Scenario 1 Michael is a financial adviser. His two new clients are Beverley, age 68, and her daughter, Sue, age 45. Beverley receives the maximum age pension and is a homeowner. Her other assets include an account-based income stream and other assets. Sue: Earns $350,000 per year Has $980,000 in a retail superannuation fund; and Owns a $690,000 portfolio of managed funds. Both the superannuation and managed funds are invested according to the licensee's standard model portfolio Ongoing review service: Both clients are entitled to an annual review, which includes a twice yearly automatically generated portfolio report and newsletter. Sue has had no review for the last two years. Sue's ongoing service fee is 0.7% p.a. on the total value of her superannuation and managed funds. Last year's fee was approximately $11,690. Beverley's ongoing service fee is 0.5%. Last year's fee was approximately $1,000. During Beverley's reviewing meeting with Michael, she discloses: An additional $340,000 invested in Sue's name, so this doesn't impact her Age Pension (this is included in Sue's investments listed above) She is secretly in receipt of additional consulting income, which she earns from a long- standing client. This is diverted and paid to Sue's company however, so not to impact on her Age Pension a) Which standards of the FASEA Code of Ethics are likely to be breached and why? (6 marks)