11. Ethical Principles And Professional Behaviour

Question 1

Define Values, Morals and Ethics

Answer 1

Values; fundamental beliefs that guide attitudes/actions

Morals; set of beliefs about standards of good/bad behaviour, fairness & honesty

Ethics; morals turned into actions

Question 2

What are the 2 types of ethics of conduct?

Answer 2

Consequentialist; good outcomes

Deontological; adherence to rules

Question 3

Define ethical egoism?

Answer 3

An action is right if it benefits the individual

Question 4

Define utilitarianism?

Answer 4

An action is right if it benefits the most people

Question 5

What are the 2 types of normative/prescriptive ethics?

Answer 5

Ethics of conduct; how people should act

Ethics of character/virtue; characteristics people aspire to possess

Question 6

What are the 3 parts to the assesment of competence for IFAs?

Answer 6

Knowledge of areas/products
Appropriate skills
Level 4 qualification

Question 7

What are the annual hours of CPD required for an IFA?

Answer 7

35hrs, of which 21 must be structured

Question 8

What is considered structured vs not structured CPD?

Answer 8

Structured:
Seminars/lectures/conferences
Courses/workshops/e-learning

Not structured:
Researching products for clients
Reading magazines/newspapers