FPC002B: PlanForIt Financial Services-Case Study - Accounting and Finance Assignment Help

Assignment Task

Learning outcomes (LO) mapping

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.

LO3 Demonstrate an understanding of professional obligations and conduct required by the values and standards of the Financial Planners and Advisers Code of Ethics 2019.

LO4 Identify and solve ethical dilemmas encountered as a financial adviser through application of ethical frameworks and professional standards.

Question 1 (Word limit: 1,100 words)

(a) Define ‘unconscious bias’ and examine how it may be influencing Monique while she is planning for the meeting with Jennifer.

(b) Analyse Monique’s conduct and discuss whether she complies with Standard 1 and Standard 2 of the Financial Planners and Advisers Code of Ethics 2019 in her dealings with Jennifer.

(c) Examine and discuss Monique’s compliance with the value of Fairness in the Financial Planners and Advisers Code of Ethics 2019 if she proceeds with the interview as planned.

Question 2 (| Word limit: 1,300 words)

(a) Briefly identify and describe a potential ethical issue that may arise from Joan’s apparent minimal knowledge of or experience with investing and overall disinterest in the financial planning process.

(b) Identify at least three (3) relevant standards under the Financial Planners and Advisers Code of Ethics 2019 that have arisen for consideration based on the approach or actions that Joan has displayed, and explain your concerns, with reference to the standards.

(c) Based on your meeting with Joan, identify and describe two (2) different appropriate ethical frameworks that could be used to deal with this client interaction/situation.

Question 3 (| Word limit: 1,800 words)

(a) Explain how Alison’s conduct would be assessed under the value of Diligence and Standard 5 of the Financial Planners and Advisers Code of Ethics 2019.

(b) Explain any issues or potential breaches that may arise from Alison’s actions of adjusting advice fees as a result of cross-referrals with Kevin and Anika.

(c) Discuss whether Alison’s previous advice to Kevin and Anika meets the best interests obligations under Standard 2 of the Financial Planners and Advisers Code of Ethics 2019.

(d) Outline the obligation Standard 12 of the Financial Planners and Advisers Code of Ethics 2019 places on advisers. Given your experience in dealing with the Lestes, outline three (3) actions you could take to comply with this obligation.

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