Kandice is a student studying Finance Law. Kandice has been watching the stock markets all her life and finds them extremely interesting Kandice has developed a good sense of the market and has recently been investing in shares on her own behalf and has been pretty successful. Kandice's cousin Benjamin is pretty impressed by all this and asks Kandice to give him advice on investments. When her advice results in him doubling his money in a short time, he recommends her to all his friends. Within the next two weeks 12 have asked Kandice for advice about investing their money on the stock exchange.

Advise Kandice as to whether she requires an Australian Financial Services Licence ('AFSL') to:

a) invest in the stock market on her own behalf?

b) provide investment advice to Benjamin?

c) provide investment advice to 12 friends?

d) Would it make any difference if Kandice charged Benjamin or the other 12 friends for the advice