Act with Integrity
Act with Integrity
Overview of Acting with Integrity
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Acting with integrity in the financial services sector means conducting oneself in a way that is honest, fair, and upright.
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It involves abiding by both the letter and the spirit of laws, regulations, and professional standards.
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Role holders should strive to build trust with customers, colleagues and the wider society by being dependable and honourable.
Essential Aspects of Integrity
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Truthfulness: Telling the truth, fulfilling promises and ensuring all communications are accurate and clear.
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Fairness: Treating everyone justly without favouritism or discrimination.
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Compliance: Following all laws, standards and regulations related to one’s job.
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Respect: Valuing and considering others’ feelings, rights and traditions.
Consequences of a Lack of Integrity
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Without integrity, a financial services professional could face serious official penalties, including handling fees, censures, prohibitions, fines or even imprisonment.
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Professionally, they could lose their credibility and likewise their career in the financial services sector.
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The overall reputation of the financial institution they work for could be damaged, resulting in loss of client trust and potentially business.
Maintaining Integrity in Financial Services
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By regularly reviewing and adhering to the professional standards and best practices outlined by regulatory bodies and professional organisations.
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Enforcing strict internal controls within a financial institution helps ensure all activities comply with legal and professional conduct requirements.
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Regular training and education help professionals keep up to date with changes in regulations, market standards and ethical considerations.
The Role of Professional Ethics and Integrity
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An individual’s ability to act with integrity is often guided by their professional ethics. These ethics guide decisions and behaviours toward being right and good.
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Professional ethics and integrity are intertwined; one cannot act with integrity without adhering to a strong ethical code.
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Upholding professional ethics and integrity in the financial services industry is a key pillar in building public trust and confidence in the sector.