Identify the actions that caused the breach of the standard

Assignment Help Business Law and Ethics

Reference no: EM133675610

Assignment:

FFinancial Planner: Lisbeth
Hubbard
Certification: QAFP since 2020
Employer: PQR Bank
Occupation: Financial Adviser

Residential Address: 123 Anywhere Street Toronto, Ontario M1A 2B3

Lisbeth Hubbard set up Home Equity Lines of Credit for 25 customers earlier this year. She refunded the legal and registration fees to the clients, without authorization from her employer. When asked why she did this, she replied that she refunded the fees to entice people to set up the lines of credit so that she could win a sales competition that would lead to her earning a trip. This came to light while Lisbeth was away on the trip she won and two clients reached out to her manager to ask why their fees had not been refunded yet. When the manager investigated further, he found that Lisbeth had refunded the fees (almost $1,000 for each client) for 25 other clients. PQR Bank fired Lisbeth and sued her for $35,000 (the fees she refunded plus the cost of the trip she won) when she refused to repay them.

Lisbeth has said that she was pressured to meet her sales targets and so she refunded the fees to clients because the last campaign the bank had, this was how they incentivized clients to apply for new lines of credit.

Please compose a letter that will be sent to the financial planner that explains the Committee's decision. The letter should be formatted as a business letter from the Canadian Financial Planning Ethics Review Committee at 1750 Finch avenue East Toronto, Ontario M2J 2X5, and:

• Identify the action(s) that caused the breach of the Standards

• Identify the Rule(s) of Conduct that was/were breached

• Identify the appropriate sanction(s) that will be applied

• Rationale for the sanctions

Reference no: EM133675610

Questions Cloud

Analyze the four ebusiness models : Analyze the four eBusiness models discussed in the textbook. Identify which model best reflects your selected eBusiness.

Reading fema building private-public partnerships : What is in your opinion the three greatest benefits to the public-private partnerships?

How would implement measures to reduce the above cyber risk : Which vulnerability triggers the impersonation act by the jogger? How would you implement measures to reduce the above cyber risk?

Developing an application or managing an interview : You have the task of developing an application or managing an interview. List and explain the questions you generally are not legally allowed to ask.

Identify the actions that caused the breach of the standard : Identify the action(s) that caused the breach of the Standards. Identify the Rule(s) of Conduct that was/were breached.

Develop a marketing campaign : As a sales director write a report reviewing the company's information to improve the sales, develop a marketing campaign, while targeting new customers.

Are you able to understand the job responsibilities of job : Are you able to understand the job responsibilities of the job? Was it clear what the applicant requirements were?

Do you think it can be accomplished within corporate policy : What might you do, what are your motivations, and how do you think it can be accomplished within corporate policy?

What are upsides to working with company like general mills : For an inventor or entrepreneur, what are the upsides to working with a company like General Mills or Stanley Black & Decker? what, if any are the downsides?

User Account

All Pages