Code of Ethics

Question 1

What are the four standard categories

Answer 1

1. Ethical Behaviour
2. Client Care
3. Quality Process
4. Professional Commitment

Question 2

What are the three standards of Ethical Behaviour

Answer 2

1. LAWS - Act within applicable laws, including this code. Try no to circumvent their intent
2. BID - You must act with integrity and in best interest of client
3. CONFLICT - You must not advise, refer or act in any other manner where you have a conflict of interest

Question 3

What are the three standards of client care

Answer 3

4. FPIC - Act only with free, prior and informed consent. (FPIC)
5. BID - All advice must be in BI - client must understand
6. BROAD- Take into account the broad effects of advice.

Question 4

What are three standards of quality process

Answer 4

7. FEES - Give FPIC to all benefits you, and principle will receive. - No third party payments - except where allowed by Corps act - Fees are fair and reasonable
8. RECORDS - Complete and accurate
9. ADVICE - All advice and products must be offered with good faith and with competence and neither misleading not deceptive

Question 5

What are the three standards of professional commitment

Answer 5

10 SKILLS- you must develop and maintain a high level of relevant knowledge and skills

11. ASIC - Co-operate
12. PEERS - You must uphold and promote the ethical standards of the profession.

Question 6

What are the 5 values

Answer 6

Trustworthiness 
Competence
Honesty
Fairness 
Diligence

Question 7

How will you choose between trustworthiness and honesty

Answer 7

Choose honesty specifically if the situation involves dishonesty - lying, otherwise go with trustworthiness