Essay on Code of Conduct

Now, we commonly hear about code of conduct whenever we talk about business. But we don’t really consider it important. Every business field has some specific rules which apply to it and these rules should be complied with in a proper manner.

Well, ICICB Inc. makes sure that it is effective in following the code the conduct. If you want to know more about our special qualities, you can just continue reading.

First Standard

The first standard requires financial experts to treat each and every client fairly. One might wonder, what does this “fair” means. Generally, it means:

·         Treating all of the clients with respect.

·         Understanding and listening to clients, considering their perspectives, and responding to their preferences and concerns.

·         Interacting and communicating with clients in an effective, clear, and timely manner.

·         Not taking advantage of insufficient financial knowledge of clients or other types of vulnerabilities.

·         And not applying unnecessary pressure on clients.

We make sure that we comply with all of these rules. Often, financial and banking experts take advantage of clients because they don't have significant knowledge about finance. They either misguide them or lead them to make the wrong decision. In such a situation, it is the client who suffers and not the expert. It is the code of conduct that restricts financial and banking service providers from misguiding clients.

When it comes to us, we consider such practices unethical. Instead of misguiding clients, we offer what our clients really need. By meeting their standards, we satisfy them and ensure that we have done the right thing.

There is, however, one important thing to consider here. Treating clients in a fair manner doesn’t mean that clients are not accountable for their decisions. It also doesn’t mean that clients will not face risks while making decisions. It is vital to understand that every decision has some risks involved in it. For instance, if you near the shore of river, there is a risk that you might fall into it while catching a fish.

Second Standard

The second standard of code of conduct requires financial and banking service providers to act with integrity.

This standard applies not only to services but also to activities, practices, and advice. It applies to how financial experts:

·         Describe their business and themselves.

·         Share and publish information with the public, prospective clients, and clients.

·         Interact with the public, media regulators, colleagues, prospective clients, and clients.

In general, acting with integrity also includes:

·         Appropriately managing or avoiding conflicting interests.

·         Not performing tasks which could or would cause disruptions within the financial industry.

Third Standard

The third standard requires financial and banking experts to ensure that financial services and advice are suitable for clients. Ensuring the suitability of financial services must include having rational and reasonable grounds for financial advice. In simple words, it means that suggestions should be on proper evidence.

Sometimes, financial experts don’t really care about the circumstances of clients. They have the intention of taking advantage of the client. Thus, they misguide clients and suggest decisions which are not beneficial for them at all. It is similar to when you don’t know the direction to a seafood shop and someone intentionally tells you to turn left where there is no seafood shop at all. Even though he knows that there is nothing there, he still suggests that you should go there.

Such behavior or attitude is restricted by this standard.

One of the important aspects that make ICICB different from others is its values. We care about our clients and their progress. Instead of pursuing personal growth, we aim to help you. And that is why we take every step to ensure that we fulfill your requirements and meet your standards. Every advice and assumption is made on solid grounds.

Until you reach your desired destination, we keep on helping and guiding you. And this serves to make us different from others.

Whenever we suggest something, we provide enough evidence to let you choose as well. Although it is a common practice for financial experts to make decisions on behalf of their clients, we don't do the same thing. Instead of it, we present everything you need to let you know about the current circumstances. In this manner, you acquire the necessary knowledge to make the decision yourself.

Fourth Standard

The code of conduct’s fourth step requires financial experts to take the necessary steps so that clients understand the financial advice and decision.

The FMC Act details that an individual shouldn’t offer financial advice to someone until he has taken rational and reasonable steps for ensuring that clients understand the scope and nature of advice.

Usually, clients don’t get to know about the risks, consequences, and content of financial advice. Due to it, they are unable to make a rational decision. This standard ensures that such a thing doesn’t happen to the client. The client must know:

·         Whether valid assumptions have been taken for offering the financial advice or not.

·         If he/she should follow the advice or not.

·         Whether the costs and fees related to the advice are acceptable or not.

·         If further advice is necessary for making a decision about a specific situation.

You will be surprised to know that when we advise you, we offer substantial proof to let you decide what you need to do. Once we assess what you really need, we propose a solution and some other alternatives. In order to help you choose what is right for you, we offer everything you need to make the decision.

It is like you want to eat a fish and you have a number of options like buying it, catching it, or just eating something else. We would analyze if you feel the need the fishing experience or not. If you need it, we will let you know about it and tell you that you should try to catch it yourself. However, if there is a risk that you might not catch one, we will suggest that you should just buy one.

Fifth Standard

The fifth standard requires financial and banking experts to protect the information of clients against unauthorized use, loss, disclosure, and modification.

The information of client should remain confidential unless:

·         It is important to reveal the information to ensure that right advice is given to the client.

·         For another objective which also relates to the financial advice.

·         If the law requires disclosure, retention, or utilization.

·         With the approval of client for another purpose.

We consider the information of client confidential. And that is why we make sure that we protect it with the latest security and authorization technologies. This enables us to save the information in such a manner that no worm can creep into the information. Moreover, once our clients achieve what they really want, we delete the information from us. This helps us in ensuring that we are not keeping the information of our clients without their permission.

Overall, these are the standards of code of conduct and we follow all of its rules and guidelines. This helps us in satisfying our clients and sticking to our moral values. After all, we can satisfy you only if we are working ethically.