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15 Cards in this Set
- Front
- Back
Ethics
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The set of principles which reflect the shared beliefs and values of a given society of culture
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Tasks of Ethical Principles
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(1) Govern behaviors which is not appropriately regulated by law
(2) Supplement legal condemnation with moral disapproval (3) Encourage behavior that goes beyond what the law requires (goes beyond the letter of the law) |
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Compliance
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Acting in conformity to the letter of the law, with or without concern for the spirit of the law
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Moral Perception
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Enables us to perceive the most morally relevant details and facts in a particular situation
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Moral Imagination
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Allows us to speculate as to how the possible consequences of our decisions will affect other people around us, both in the short and long term
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Ethical Decision Making
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Taking the information gleaned from acts of moral perception and moral imagination and make a decision; considers the parties involved and the possible outcomes
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Profession
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(1) Engage in a vocation that is useful and noble
(2) Requires the possession of expert knowledge (3) Abandons the strictly selfish commercial view and keep in mind the advantage of the client in the application of that knowledge (4) Spirit of loyalty to other professionals |
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Moral Duties
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An action whereby we are obliged to perform or an action we are obliged to refrain from performing
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Components of the Professional's Moral Standard
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(1) Integrity
(2) Objectivity (3) Fairness (4) Competence (5) Diligence (6) Confidentiality |
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Integrity
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The quality or state of being complete or undivided; wholeness
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Objectivity
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Dealing with the facts in a way that is not distorted by personal feelings, prejudices, or interests; not partial to one's own perspective or advantage
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Fairness
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"Like things" should be treated in "like ways"
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Competence
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The expert knowledge a professional maintains and builds upon through continued education and experience
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Diligence
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Providing services in a reasonably prompt and thorough manner; Providing service with due care; Carefully gathering information about the clients background, long term goals, and sophistication regarding financial markets and products- no one size fits all approach
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Confidendtialtity
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A promise made to the client not to divulge personal information
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