profile are not to be present on files.
- Request that each team member complete training on Responsible Lending via the Loan market website.
- Record the training in their development plan and implement a review every 6 months.
Auditing Cases An Interactive Learning Approach
ISBN: 978-0132423502
4th Edition
Authors: Steven M Glover, Douglas F Prawitt