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Financial Advising Ethics and Expertise
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Financial Advising Ethics and Expertise

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@RoomyCyclops

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Questions and Answers

What is the main condition for a person to be held responsible for the advice they provide?

  • The person must have a contractual agreement with the inquirer
  • The person knows that their advice will be relied upon (correct)
  • The person must have a professional qualification
  • The person must have a legal duty to provide advice

    • According to Lord Reid's observation, what is the implied responsibility of a person providing advice?

  • To exercise care in providing advice (correct)
  • To provide advice only to qualified individuals
  • To accept full responsibility for the consequences of the advice
  • To provide accurate advice only

    • What is the necessary condition for a duty of care to arise?

  • A legal obligation to provide advice
  • A professional qualification held by the advisor
  • A contractual agreement between the parties
  • A nearness or closeness between the parties (correct)

    • What is the purpose of the background paper prepared for the Royal Commission?

    <p>To explain the legal framework for financial advice and product sales</p> Signup and view all the answers

    What is the title of the paper prepared for the Royal Commission?

    <p>Background Paper 7: Legal Framework for the Provision of Financial Advice and Sale of Financial Products</p> Signup and view all the answers

    Which court case is referenced in the passage?

    <p>Hedley Byrne &amp; Co Ltd v Heller</p> Signup and view all the answers

    What is the title of the document classification?

    <p>Confidential FPC002B Ethics and Professionalism in Financial Advice</p> Signup and view all the answers

    What is the page range of the required reading in KapLearn?

    <p>pp. 26-82</p> Signup and view all the answers

    Who is the author of the referenced material?

    <p>Hanrahan</p> Signup and view all the answers

    What is the purpose of the technical paper?

    <p>To explain the legal framework for financial advice and product sales</p> Signup and view all the answers

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