RioFinanceLtd(RioFinance)isanAustralianFinancialServicesLicensee(AFSL) who provides financial services in Australia. They were issued with a financial services licence in December 2018. Rio Finance primarily deals with financial product advice specialising 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 Masters 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 aftersavingforthreeyears.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.

Please answer the following questions. Please be sure to include sections of any applicable legislation where appropriate and remember to use your own words.

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? (12 marks)