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Question 3: Short Answer (10 marks) 1. How is 'financial product advice' defined in s 766B(1) of the CA? (2.5 marks) 2. When will financial

Question 3: Short Answer (10 marks)

1. How is 'financial product advice' defined in s 766B(1) of the CA? (2.5 marks)

2. When will financial product advice be 'personal advice' (according to s 766B(3))? (2.5 marks)

3. Explain how the obligations of the financial advisor differ when providing personal advice to the lay person as opposed to sophisticated investors. (5 marks)

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