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Ethics and Professionalism in Financial Advice (FPC002B) Analysis task Analysis task marks: 95 | Presentation and referencing marks: 5 (Total marks: 100 | Word limit: 1,500 words) Student No: [Enter your Student No.] I have read the Assessment Preparation Guide in the ‘General assessment information’ and have applied the word count principles to my work. My word count for this analysis task is: [Enter your word count] words Your analysis task should be loaded into KapLearn by 11.30 pm on the due date. All times are based on AEDT/AEST time zones. Refer to ‘Time remaining’ on the ‘Analysis task’ page in KapLearn to ensure you submit your analysis task by the specified due date and time. Checklist I have completed my analysis task using Word. I have completed my analysis task using Calibri, Arial, Times New Roman or Verdana fonts. I have added my Student No. on this page. I have added my word count on this page. I have added my Student No. in front of the filename in the footer on the second page. I have saved the file to be uploaded as StudentNo_FPC002B_Task_v4A1. Each question of my analysis task is within the word limit guidelines for that question as per the ‘General assessment information’ (Assessment Analysis task General assessment information). My analysis task file size is no larger than 2 MB. If tables were required, they are visible as text, not as links or images. I have not removed the marking grid from the footer. I have submitted my analysis task as per the instructions in KapLearn. Marker feedback Comment on overall performance: For marker use only. Instructions to students •This analysis task covers Topics 1 to 3 and accounts for 20% of your final grade. •There are four (4) questions in this analysis task worth a total of 95 marks, and 5 marks for presentation and correct use of the Harvard referencing style (total: 100 marks). You should answer all questions. •The overall word limit for the analysis task is 1,500 words. Marks will only be awarded for answers up to the word limit (plus 10%) for each question. Any material written after this will not be counted towards your mark for that question. Headings, quotes and references within the body of the answer are included in the word count. Numerical tables, calculations and reference lists are not included. For more information on word counts and their rationale, go to Assessment Analysis task General assessment information. •Marks will be awarded for presentation and referencing. •Refer to the Criteria-Based Marking Guide for guidelines on what is expected for each question. •The ‘General assessment information’ section in KapLearn contains information about format and presentation, word limits, citations and referencing, collusion, plagiarism and other policies, useful resources, submitting your analysis task and accessing your results. •Answers are to be in your own words. Reference and cite all your sources (within the text of your answer) when quoting or using material from external sources. Include a reference list at the end of your analysis task. For further information on referencing, refer to the ‘Referencing Guide’ available under the Additional resources from the Kaplan Professional Library ‘Learning Hub’. •Indicative weightings are noted beside each question. Use these weightings to assist you with your allocation of time and resources. The weightings indicate the relative importance of each question. •State all assumptions used in providing your answer. •Requests for special consideration or information pertaining to special consideration written in the body of the analysis task will not be considered by the marker. Refer to the ‘special consideration’ section of the Assessment Policy on Kaplan’s website for more information. Learning outcomes (LO) mapping Marks 1.Explain the role of ethical frameworks and professional standards within the financial planning profession. 60 2.Assess the impacts of cognitive, judgement and decision biases on financial advisers and their clients. 35 Presentation and referencing style 5 Total marks 100 Analysis task presentation and referencing (5 marks) You are required to research beyond the subject notes in answering the questions in this analysis task. Reference and cite all your sources when quoting or using material from external sources. Include a reference list at the end of your analysis task. You are required to: •use appropriate presentation and format for your analysis task •make appropriate use of relevant references to demonstrate your research and analysis •follow the Harvard referencing style as recommended in the ‘Referencing and Citations Guide’ available from the Kaplan Professional Library ‘Learning Hub’ in KapLearn •include in-text citation in each question and a reference list at the end of your analysis task that follows the recommended referencing style •adhere to the analysis task word limit. Criteria-Based Marking Guide for presentation and referencing The Criteria-Based Marking Guide provided at the end of each question is designed to assist students to understand what is expected of them in each question and to let them know how their performance will be judged. It provides advice about the criteria used in the marking of the question and what discriminates between an excellent, satisfactory and unsatisfactory answer. Excellent (Mark range: 4–5 marks) Satisfactory (Mark range: 2.5–3.5 marks) Unsatisfactory (Mark range: 0–2 marks) •clear and appropriate analysis task layout and structure •adheres to analysis task and question word limits •appropriate use of referencing •accurate use of Harvard referencing style •in-text citation in each question and a comprehensive reference list provided at end of analysis task •adequate analysis task layout and structure •adheres to analysis task and question word limits •appropriate use of referencing •use of Harvard referencing style •in-text citation in each question and a reference list provided at end of analysis task •poor analysis task layout and/or structure •analysis task is significantly under or over the word limit •no use of references •referencing does not use Harvard referencing style •no or inadequate in-text citation and a reference list provided at end of analysis task Instructions to students There are four (4) questions worth a total of 95 marks. Answer all questions. Question 1(20 marks | Word limit: 300 words) LO1: Explain the role of ethical frameworks and professional standards within the financial planning profession. LO2: Assess the impacts of cognitive, judgement and decision biases on financial advisers and their clients. Unethical decisions are more likely to occur when the person making the decision either fails to see the decision as involving any ethical issues or believes that any ethical issues they have identified can be overcome. Discuss and provide brief examples of how a financial adviser’s ethical decision making in dealings with a retail client could be adversely affected by: (a)partisanship (10 marks) (b)self-confidence bias. (10 marks) Criteria-Based Marking Guide for Question 1(a)–(b) Excellent (Mark range: 15–20 marks) Satisfactory (Mark range: 10–14.5 marks) Unsatisfactory (Mark range: 0–9.5 marks) •a comprehensive definition and discussion of partisanship and how it could have an adverse impact on ethical decision making, with a relevant example •a comprehensive definition and discussion of self-confidence bias and how it could have an adverse impact on ethical decision making with a relevant example •evidence of relevant, independent supporting research •adequately defines and discusses partisanship, and how it could have an adverse impact on ethical decision making, with a relevant example •adequately defines and discusses selfconfidence bias and how it could have an adverse impact on ethical decision making with a relevant example •some evidence of supporting research •does not adequately define and discuss partisanship and how it could have an adverse impact on ethical decision making, and no relevant example provided •does not adequately define and discuss selfconfidence bias and how could it have an adverse impact on ethical decision making, and no relevant example provided •little or no evidence of supporting research Insert your answers to Question 1(a)–(b) below this line End of answers to Question 1(a)–(b) Questions 2 and 3 are based on the case study below. LO1: Explain the role of ethical frameworks and professional standards within the financial planning profession. LO2: Assess the impacts of cognitive, judgement and decision biases on financial advisers and their clients. You have been asked to participate in an ethical review panel to evaluate the actions of a financial adviser (Benjamin Doolan) within your licensee group. The facts of the case are as follows: A 50-year-old volunteer Rural Fire Service firefighter, Scott, runs his own business, which was lost during the fires that destroyed many towns during the summer. Scott is a client of the financial adviser Benjamin Doolan. Scott’s business received no income during the time he was serving for the Rural Fire Service. Now the business premises have been destroyed, Scott has decided to run his business from the garage of his family home. Money is short for Scott presently, and Benjamin believes that Scott has given so much to the community by serving as part of the Rural Fire Service, saving many homes and businesses. Tragically, Scott was not able to save his own business. Scott will be working out of his garage until the business is rebuilt and has mentioned to Benjamin he’s not going to declare all his income to the Australian Taxation Office. He would like to recoup some of his lost income by reducing his annual tax liability. Scott also mentioned he’s planning to apply for government assistance, so reducing his taxable income will also help him to gain the maximum benefits. Scott has asked Benjamin to make sure that his files don’t include this conversation and to ensure any records in the computer system (customer relationship management (CRM) system) reflect that Scott has little or no income. Scott also asks that Benjamin does not share this information with his accountant. Benjamin has a solid business relationship with Scott’s accountant, with ongoing and strong reciprocal arrangements for client referrals. Benjamin knows his local community is suffering from the impact of the summer bushfires and he wants the community to rebuild and get back to a sense of normality. Benjamin feels lucky that his home and business have not been directly impacted by the fires. Because of his close relationship with Scott, and knowing how difficult the situation has been, Benjamin agreed not to make a record of the conversation in a file note, nor has he updated the CRM with any information Scott has provided. During your review of Benjamin’s files, and as he is explaining this situation and the client conversations, you can see that there may be some ethical dilemmas playing out in this situation. Question 2(20 marks | Word limit: 350 words) Provide your judgement and rationale as to whether the financial adviser’s (Benjamin) conduct was ethical in his dealings with his client Scott. Support your answer with reference to the case study facts and ethical theory(s) or frameworks. Criteria-Based Marking Guide for Question 2 Excellent (Mark range: 15–20) Satisfactory (Mark range: 10–14.5 marks) Unsatisfactory (Mark range: 0–9.5 marks) •well-argued rationale for the judgement as to whether the adviser’s conduct was ethical, with reference to ethical theory(s) or frameworks •evidence of relevant, independent supporting research •adequate rationale for the judgement as to whether the adviser’s conduct was ethical, with brief reference to ethical theory(s) or frameworks •some evidence of supporting research •inadequate rationale for the judgement as to whether the adviser’s conduct was ethical, with no reference to ethical theory(s) or frameworks •little or no evidence of supporting research Insert