L2- Professionalism

Question 1

definitions of professionalism, broadly and narrowly

Answer 1

broad, descriptive: paid work, opposite of amateur. broad, evaluative: quality of a job well done. narrow: name given to certain specific careers.

Question 2

what is the chartered banking institute

Answer 2

largest UK professional body for banks. 36,000 members in 2023, still less than 3% of the sector.

Question 3

skills, knowledge and impact of a professional

Answer 3

specialized skills and knowledge acquired through long and ongoing periods of training and study. work has significant impact on clients and public- for good or bad. fiduciary relationship with clients, relationship of trust.

Question 4

relationship of trust

Answer 4

client trusts professional to be competent and act in their best interests. trust reduces complexity of decision making for client. depends whether they trust the individual or the institution.

Question 5

What are professional institutions

Answer 5

professional belongs to professional regulatory body, some degree of self regulation. they have a code of ethics and therefore credentialism. may be protected terms and reserved roles.

Question 6

whats the point of a code of ethics?

Answer 6

guidance, enforcable standards, standards to aspire to, public facing for trust and accountability.

Question 7

arguments for professionals duty to serve public interests

Answer 7

1) professionals have power to greatly affect wellbeing of public, good or bad, in return have ethical duty to serve public interest. 2) professionals have privileged role in society, professional status makes it easier to find work and beter paid. In return have duty to act in public interest.

Question 8

difference between positive and negative duty

Answer 8

positive duty is to further the public interest. negative is to not harm public interest.

Question 9

what recent reports/work has been done to work on professionalism in banking

Answer 9

Parliamnetary Commision on Banking Standards report, and Lambert review both recommend professional model to improve standards in the sector.

Question 10

What is the Chartered Banker: Professional Standards Board?

Answer 10

Originated in 2008. 600,000 individuals globally. share CBI code of ethics. organisations responsible for monitoring and implementing code.

Question 11

what is the FSCB

Answer 11

Established in 2015 in response to Lambert Review. Not professional body, funded by institutional members. Annual research on sector standards and assessment of individual firms.