Reference no: EM133188093

Question - Billy holds an AFSL and has a small advisory practice in Devonport. He has been operating under his licence for just over 2 years and ASIC have advised him that they wish to talk to him and review several client files. They suggest a meeting at his office in 14 days' time. Billy is very concerned about his client files and his other documentation especially whether the records are adequate and meet the required standard. He advises the person from ASIC that he will be on holidays for a month starting next week and he takes some of the files home with him to hide. The investigator from ASIC gives Billy a definite time to meet in 6 weeks' time and tells him that they have specific files that they wish to examine as a result of reports from some of his clients. Billy responds by advising that he is taking a long period of stress leave and will not be available on that date. Has Billy breached any of the standards of the Code of Ethics? Explain.