FPC002B: Impacts of Cognitive, Judgement and Decision Biases on Financial Advisers - Accounting and Finance Assignment Help

Assignment Task:

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.

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 50-year-old volunteer Rural Fire Service firefighter, Phil, runs his own business, which was lost during the fires that destroyed many towns during the previous summer. Phil is a client of the financial adviser Kirk Daher. Phil’s business made no income during the time he was serving for the Rural Fire Service and now the business premises has been destroyed. Phil has decided he is going to run his business from the garage of his family home. Money is tough for Phil presently and both Phil and Kirk feel that Phil has given so much to the community by serving as part of the Rural Fire Service, saving many homes and businesses, but tragically not being able to save his own.

Phil will be working out of his garage until the business is rebuilt. Phil has told Kirk he is not going to declare any income to the Australian Taxation Office as he would like to recoup some of his lost income by saving on tax payable. Also, Phil is planning to apply for government assistance, so having no current income may be an advantage. Phil has asked Kirk to make sure his files don’t include this conversation and to ensure that any records in the computer system (customer relationship management system (CRM)) reflect that Phil has no income. Phil also asks Kirk not to share this information with his accountant, whose office is in the same building.

Kirk knows his community is suffering from the impact of the fires and wants the community to rebuild and get back to a sense of normality. He feels lucky that his home and business have not been directly impacted by the fires. Kirk has not made a record of the conversation in a file note, nor has he updated the CRM with any information provided by Phil.

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