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Importance of the Code of Ethics - Research Paper Example

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An author of this research paper aims to discuss the importance of ethical code in business and financial planning in particular. Moreover, the study will indicate particular task that can be solved using the ethical work at the workplace and in business in general…
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Importance of the Code of Ethics
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Download file to see previous pages The code of ethics applies to the financial planning professionals. Financial planners are required to follow the code of ethics and are therefore held accountable if they do not abide by the code (FPSC, 2015). Financial planners registered with the CFP Board are required to acknowledge and accept to follow the code of ethics when they renew their certificates. The board goes ahead to enforce the code of ethics on financial planning professionals via a disciplinary process which is outlined in the disciplinary rules and procedures section (CFP Board, n.d). The primary aim of the code of ethics is to guide the financial planners on how to conduct their activities professionally. By agreeing to follow the code of ethics, financial planners agree that they will work in the best interests of their clients or the general public. Thus, they will conduct their activities professionally. This instills confidence in the general public or clients because they believe that financial planners will shelf their personal interests for the client’s interest first. Thus, the code of ethics applies to the financial planners. They have to follow the seven principles contained in the code of ethics: client first, integrity, objectivity, fairness, professionalism, competence, confidentiality and diligence. If a financial planner does not abide by the code of ethics, the professional shall be disciplined. Some form of discipline include suspension of the professional for a period not exceeding five years. ...Download file to see next pagesRead More
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