Advisers encouraged to take ethics courses

Advisers are being offered business ethics training courses which will help them make good business decisions.

Wednesday, July 23rd 2014, 1:24PM 6 Comments

The Institute of Financial Advisers (IFA) has signed a memorandum of understanding with the Institute of Business Ethics for the delivery of business ethics training courses to its members.

The Institute of Business Ethics is an international body which has nearly 30 years experience working with organisations and professional bodies, helping to strengthen their ethics culture and that of their members.

“The IFA are taking a proactive stance on delivering business ethics training that will provide the skills, practice guides and tools to help advisers to put the interests of their clients first," IFA President Michael Dowling says.

"We know that adviser’s clients rely on our members to demonstrate the highest ethical business behaviour when advising on particular financial products. We also recognise that when offering the best professional advice there are sometimes difficult judgments to be made."

He says that the Institute’s role is to facilitate professional development and we believe that business ethics workshops and forums will provide the right vehicle to promote ethical business decisions that reinforce the values of the IFA.

IBE director Philippa Foster Backsays there is abundant evidence that business ethics contributes to reputation, risk mitigation and the bottom line.

“Doing business ethically makes for better business. An ethical business is more sustainable in the long-term: by reducing integrity and reputation risk; attracting top talent; increasing brand loyalty; enhancing shared value. A more trustworthy business is a more secure one."

"Financial advisers who undergo business ethics training will be better equipped to make the right decisions in difficult situations. Because they will have acted with integrity, their customers will be confident they have received trustworthy advice,” she says.

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Comments from our readers

On 23 July 2014 at 5:36 pm traveller said:

The term "business ethics" baffles me. There should be no distinction between the ethical conduct of ones private life and what one does in business. If you are unethical in the first, the strong likelihood you will also be unethical in the second. High ethical standards should pervade all aspects of ones life.

On 23 July 2014 at 7:52 pm w k said:

if this is compulsory, somebody is going to make a load of money. that's about as far as it will get. a leopard don't change its spots.

On 24 July 2014 at 8:41 am Mark Ogden said:

Wow really? The IFA has concerns of the ethics of it's members. I am sure Phillipa suggesting it could be difficult for some to make a right decision without this training could be seen insulting to the group as a whole.
So after the IFA dinner earlier this week, I suppose there will be training on table manners next.

Yes I know that isn't exactly what ethic's training is about, maybe the IFA needs training in marketing and communication. What are you trying to say?

If a judge (Authority figure) sends you on a drug and rehab program, he believes you have a problem.

Like a defensive driving course is what I would believe would be worthwhile for most drivers, but if I tell you I was ordered to do one, you could rightly conclude I could was an idiot on the road. How you package it will be how it is perceived.

On 24 July 2014 at 12:07 pm Ivan said:

Company CEOs should be at the top of the list.

On 24 July 2014 at 5:33 pm Mac said:

I completed a business ethics paper at tertiary level and of all the papers I completed, this one was of absolutely no value whatsoever. PC BS.

On 24 July 2014 at 9:01 pm Gavin Austin ABCompliance said:

Sounds like an opportunity to gain knowledge (not a totally bad idea, also CPD credits (maybe). What credits are available from the course and at what cost? When we know this we can evaluate its worth to our businesses. Until then its just and advert without much substance.

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