Bill Jones is a public servant and he and Mary have recently married.  They have decided that they want to purchase their first home together.  They have been referred to a mortgage broker – Getting Started Loans, and speak to Fred Smith there.  Fred generally uses the ABC bank of Australia for his clients as not only do they offer a good interest rate for clients but Fred also receives and additional $1K on top of his normal fees for each loan he introduces there.

1) Outline what documents are to be provided to Bill and Mary as part of this process.

2) Identify what Fred’s role is

3) Discuss conflicts of interest and whether there are any conflicts identifiable in the scenario – if yes, how should these be handled.