Chapter 10

Question 1

What are the ethical behaviours in financial services?

Answer 1

Standards of behaviour that are woven into the FCA principles for business

Question 2

What did the new ethic rules introduced in 2016 relate to?

Answer 2

Senior managers have to behave with integrity, honesty and skill

Question 3

What did the RDR introduce in relation to ethics?

Answer 3

Statement of Professional Standing (SPS) - adhere to code of ethics and completed appropriate qualifications to fulfil their role

Question 4

What offences did the Bribery Act 2010 introduce?

Answer 4

Offering, promising or giving financial or other advantage, intending to bring about improper performance

Bribery of a foreign official

Failure of a firm to prevent bribery

Question 5

What is whistleblowing?

Answer 5

Member of staff is concerned by behaviours they see within an organisation

Adequate protection for whistle blower

Actively encouraged by regulator

Question 6

What is the Dilemma Resolution Model?

Answer 6

Helps staff work through ethical dilemmas to help resolve them

Question 7

What is MI?

Answer 7

Management Information helps monitor ethical behaviours by providing information on areas such as complaints, cancellations and business mix in a firm

Must be seen, challenged, analysed, monitored, acted on and always recorded