FPC001B Economic And Legal Context For Financial Planning

Question 2 Regulatory framework (12 marks | Word limit: 500 words)

LO5: Explore the main sources of law and the regulatory structure of financial services law in Australia.

LO6: Explain the various obligations imposed on participants by financial services legislation.

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.