Question 3 (10 marks | Word limit: 150 words) LO1: Explain the role of ethical frameworks and professional standards within the financial planning profession. LO2: Assess the impacts of cognitive, judgement and decision biases on financial advisers and their clients. At the latest practice partners meeting, all four partners agreed from an ethical point of view t should not provide advice to their own family members or close friends. Instead, they would o for one of the other advisers in the practice to provide financial advice in these situations. In li this arrangement, Don has referred Geoff onto Anita who is one of the other advisers in the pr Don has stepped back and has not taken part in the advice process between Geoff and Anita. A week after Geoff has begun to implement Anita's advice, the practice support manager come Don a quick question. During this discussion, she mentions in passing that Geoff's insurance ap have all been accepted without any concerns raised by the insurance underwriters. This surpri as he is well aware that five years ago, Geoff injured his knee quite seriously while they were p together. In Don's professional judgement, he would have expected the insurance underwriter placed some exclusion or conditions on Geoff's insurances due to the damage to Geoff's knee As Don was not a part of the advice process, he assumes that Geoff discussed this information Anita and that it was appropriately disclosed to the insurer. Don sees this as a good outcome f and decides to take no action. Define motivated blindness and discuss how it may have influenced Don's ethical decision me this blind spot could or should be avoided