Sarah age sixteen (16) is applying for a 30 years endowment insurance policy through an agent. In her application, she has stated wrongly on her age as seventeen (17). She also unknowingly an- swered "NO" in response to the question "Have any of your natural parents, brothers or sisters ever had cancer, heart diseases, stroke, high blood pressure, diabetes, kidney diseases, mental disorder or any hereditary diseases?". In fact, Sarah's father passed away five years ago due to lung cancer. The insurance contract was approved and issued as standard risk. After 4 years, Sarah was diagnosed with fourth stage Lipoma.

With reference to the Financial Services Act 2013, identify and discuss FOUR various legal implications found in the case.