by A properly framed code is, in effect, a form of legislation within the company binding on its employees, with specific sanctions for valuation of the code. It may be a document which may outline the mission and values of the business or organization, how professionals are supposed to approach problems, the ethical principles based on the organization’s core values and the standards to which the professional will be held.
Wealth Managers abide by the following:
- To act with integrity in fulfilling the responsibilities of your appointment and seek to avoid any acts, omissions or business practices which damage the reputation of Quays Wealth Management Ltd and the financial services industry.
- To act honestly and fairly at all times when dealing with clients and to act in the best interests of each client and treat them fairly.
- To treat people fairly regardless of age; disability; gender reassignment; pregnancy and maternity; marriage and civil partnership; race; religion and belief; sex; and sexual orientation.
- To observe applicable law, regulations and professional conduct standards when carrying out financial services activities.
- To observe the standards of market integrity, good practice and conduct required or expected of participants in markets when engaging in any form of market dealings.
- To only make recommendations that are suitable, appropriate and that puts the interests of the client first.
- To attain and actively manage a level of professional competence appropriate to your responsibilities and commit to continued learning to ensure the currency of your knowledge, skills and expertise.
- To decline any engagement for which you are not competent unless you have access to such advice and assistance as will enable you to carry out the work competently, and act in the clients best interests.
- To uphold the highest personal and professional standards.
- To act with fairness, integrity and courtesy in all business activities.
Compliance with Applicable Rules
Members shall know and comply with the provisions of the laws, regulations and self-regulatory rules as well as all internal rules of their employer that are applicable to their activities. Members must comply with the provisions of laws, regulations and rules enacted by self-regulatory bodies. They must also abide with the internal guidelines issued by their employer.
Principle of Professional Ethics
Members shall exercise their profession in an independent, diligent and professional as well as ethical manner. They undertake in all cases to give priority to the interests of the clients and commit to treat them fairly. The principles of professional ethics can be divided into four fundamental principles:
- Integrity: Members must preserve their professional and personal integrity.
- Independence: Members must exercise independent and objective judgment in their professional activities.
- Loyalty and priority of the clients’ interests: Members owe a duty of loyalty to the clients. They must under all circumstances give priority to the clients’ interests and ensure that they are treated fairly and equitably.
- Professionalism and diligence: Members must always act as qualified professionals and perform their activities with the diligence required from qualified professionals.
Duty to Inform the Employer
Members shall inform their employer that they have to comply with these Rules of Conduct and Fundamental Principles of Professional Ethics. As a general rule, members should inform their employer that they are a member of the Association of International Wealth Management and are therefore bound by these Rules of Conduct and Fundamental Principles of Professional Ethics.
Conflicts of Interests
Members shall avoid any situation of conflict with interests of clients. If a conflict cannot be avoided, priority has to be given to the interests of the clients. Members treat the interests of clients and investors in accordance with the principle of equal treatment. Members have to disclose any fact affecting their objectivity and their independence.
Duty of Information
Members must ensure that the information they provide to clients and investors is clear, timely and accurate. They are prohibited from promising a given return.
Compliance with Applicable Rules
Members shall know and comply with the provisions of the laws, regulations and self-regulatory rules as well as all internal rules of their employer that are applicable to their activities. Members must comply with the provisions of laws, regulations and rules enacted by self-regulatory bodies. They must also abide with the internal guidelines issued by their employer.
Sanctions
The effectiveness of regulating professional conduct by professional standards arises from the existence of efficient penalties, recognized as such by and in the profession.
Code of ethics
Diligence
Provide professional services diligently. Diligence requires fulfilling professional commitments in a timely and through manner, and taking due care in planning, supervising and delivering professional services.
Competence
Maintain the abilities, skills and knowledge necessary to provide professional services competently. Competence requires attaining and maintaining an adequate level of abilities, skills and knowledge in the provision of professional services. Competence also includes the wisdom to recognize one’s own limitations and when consultation with other professionals is appropriate.
Fairness
Be fair and reasonable in all professional relationships. Disclose and manage conflicts of interest. Fairness requires providing clients what they are due, owed or should expect from a professional relationship, and includes honesty and disclosure of material conflicts of interest.
Integrity
Provide professional services with integrity. Integrity requires honesty and condor in all professional matters. Financial Planning professionals are placed in positions of trust by clients, and the ultimate source of that trust is the Financial Planning professional’s personal integrity.
Confidentiality
Protect the confidentiality of all client information. Confidentiality requires client information to be protected and maintained in such a manner that allows access only to those who are authorized.
Professionalism
Act in a manner that demonstrates exemplary professional conduct. Professionalism requires behaving with dignity and showing respect and courtesy to clients, fellow professionals, and others in business-related activities, and complying with appropriate rules, regulations and professional requirements.
Objectivity
Provide professional services objectively. Objectivity requires intellectual honesty and impartiality. Regardless of the services delivered or the capacity in which a financial planning Professional functions, objectivity requires Financial Planning professionals to ensure the integrity of their work, manage conflicts and exercise sound professional judgment.
Client First
Place the client’s interests first. Placing the client’s interests first is a hallmark of professionalism, requiring the Financial Planning professional to act honestly and not place personal gain or advantage before the client’s interest.
