Ethics And Professional Standards

Question 1

What are the business benefits of ethics

Answer 1

Builds trust and confidence among consumers, increasing their engagement and therefor revenues as cross selling becomes easier

Question 2

What are some of the ethical issues found in financial services

Answer 2

Commission driven miselling
Unclear overly technical documentation 
Remuneration
Conflicts of interest 
Complaint handling

Question 3

What is the key driver of ethical culture

Answer 3

Management behaviour

Question 4

What must every firm have for whistleblowing

Answer 4

Whistleblowing champion

Question 5

What are the 4 components of an ethical framework within a firm

Answer 5

Commitment (statement of values etc)
Leadership
Operational- policies, procedures etc
Oversight

Question 6

What are the 5 key steps for ethical leadership

Answer 6

Understand he language of ethics
Craft a clear ethical vision
Be good at shaping the way people make decision
Remove hurdles to ethical decision making
Set an example

Question 7

What are the 3 steps you can take to help solve an ethical dilemma

Answer 7

Take account of personal values, corporate values and professional values
Consider dilemma from each perspective
Consider the option and which most effectively resolves the tension between values

Question 8

What MI can give insights into ethical issues

Answer 8

Lapses/cancellation
Complaint volumes
File reviews
Business mix

Question 9

What are the 12 steps to implement corporate social responsibility programmes

Answer 9

Identify stakeholders
Prioritise stakeholders
Establish important issues to them
Understand how these issues can affect business
Understand current position
Estimate where stakeholders expect you to be
Understand level of resources
Decide how to use resource
Implement improvements and monitor progress
Communicate to stakeholders
Check CSR programme is working
Tell people how the business has improved