Act with Integrity

Act with Integrity

Overview of Acting with Integrity

  • Acting with integrity in the financial services sector means conducting oneself in a way that is honest, fair, and upright.

  • It involves abiding by both the letter and the spirit of laws, regulations, and professional standards.

  • Role holders should strive to build trust with customers, colleagues and the wider society by being dependable and honourable.

Essential Aspects of Integrity

  • Truthfulness: Telling the truth, fulfilling promises and ensuring all communications are accurate and clear.

  • Fairness: Treating everyone justly without favouritism or discrimination.

  • Compliance: Following all laws, standards and regulations related to one’s job.

  • Respect: Valuing and considering others’ feelings, rights and traditions.

Consequences of a Lack of Integrity

  • Without integrity, a financial services professional could face serious official penalties, including handling fees, censures, prohibitions, fines or even imprisonment.

  • Professionally, they could lose their credibility and likewise their career in the financial services sector.

  • 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

  • By regularly reviewing and adhering to the professional standards and best practices outlined by regulatory bodies and professional organisations.

  • Enforcing strict internal controls within a financial institution helps ensure all activities comply with legal and professional conduct requirements.

  • 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

  • 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.

  • Professional ethics and integrity are intertwined; one cannot act with integrity without adhering to a strong ethical code.

  • Upholding professional ethics and integrity in the financial services industry is a key pillar in building public trust and confidence in the sector.