Derwent Advice, a financial planning practice is recognised as delivering the highest standards of professional and trusted advice to their clients. The practice is owned by Jacqueline Deegan. A new prospect, Simon decides to seek her advice. Upon learning that Simon is a member of VIP Superannuation Fund, Jacqueline advises Simon that he should instead open a self$-$managed superannuation fund $($SMSF$)$ and move money into Deegan Managed Funds. She does not look into other alternatives and she does not outline the conflict inherent in suggesting her own managed funds as a suitable investment for Simon.

While Jacqueline is insistent that Simon implement her advice, Simon is unsure and wants to take some time to deliberate on the matter. While waiting for Simon$$s decision, Jacqueline encourages a co$-$worker, Daniel, to call VIP and pretend to be Simon as she has Simon$$s membership number. While Daniel is unsure about the ethics of making this call, Jacqueline insists that she is doing this for Simon$$s best interests, as the sooner that he is able to move his funds into an SMSF the better. Daniel makes the call to VIP, impersonating Simon.

In the meantime, unable to shake his wariness over implementing Jacqueline$$s advice, Simon seeks another opinion. He is told by a second adviser that he should, under no circumstances, implement Jacqueline$$s advice due to a deferred retirement benefit payment from VIP which would see him lose $$50,000.$

Has Jacqueline acted in the best interests of her client? Why or why not? In your answer, refer to the FASEA Code of Ethics and values.

Discuss Jacqueline$$s decision to have a co$-$worker impersonate Simon and acquire information about his VIP account without his consent. Which standard$($s$)$ of the FASEA Code of Ethics does this action breach?

What would Jacqueline need to do to address the conflict of interest inherent in advising that Simon invest in her own managed funds account?