Tutorial 8

Question 1

what privileges do members of a profession often enjoy

Answer 1

monopoly right to provide services.

Question 2

Is FASEA ethically binding

Answer 2

Yes

Question 3

What are the benefits of a code

Answer 3

1. Clearly lays out professional behaviour
2. Pre-emptive warning
3. industry wide standard of ethical conduct
4. code of loyalty
5. benefits the community

Question 4

stardard 2 BID - advice and products need to be appropriate for clients: (3)

Answer 4

Objectives, Financial Siutaiton, and needs

Question 5

Standard 4 - requires (3) before moving to implementation

Answer 5

“Free, prior and informed consent”

Question 6

Standard 2 - onus is on adviser to be reasonably satisfied that:

Answer 6

Client understands your advice and products that you recommend.

Question 7

Standard 6 - requires you to take into account the:

Answer 7

Broader, long term interest and likely circumstances of your client .

Question 8

You must treat all clients fairly and manage your business so tthat each client:

Answer 8

Has a fair share of your attention skills and time.

Question 9

If you have a conflict of interest you must

Answer 9

Disclose and not act

Question 10

You must decline to provide advice if you are

Answer 10

Unable to prioritise the client’s interest above your own.

Question 11

If doing something wrong but not breaking the law

Answer 11

Standard 9