The Code of Professional Conduct for Financial Advice Services prescribes the standards that must be met to give regulated financial advice to retail clients Each of the Code Standards is listed in the table below For each Standard, explain What the Standard means How it applies to FAPs, FAs and NRs Provide an example of how you apply (or would apply) the Standard in your everyday work as a financial adviser Please use your own words when providing your answers Code Standards What it means and how it applies to FAPs, FAs, and NRs How you apply the Standard in your everyday work as a financial adviser (minimum of 1 example) Part 1 Ethical behaviour, conduct and client care Code Standard 1 Treat clients fairly Code Standard 2 Act with integrity Code Standard 3 Give financial advice that is suitable Code Standard 4 Ensure that the client understands the financial advice Code Standard 5 Protect client information Part 2 Competence, knowledge and skill Code Standard 6 Have general competence knowledge and skill Code standard 7 Have particular competence, knowledge and skill for designing an investment plan Code standard 8 Have particular competence, knowledge and skill for product advice Code standard 9 Keep competence, knowledge and skill up to date

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on May 31, 2023

The Code of Professional Conduct for Financial Advice Services prescribes the standards that must be met to give regulated financial advice to retail clients. Each

The Code of Professional Conduct for Financial Advice Services prescribes the standards that must be met to give regulated financial advice to retail clients.

Each of the Code Standards is listed in the table below. For each Standard, explain:

What the Standard means
How it applies to FAPs, FAs and NRs
Provide an example of how you apply (or would apply) the Standard in your everyday work as a financial adviser.

Please use your own words when providing your answers.

Code Standards	What it means and how it applies to FAPs, FAs, and NRs	How you apply the Standard in your everyday work as a financial adviser (minimum of 1 example)
Part 1: Ethical behaviour, conduct and client care
Code Standard 1 - Treat clients fairly
Code Standard 2 - Act with integrity
Code Standard 3 - Give financial advice that is suitable
Code Standard 4 - Ensure that the client understands the financial advice
Code Standard 5 - Protect client information
Part 2: Competence, knowledge and skill
Code Standard 6 - Have general competence knowledge and skill
Code standard 7 - Have particular competence, knowledge and skill for designing an investment plan
Code standard 8 - Have particular competence, knowledge and skill for product advice
Code standard 9 - Keep competence, knowledge and skill up to date

Step by Step Solution

★★★★★

3.36 Rating (159 Votes )

There are 3 Steps involved in it

Step: 1

Sure here are the Code Standards what they mean how they apply to FAPs FAs and NRs and how I would apply them in my everyday work as a financial adviser Code Standard 1 Treat clients fairly This stand... blur-text-image