One day, Elissa, Ivy's best friend, asked Ivy about her opinion in relation to the FOFA reform. The case involved the nancial advice given to a retail client called Anna. Anna is struggling to meet her rent and bills this month as she has just Purchased a new mobile phone to replace the one she lost at a party last weekend. As she contemplated on what she was going to do, she sees an advertisement on Facebook by ABC Pty Ltd (where Elissa works as a manager) offering \"fast cash\" within 48 hours and \"no credit check required.\" She thinks this is a great idea and proceeds to put in her contact details on their website to obtain the cash rebate of $2000. The next day, Anna receives a phone call from Andrew an employee of ABC Pty Ltd. Andrew asks Anna a few questions about her age, occupation, and income. Anna gave vague responses and said her income uctuated and she was unsure. Andrew did not wish to ask further questions as he was hungry and wanted to go on his lunch break on time. He then proceeds to give Anna nancial advice and advises her to switch her life insurance and superannuation policies to a new provider to receive the cash rebate. This is the rst time Anna hears of this, as it is not mentioned on ABC Pty Ltd's website, but she accepts, as she would like the extra cash. Advice fees are then charged out of Anna's superannuation funds and ABC Pty Ltd receives a commission from the insurer and pays some of this to Anna as a cash rebate. Anna notices that her superannuation balance has dropped by 30%. ABC Pty Ltd holds an Australian financial services license (AFSL), which allows it to advise about life insurance and superannuation products to its retail clients. Its internal policies mandate that its employees should always switch a client's insurance and superamiuation policies to a company called \"Insurance