Tuana runs a small financial services business and operates under an Australian Financial Services Licence. Lillian comes to see her one day to seek some financial advice on investing $45,000 she had recently inherited. Lillian says that she wants the money to be available for her son when he turns 18 and tells Tuana that she wants the investment to grow at a reliable and steady rate. Lillian also makes it clear that she is nor interested in risky investment or taking unnecessary risks. Tuana receives a substantial commission for selling units in a managed investment scheme PD Ltd. PD Ltd was established in 2005 and is a property trust that invests in high risk, speculative real estate. PD Ltd has been very successful since it was established and returned high short term profits to investors. Knowing how important is it that she does well for Lillian so that Lillian will recommend her serviced, Tuana recommends that Lillian should invest 90% of her money in PD Ltd, and tells Lillian that this is the best way for her to secure a good financial future for her son stating that PD Ltd has a very strong history in bringing in strong returns. Tuana doesnt really provide Lillian with any documentation or written information about her investment. Lillian considers the proposition and ultimately decides to invest the money with PD Ltd. Within the year, PD Ltd is declared insolvent after losing millions in the sloth in the real estate market due to Covid.

a) Advise Lillian as to her possible causes of action against Tuana.

b) Discuss the potential breached of Tuanas statutory and common law duties

*Refer to Corporations Act 2001 of Australia if necessary