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Financial Advising Ethics and Expertise

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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?

To explain the legal framework for financial advice and product sales (C) Signup and view all the answers

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

Background Paper 7: Legal Framework for the Provision of Financial Advice and Sale of Financial Products (B) Signup and view all the answers

Which court case is referenced in the passage?

Hedley Byrne & Co Ltd v Heller (A) Signup and view all the answers

What is the title of the document classification?

Confidential FPC002B Ethics and Professionalism in Financial Advice (D) Signup and view all the answers

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

pp. 26-82 (B) Signup and view all the answers

Who is the author of the referenced material?

Hanrahan (D) Signup and view all the answers

What is the purpose of the technical paper?

To explain the legal framework for financial advice and product sales (B) Signup and view all the answers