You have been asked to review the following advertisement to make sure that it complies with the National Credit Code (NCC) and Australian Consumer Law (ACL). Betty & Andrew Jones recently applied for a home loan and requested a fixed rate loan for 5 years for an amount of $500,000. There has been a recent change to a key legislation that applies to the mortgage broking industry. Your responsibility is to ensure all staff in your office are aware of the changes. Gary Maple (new staff member) is interviewing Bill Jones (a customer) and leaves him alone at his desk to find out some further information. Whilst Gary is gone Bill looks through a file that was left on the desk – it is for a home loan application for John & Carol Bird. John (a broker in your office) has recently finished an interview with Brad Holt for a new home loan. He realises that he forgot to inform Brad about the fees and charges that apply to his new loan and John is concerned that he may have not followed his duty as an agent or his duty of care.
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