Client Needs Identify and explain the scope of three external dispute resolution schemes approved by ASIC for the financial services sector. What are the main differences, from a purchaser’s point of view, of acquiring a property through private sale and through an auction? Explain how the mortgage franchisee system operates in Australia. Explain why age is an important determinant in approving home loans. Explain how a reverse mortgage works, including assessing some of the risks. Finance and mortgage brokers are required to take reasonable steps to verify information provided by a client. What does reasonable mean in this context? What sort of records must a finance/mortgage broker keep with regard to personal advice provided to clients? How must personal information be stored to comply with the requirements of the Privacy Act?