FPC002B - Ethics & Professionalism in Financial Advice - Accounting & Finance Assignment Help

Assignment Task

Learning outcomes (LO) mapping Marks
1. Explain the role of ethical frameworks and professional standards within the financial planning profession.
2. Assess the impacts of cognitive, judgement and decision biases on financial advisers and their clients.
3. Demonstrate an understanding of professional obligations and conduct required by the values and standards of the FASEA Code of Ethics.
4. Identify and solve ethical dilemmas encountered as a financial adviser through application of ethical frameworks and professional standards.

Case study
You are a senior financial adviser, employed for the past eight years by Upskilled Financial Services Pty Ltd (UFS), who holds an Australian financial services (AFS) licence. Felicity Jones (age 55) commenced her career as a financial adviser 25 years ago and 15 years ago established UFS in partnership with her sister Daisy Potter (age 50). UFS also employs Lisa Angel (age 25), who is currently undertaking her professional year.
Felicity Jones’ clients are mostly self-funded retirees age 55 and older, with retirement planning and insurance as their primary needs. Felicity prefers to look after her existing clients and any new referrals are given to either Daisy or yourself, depending on the type of advice they are seeking. Daisy Potter has 20 years’ experience as a financial adviser and her clients are predominantly age 35–55. Quite a few of Daisy’s clients are the children of Felicity’s clients, and Daisy’s clients are mainly established
professionals and successful business operators. Many of Daisy’s clients have self-managed superannuation funds (SMSFs).
Lisa Angel was originally employed as the in-house paraplanner for UFS and still prepares financial plans for the advisers at UFS. She has completed a FASEA-approved Bachelor of Financial Planning degree and recently passed the FASEA exam. Lisa is currently in quarter three of her professional year as a provisional financial adviser and most of her activities have been supervised by Daisy.

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