I have been doing ethics practice questions these days but got really confused about the priority of clients, employers and candidate. So, it should be clients > employers > personal investment, right? But this question that I just did said its wrong to prioritise clients over employers in transactions…
Above is correct. Can you post the question?
Must have been some detail to the question that made the ‘employer’ account a standard account among the clients group and therefore must be treated equal to the clients. However, if it was a schweser question, I don’t doubt it’s just wrong. Had one yesterday that clearly stated that your wife’s account should be treated equally to all other client accounts even if your are a beneficiary of the account. That’s just not right. If you have a beneficial interest, the account has to be treated separately.
Unders Standard VI (B) Priority of Transactions, which of the following statements is accurate? Statement I: Client transactions take priority over employer transactions Statement II: employer transactions take priority over employee transactions. Answer is: Statement II is accurate but not Statement I.
And there’s no explanation on what they’re thinking with that answer? That’s just plain wrong in my understanding.
exactly… and just when i thought i started to get the hang of things… this question came up and completely shattered my ethics knowledge
What was the source? I’d do my best to forget you ever saw it.