RioFinance Ltd(RioFinance)isanAustralianFinancialServicesLicensee (AFSL) who provides financial services in Australia. They were issued with a financial services license in December 2018. Rio Finance primarily deals with financial product advice specializing in providing advice on loans for residential housing and commercial businesses as well as mortgage insurance for these loans.

Roman is a loans officer with Rio Finance. He has a Master's in Finance and a wide range of knowledge on financial products. He has helped many Australians achieve their dream of owning their own home and/or business.

Wilbur is a 27-year-old electrician who has just purchased his first piece of land aftersaving forthreeyears. HegoestoRomanforadviceonthebestloantohelp him build a home. Roman provides him with a few options and discusses the advantages and disadvantages of each product. After much thought, Wilbur decides to go with the First Home Buyer loan package from Progressive Bank with a fixed-term interest rate of 3.5% for five years. The package also includes a gold credit card with 0% interest in the first year and 20% per year thereafter. Within 10 working days, the loan is approved, and the funds are released toWilbur. Rio Finance receives a $1000 commission from Progressive Bank for every successful loan application.

a) With reference to the facts outlined in the question, what fiduciary, common law, and statutory obligations are imposed upon Roman in his dealings with Wilbur, including the content of required documentation?

b) Assume Rio Finance has had its licence re-issued. Wilbur has commenced building his house and begun making repayments on his loan. He notices however that the interest rate he is paying is 4.5% instead of the 3.5% rate that was outlined in his agreement with Rio Finance. He contacts Roman who states that the rate of 4.5% is the correct rate. What can Wilbur do about this?

c) Assume that Rio Finance's licence was revoked 6 months ago. Rio Finance, however, continues to provide advice on financialservices. Has Rio Finance breached any laws and what can Wilbur do regarding his agreement with Rio Finance once he learns their licence has been revoked?