Banking Case Study - Assessment Answer

Banking case study Accounting and Finance Assignment Help

Assignment Task:

This assessment requires you to apply legislation and the principles of professionalism to a standard banking situation.

Background information

Aotearoa Bank is a registered bank and Qualifying Financial Entity (QFE). The bank has a comprehensive set of policies, procedures, and guidelines, which are designed to ensure the bank complies with all relevant legislation and code of practice principles. All staff must adhere to these policies, procedures, and guidelines.
Serena is a QFE adviser at the Masterton branch of Aotearoa Bank. The bank’s QFE advisers are permitted to give advice on the following products:

• All category 2 products provided by Aotearoa Bank

• Aotearoa Bank’s KiwiSaver Scheme

Serena is a salaried employee and also receives other benefits through various internal incentive schemes. Currently, she is working towards a goal of attracting 50 new customers to the bank’s KiwiSaver Scheme, for which she will receive a $5 000 bonus. Read the following transcript of a meeting Serena has with a customer, Chris. As you read through the conversation, identify where specific Acts or principles of professionalism apply, and determine whether Serena and Aotearoa Bank demonstrate compliance or non-compliance with that Act or principle of professionalism. This will prepare you for the questions in the assessment. There are five questions in the assessment covering five different Acts or principles of professionalism.

Transcript

Serena:   Good morning Chris, hope you found a park OK

Chris:        Yea, I was lucky, right outside.

Serena:       Oh that’s great. Now you said on the phone that you wanted to open an account with us and that you might have a couple of other queries about our products and services?

Chris:  Yea, that’s right.
Serena:  First I need to give you our disclosure statement. [Serena gives Chris Aotearoa Bank’s QFE Disclosure Statement] [Chris has a quick look through Aotearoa Bank’s QFE Disclosure Statement]

Chris:  OK thanks, that seems fine.

Serena: Good. Let’s start setting up that account. First I need to get some personal details from you as explained on the phone. [Serena collects the personal information required by her bank to open the account and inputs into her office computer]

Now I need two forms of identification from you please Chris.
[Chris presents his birth certificate and driver’s license]

Chris: Glad you mentioned that on the phone, Serena, otherwise I would only have had the one!

Serena: OK, that’s all good. Now what do you want to use the account for?

Chris: Just for everyday things like shopping and paying rent. I’ll get my salary paid into the account too. I looked on your website and your Online Everyday Account                      looks good – no transaction fees!

Serena:   Yes it works well if you do all your transactions electronically, but if you do anything manual like banking a cheque you will be charged a manual transaction fee.                   And don’t forget there is a monthly account fee of $5.

Chris:   Oh thanks for pointing that out, I hadn’t read it properly.

Serena:   No worries, Chris. Here are the terms and conditions of the account. It’s all ready to go and I can issue your ATM card now if you like.

Chris: Yea, great! [Serena issues ATM card and explains the main terms and conditions of the account]

Serena: Is there anything else I can help you with today?

Chris: Well I’m already in KiwiSaver but was wondering if your bank’s scheme will give me better returns than the one I’m with now? I saw on your website you have three schemes but didn’t know which one would beat my current scheme.

Serena: Sorry Chris but I will need to get one of our authorized financial advisers to talk to you about that. Can I get one of them to give you a call and arrange a convenient time?

Chris: Oh, OK.
Serena: Here’s our brochure to read through in the meantime.

Anything else?

Chris: No I think that’s all Serena – thanks for your help.
Serena: That’s OK, nice to meet you, Chris. Please feel free to call me if

you have any questions.
[Chris leaves............Serena’s phone rings]

Serena: Hi Alisa......sorry I’m running a bit late; be with you in five!
[Serena rushes off to meet Alisa. Five minutes later, Tom, her team leader passes her desk]

Tom: I’ll have to speak to Serena – she can’t go off and leave all this paperwork lying about in a public space. And her screen is still on too!

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