1. Major Practice Gaps & Lessons from the CBFP Scandal 17 July 2014

2. Major Practice Gaps – a Practical Guide -File Keeping -Segmented, -complete record of what has occurred -No loose paperwork -For software systems follow a protocol -Try to ensure documents are in one place

3. Practice Gaps -Documenting your thought process -Means file notes -Record comments during fact find process -Listen to what clients are saying about their needs and objectives -Record your analysis following the client meeting -Document your research process -Document consideration of alternative products and strategies -File note phone calls

4. Practice Gaps -The Advice Process -Evidence of care and consideration -Follow a process -SOA should build on what has gone before -Understand the client’s needs and objectives and level of sophistication -Be honest with clients -Keep it simple -Watch asset allocation and account for variations

5. Practice Gaps Review Process -Do you understand your service proposition and does your client? -Portfolio update v review of advice -Do you deliver what you promised -Match needs to expectations

6. Commonwealth FP What is it really about -Remuneration targets -Inappropriate advice -Inappropriate products -Mismatch between risk profile and recommended asset allocation -Lack of review -Defective soas -Allegations of forgery -Dispute resolution process lacking

7. Commonwealth FP Ethical failings underpin much of theCBAFP issue. FPA Code of Ethics & Professional Responsibility provides: -Client first -Integrity -Objectivity -Competence -Fairness -Confidentiality -Professionalism -Diligence What does it mean in practice and how does the best interests duty fit in ?