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 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.

Advise what actions that Fred Smith is required to undertake in providing services to Bill and Mary. Ensure you cover key definitions and activities as part of your response.