For most people, the fundamental question of ethics is “What should I do?” or “How should I act?” in a given situation and we depend on our own personal morals to determine what is right or wrong for us.
From a business perspective Professional Bodies have formulated “Codes of Conduct” e.g., the Irish Medical Council which regulates the Medical Profession in Ireland has a “Guide to Professional Conduct and Ethics for Registered Medical Practitioners” A “Code of Conduct” is a set of rules outlining the responsibilities of, or proper practices for, an individual, party or organisation.
Business Ethics can be defined as: “written and unwritten principles that govern decisions and actions within a Business” with the Business’ culture setting the standards for determining the difference between good and bad decision making and behaviour. Many Companies have formulated internal Policies and Procedures to govern and direct the conduct of employees. These Policies and Procedures are designed to identify the Company’s expectations of employees and to offer guidance on handling some of the more common ethical problems that may arise in the day-to-day business operations.
With the current economic climate we find ourselves in and, as a result of the banking debacle, the general public are calling for more accountability and higher standards of Customer Service and protection.
The Financial Services sector is governed by “The Consumer Protection Code” which is a set of rules and principles that all Regulated Financial Services firms must follow when providing Financial Products and Services to Consumers. The provisions of the Consumer Protection Code came into effect on 1st July 2007. On 19th October 2011, the Central Bank of Ireland published a revised Consumer Protection Code (2012 Code) which came into effect on 1st January 2012 for Regulated entities including Banks, Insurance and Investment Companies and Intermediaries
Now, more than ever, in an attempt to start regenerating Consumer confidence, Companies in the Financial Services Sector need to focus on their Business Ethics by devising and implementing adequate Company Policies and Procedures that ensure Staff are acting in a professional and ethical manner and that business is transacted with honesty and transparency.
Regards,
Lorna is Operations Co-ordinator at Quintas.
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