FSC522 The Regulatory Framework Level 5 Assignment Sample

This is assignment sample of FSC522 The Regulatory Framework Level 5 Assignment.

This young professional's course is designed to teach you how to be a person who helps others make smarter, more informed decisions. You will learn the rules that guide financial advisers and interpret them in your day-to-day work with clients so they can get their finances on track.

This class combines theory and practice when teaching what it takes for someone like you – or anyone else working in this field - to help people achieve their finance goals while staying compliant at all times.

Assignment Solutions of FSC522 The Regulatory Framework Level 5 Assignment

Assignment Activity 1. Interpret relevant provisions in the regulatory framework to consider when providing financial advice

Regulatory framework

There is no explicit prohibition on financial advisers from giving advice about lower-cost investments. The language in the CSA does not prohibit a Registered Firm from recommending investments that may be less costly and better suited for a particular client or any other circumstances including those where the return of capital is guaranteed.

As compliance with the suitability standard is objective, firms would have to show they took reasonable steps to meet this obligation by for example demonstrating that the appropriate discussion was had with clients before providing advice; and reaching appropriate conclusions, amending or withdrawing potential recommendations after evaluating factors such as an investor's risk tolerance, goals and personal circumstances.

Assignment Activity 2. Apply legal obligations in a financial advice situation

In a financial advice situation, the professional must perform adequate due diligence to ensure that he or she is giving sound and accurate advice.

This could mean at the very least not recommending products with high commissions and low-quality performance, but in most cases it will include more detailed research into the client's needs.

Failure to act in this manner would potentially breach rules set out by FINRA per Rule 2111. If a person has been given unsuitable investment recommendations that have cost them outlay of money, they may be able to make a claim for damages against their advisor or broker under Section 1036 of the Financial Services and Markets Act 2000 (FSA).

Assignment Activity 3. Apply good conduct, ethical, and professional obligations in a financial advice situation

What constitutes good conduct, ethical, and professional obligations depend on the situation. If you need assistance determining those obligations, feel free to contact your department's ethics board.

The biggest obligation shared among all of those with an obligation in this day is transparency. You should be open with whoever you are working with about what it is that you do. That person might change throughout the years but it's important that they understand who they are dealing with and what that means for them overall.

This isn't a situation where ignorance is bliss because ignorance won't allow them to make a wise decision. Being honest will ensure that their decision on how they want to handle things now and in the future will be informed by information given freely without any kind of bias and with nothing being hidden.

Assignment Activity 4. Outline the six step advice process

1. Observing
2. Drawing insights from observation
3. 3Deciding what to do with your observations and what not to do, if anything
4. Reviewing the progress of your decision every day or so until you decide something else is needed
5. Instilling changes, if any are necessary, in order to get back on track with where you want life to go for yourself and those in it that depend on you (family)
6. Celebrating accomplishments and reinforcing new habits over old ones!

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