You are a fully qualified financial planner with 10 years' experience.

Jane is concerned about the financial wellbeing of her parents, Jill and Marcus Kurmond. They are both 62 years old and have recently had a discussion with Jane about their possible retirement aspirations.

They have never used a financial planner before and Jane suggested they get some advice from you so that they may put some strategies in place enabling them to achieve their retirement goals. With their consent, she has collected the following information for you ahead of a meeting they have scheduled with you:

Marcus is a construction worker and project manager, and his income before tax is $150,000 per annum. Jill works as an administrative assistant and earns $50,000 p.a. before tax.

Marcus has a superannuation balance of $350,000 invested in a high growth fund. Jill's superannuation balance is $120,000 and is currently invested in a growth fund.

They recently sold the family home, purchased 20 years ago for $1,200,000 and are looking to downsize (i.e. purchase another smaller home). They are currently living at Jill's sisters' home, who is away for 12 months. They are not paying any rent.

They would like to retire in four years' time and will need $60,000 p.a. for living costs.

They have no debt and have $150,000 cash in the bank.

The proceeds of the family home are reserved for the purchase of their new, smaller property, with any funds left over intended to be kept as an emergency reserve for house repairs and renovations as required.

Identify four (4) obligations placed on financial services providers under the current legislative and regulatory framework aimed at ensuring that consumers, like Jane and her parents, Jill and Marcus, are protected and receive appropriate financial advice.

Discuss the legislative and/or regulatory source of these obligations and how the obligations are intended to protect consumers. Students may include legislative and regulatory framework obligations which are legislated but not yet implemented. (12 marks)