FPC002B Ethics and Professionalism in Financial Advice - Decision Making - Accounting and Finance Case Study Assessment Answer

Assessment Task:

FPC002B Ethics and Professionalism in Financial Advice Case Study Assessment Answer

Question 1

LO1: Explain the role of ethical frameworks and professional standards within the financial planning profession.
LO2: Assess the impacts of cognitive, judgement and decision biases on financial advisers and their clients.

Unethical decisions are more likely to occur when the person making the decision either fails to see the decision as involving any ethical issues or believes that any ethical issues they have identified can be overcome.

Discuss and provide a brief example of how a financial adviser’s ethical decision making in dealings with a retail client could be adversely affected by:
(a) Virtue ethics. 
(b) Partisanship.

Questions 2, 3 and 4 are based on the case study below. 

LO1: Explain the role of ethical frameworks and professional standards within the financial planning profession.
LO2: Assess the impacts of cognitive, judgement and decision biases on financial advisers and their clients.

Scenario

You have been asked to participate in an ethical review panel considering the actions of a financial adviser within your licensee group. The facts of the case are as follows.
A 58-year-old client wanted access to funds from their superannuation to pay out debt to avoid potential bankruptcy and to purchase a house. The client was renting, and as a result of a divorce, had no assets and was in a difficult place in their life.
The client informed the adviser that they intended to retire from work, withdraw preserved funds from superannuation and then go back to work a month later with the same company. This arrangement was cleared by the client’s employer. 
The adviser was aware of the client’s plans and assisted the client to make the withdrawals under an execution-only arrangement. The adviser then provided advice to the client on what to do with the proceeds from the superannuation withdrawal. 
Although the adviser has helped the client achieve their goals, the adviser may have assisted the client to breach legislation. The adviser and licensee may also potentially benefit from this situation by creating an advice need for the client in relation to funds that were otherwise not accessible to the client.
Support your answers to the questions below by reference to the case study facts and research.

Question 2
As a panel member, how would the financial adviser’s conduct be viewed according to:
(a) Deontological theory.
(b) Teleological theory. 

Question 3    
Based on your analysis of the financial adviser’s conduct, provide your judgment as to whether the adviser’s conduct was ethical or not. Briefly explain alternative actions this adviser could have taken. 

Question 4    
According to Bazerman and Tenbrunsel (2011), there are five key blind spots that lead to unethical behaviour. 
(a) Identify and explain by reference to the case study facts and research, one (1) of these blind spots that may have affected the financial adviser’s decision making and how they could have avoided it. 
(b) Identify and explain, by reference to the case study facts, a different blind spot that may have affected the client’s decision making and how they could have avoided it. 

Question 5
LO1: Explain the role of ethical frameworks and professional standards within the financial planning profession.
Education is one of the elements in the Professional Standards Councils’ 5 elements model for considering whether a profession exists. 
(a) Briefly describe the changes to minimum education standards for new and existing financial advisers introduced under the FASEA regulatory regime. 
(b) Provide your view on what impact you believe they will have on financial planning’s status as a profession. Support your argument with research. 

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