Question $1$

Jenny Smith worked for many years as a life insurance agent for Eternal Life Ltd$,$ a large insurance company, selling life insurance policies. Recently, she severed her connection with Eternal Life in order to establish her own business as a financial planner. Jenny advertises the fact that she has now commenced business as a financial planner in the Canberra Times.

Building upon her long experience with Eternal Life, Jenny plans to market and sell a wide range of products that will include Group Master Trust superannuation policies; personal and public offer superannuation policies; interests in pooled superannuation trusts; shares and debentures in publicly listed corporations; and interests in managed investment schemes.

$1)$ What are Jenny$$s immediate obligations under the Corporations Act $2001?$

$2)$ What are Jenny$$s disclosure obligations under the Corporations Act?

$3)$ What are Jenny$$s continuing obligations under the Act?

Question $2$

Shortly after she commences business, Jenny is approached by John. John was one of her oldest clients when she worked with Eternal Life Ltd$.$ While Jenny worked with Eternal Life, John had given her very full details of his financial situation and provided her with copies of all relevant superannuation policies, income, and tax statements. John is now concerned that he may not have provided sufficiently for his superannuation, and he requests Jenny to devise a suitable superannuation strategy for him. Jenny knows of a personal superannuation policy, offered by Fullbright Life Ltd$,$ which may be suitable for his purposes. She arranges for John to take up the personal superannuation policy offered by Eternal Life Ltd$,$ knowing that she will be receiving a secret commission from the company in doing so$.$

$1)$ Has Jenny breached her best interests duty and the related obligations under Chapter $7$ of the Corporations Act?

$2)$ What are her potential liabilities should the personal superannuation policy prove insufficient for John$$s needs?