Jean inherited $250,000 from her grandmother's estate and is keen to invest her money in managed funds. She approaches Chris, a financial planner employed by Nedlands Private Wealth Ltd, an authorised representative of WA Bank. At their first meeting, Chris obtains the details of her financial position, investment profile and financial goals. He also notes that she wants to invest in 'low fees ethical funds' which have no interests in alcohol, gaming and tobacco companies. He recommends that she invest her money in ET Investment Fund which offers lower fees than most funds. However, there are two other funds that offer lower fees on his approved product list, but offer Chris a lower commission. Chris was not aware that ET Investment Fund holds shares in a large casino operator.

1. Has Chris breached his best interest duty to Jean?

2. If he has, what are the legal consequences for Chris, Nedlands Private Wealth Ltd and WA Bank?