Importance of the Code of Ethics Research Paper Example | Topics and Well Written Essays - 750 words

Importance of the Code of Ethics - Research Paper ExampleThe code of morality applies to the fiscal planning professionals. Financial planners are required to live the code of ethics and are therefore held accountable if they do not abide by the code (FPSC, 2015). Financial planners registered with the CFP Board are required to disclose and accept to follow the code of ethics when they renew their certificates. The board goes ahead to enforce the code of ethics on financial planning professionals via a disciplinary process which is outlined in the disciplinary rules and procedures arm (CFP Board, n.d). The primary aim of the code of ethics is to guide the financial planners on how to conduct their activities professionally. By agreeing to follow the code of ethics, financial planners agree that they leave work in the best interests of their clients or the general public. Thus, they will conduct their activities professionally. This instills confidence in the general public or cl ients because they believe that financial planners will ledge their personal interests for the clients interest first. Thus, the code of ethics applies to the financial planners. They have to follow the seven-spot principles contained in the code of ethics client first, integrity, objectivity, fairness, professionalism, competence, confidentiality and diligence. If a financial planner does not abide by the code of ethics, the professional shall be disciplined. Some form of discipline include suspension of the professional for a period not exceeding five years.