Tutorial 7 Flashcards
Does FASEA apply to general advice to retail client?
No - only personal advice to retail client
Who will investigate breaches to FASEA ethics?
Was a code monitoring body but now asic
All relevant providers must be covered by a _____ scheme
Compliance
Who is the relevant provider
Individual (never Corporate) - Somone who is providing providing personal advice in relation to financial products.
At the end of the day, who is responsible to adhere to Code of Ethics
The person giving the personal advice.
Is the FASEA code a monitoring code or a legislative code?
Monitoring
Under RG175 if a client requests you consider a specific product, do you need to consider that product?
Yes
Do you need to consider ethical investments?
Yes, need to consider whether investments should be limited to ethical investment.s
What are a few things you can do to satisfy standard 12 when a client leaves?
- give client a file to take with them.
- Respone to an ethical letter
- Offer a handover.
If you refer a client to an adviser in your firm, alllowing you to keep advising and earning a fee - is this a conflict? - why
No, because benefit is from providing service, not from referral
If employers record keeping systems are crap, can adviser escape stanard 8 of FASEA
No
If someone in their professional year gives advice, who is on the hook?
The supervisor
