The fact is that a good many people are turned off by the whole idea of applying moral-ity or codes of ethics and conduct in a business context.I remember the attempts of the FSA in the context of a number of consultation papers to attach ethics to the train-ing and competence regime. The presen-tations given by FSA officials on ethical questions were quite often well attended but most attendees discarded the ideas on the way out. I do not think this was entirely down to the FSA, perhaps more to a reluctance to see the regulator as an authority in establishing general standards of behaviour. The preferred approach of many people has tradit-ionally been to ask the regulator to be specific about what it wants either in rules or enforce-ment so that compliance can be carried out with certainty. Voluntary move-ments to establish professional standing consist of putting in place a set of guidelines which will only work if the practi-tioners who sign up to the professional standards have self-discipline in the direction indicated by the standards. The PFS/CII code of ethics and conduct is no different. What is the hook that would cause members to look at whether they are behaving with responsibility, integrity, profess-ional competence, skill, care, diligence and objectivity? Why would they give fair and proper consideration and appropriate priority to the interests and requirements of all customers? Why would they avoid conflict between personal interests and their duties to customers? Why would they be open, fair and respectful at all times and, very specifically, why would they provide suitable and objective recommendations to customers? I suggest that the purpose of doing these things is not to engage in an activity of self-promotion. It is about the standards of the individual and the good that they do in relation to customers, coll-eagues, employers and the community at large. The atten-tion is on the individual having self-discipline and assessing their stan-dards. A by-product may well be good repute and goodwill but the essential feature is the self-discipline. Why does this not always work? The fact is that, when people come into a work context, quite often, very different agenda are running. We need to ask ourselves what is going on in these situations. Is our activity about power and control or self-assertion or acquisition or is it about making our daily activity conform to standards which we believe are in themselves right with the intention that our relation-ships in work will be improved for the good of others. I would be inter-ested to hear the views of readers.
Britannia is launching a new three-year fixed rate for first-time buyers offering 4.99 per cent initially.The product charges no administration fee, no arrangement fee and will provide a free first standard valuation, saving FTBs 600 in upfront fees.Britannia managing director of member business Tim Franklin says: It is hard enough for first time buyers to […]
Cripps Portfolio has rebranded as Heartwood Wealth Management.
Ian McKennaL ast year, this column looked at the lead that the majority of life and pension providers have achieved in e-commerce services compared with most of their peers in the fund management industry.
It seems to me that most people in the financial services industry and the Government fail to see how illogical final-salary pension schemes are in a capitalist society, as the liability is open-ended and, as such, cannot be justified in a prudent economy. Nic Cicutti in his column says that final-salary scheme employees contribute a […]
While equity valuations have doubled since the financial crisis, Simon Edelsten explains that there are still pockets of value. But not where you might think Macro-economic uncertainty is causing turbulence in equity markets. Artemis Global Select Fund manager Simon Edelsten says his investment themes are taking him in a different direction to some of his peers – away […]
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
The New Model Business Academy received just over half the Government funding for its apprenticeship programme it was hoping for, which has led to paraplanner and administrator apprenticeships being shelved. NMBA, which is part of the SimplyBiz Group, announced earlier today it is opening applications for its apprenticeship programme this week. In December, it received […]
Platform Alliance Trust Savings must compensate a client after he was unable to make several investments because the online service was down. The client, Mr W, had around £2m in his Sipp fund with ATS. In late June 2016, his advisers tried to make a number of investments into specific funds, however, these did not […]
Last year, Money Marketing took a deep dive into how advisers are remunerated with an extensive reader survey. This year, we’re going even bigger and better, teaming up with recruitment consultancy BWD to bring you the definitive picture on pay. With your help, we hope to decode how qualifications, employment status, geography, gender, job title and other […]