Task 8 ― Respond and report on complaints

Task 8: Question 1

Refer to the Toolbox in your subject room for Policies and Procedures and links regarding handling complaints and disputes, and respond to the following questions based on those documents:

(a) Who should a client refer their complaint to in the first instance?

(b) In accordance with the Banking Code of Practice, if a provider of financial products and services is unable to provide a resolution within 30 days, what are the five (5) steps they must take?

Task 8: Question 2

Consider the following scenario.

Mr Joseph Harper, a new customer, has called your office and has complained about the time it is taking to receive a decision on his loan application, which was submitted 10 days ago.

The average turnaround time with the lender Joseph has applied to for a loan is 14 working days. Additionally, the loan requires lenders mortgage insurance (LMI), which could add a further two days to the assessment time frame.

The client is getting anxious as he has made an offer on a property subject to finance. There is only 14 days from date of offer to confirm finance approval before the property will go back on the market, so he is very worried he may miss out on the property. 

(a) Describe the steps you will take to resolve this complaint. Include the stakeholders you will refer to in the resolution process.

(b) Describe the resolution you will communicate to Joseph.

You may refer to the Toolbox for Policies and Procedures regarding handling complaints and disputes.

Task 8: Question 3

Complete the customer report below based on the scenario in question 2.