Code of Ethics

Question 1

What is the primary purpose of FP Canada’s Code of Ethics?

Answer 1

To provide a framework for ethical conduct for financial planners.

Question 2

True or False: The Code of Ethics applies only to FP Canada members.

Answer 2

True

Question 3

Fill in the blank: Principle 1 of FP Canada’s Code of Ethics emphasizes __________.

Answer 3

Integrity

Question 4

What does Principle 2 of FP Canada’s Code of Ethics focus on?

Answer 4

Objectivity

Question 5

Multiple Choice: Which principle addresses the need for financial planners to act in the best interest of clients?

Answer 5

Principle 3: Client-Centricity

Question 6

What is the key concept of Principle 4 in FP Canada’s Code of Ethics?

Answer 6

Confidentiality

Question 7

True or False: Financial planners must disclose any conflicts of interest according to the Code of Ethics.

Answer 7

True

Question 8

What does Principle 5 emphasize regarding financial planners’ competence?

Answer 8

Professionalism and continuous learning.

Question 9

Fill in the blank: Principle 6 requires financial planners to maintain __________.

Answer 9

Professional standards

Question 10

Which principle includes the commitment to uphold the law?

Answer 10

Principle 7: Compliance with legal and regulatory requirements

Question 11

Short Answer: List one responsibility of financial planners under Principle 8.

Answer 11

To provide fair and reasonable service.

Question 12

What is the significance of accountability in FP Canada’s Code of Ethics?

Answer 12

It ensures financial planners are responsible for their actions.

Question 13

True or False: Ethical behavior is optional for financial planners under the Code.

Answer 13

False

Question 14

What does Principle 9 encourage financial planners to do?

Answer 14

Engage in sustainable practices.

Question 15

Multiple Choice: Which principle stresses the importance of transparency?

Answer 15

Principle 10: Transparency

Question 16

Fill in the blank: Financial planners must act with __________ in all dealings.

Answer 16

Honesty

Question 17

What is a key outcome expected from adhering to the Code of Ethics?

Answer 17

Trust and confidence from clients.

Question 18

Short Answer: Describe the concept of ‘duty of care’ in the context of the Code.

Answer 18

The obligation to act in the best interest of clients.

Question 19

True or False: The Code of Ethics allows for subjective interpretation by financial planners.

Answer 19

False

Question 20

What does Principle 11 address regarding client relationships?

Answer 20

Building and maintaining trust.

Question 21

Fill in the blank: Principle 12 reinforces the importance of __________ in financial planning.

Answer 21

Ethical decision-making

Question 22

Multiple Choice: Which principle is focused on the importance of cultural competence?

Answer 22

Principle 13: Respect for diversity

Question 23

Short Answer: What is the role of supervision in ensuring compliance with the Code?

Answer 23

To monitor adherence to ethical standards.

Question 24

What is the expected behavior towards colleagues as per the Code of Ethics?

Answer 24

Respect and professionalism.

Question 25

True or False: Financial planners are encouraged to participate in professional development.

Answer 25

True

Question 26

What does Principle 14 emphasize regarding community involvement?

Answer 26

Social responsibility.