Conduct and Ethics in Financial Services

Why study ethics?

Soundly operating financial services would be impossible without ethics. Customers’ very act of placing their assets in the hands of financial institutions and advisers requires immense trust.

An untrustworthy financial institution or company representative, like an untrustworthy medical practitioner or lawyer, finds few takers for the services offered.

Financial scandals cause reactions of bad publicity, fierce public debate, and shock and disappointment precisely because they involve individuals and institutions that we expect to be able to trust.

Philosophical elements of ethical decision-making are being widely discussed – even in the context of STEM skills.  It is particularly relevant to the implementation of new systems and emerging technologies. The nature of workplaces and how people conduct routine tasks, including accessing financial services, are evolving rapidly.

As facilitators of a key part of people’s lives – managing their money – all organisations involved in Australia’s financial system play a crucial role in modelling ethical and trustworthy business conduct.

Our professionalism and ethics learning also aligns with continuing professional development requirements, including:

  • Organisational competence under RG 104
  • Advisers under RG 146
  • FASEA CPD
  • Responsible persons under RG 105 and CPS 520 Fit and proper.

Ethics Short course

Our ethics short courses and ethical dilemmas are suitable for financial services, banking, insurance and consumer credit professionals, including frontline branch and call centre staff.

They could also be included in on-boarding programs.

Click on the ‘+’ to view each program and to enrol.

Culture, Conduct and EthicsManaging ethical dilemmas

What is ethics and how does an organisation go about using ethical standards to maintain sound professional conduct?

Our short course topic presents a simple overview of key themes, so your whole organisation can get effective refresher training in this important compliance area.

You’ll learn about:

  • What ethical standards and principles are
  • Drivers of unethical and ethical behaviour
  • How ethical standards interact with legal frameworks
  • How to follow an ethical decision-making process
  • Identifying ethical issues through analysing case studies.

Choose your specialty – either financial services, banking, insurance or consumer credit.

Library of ethical dilemmas

To complement our ethics short courses we also have a library of ethical dilemmas to support your organisations learning.

Each case study considers:

  • A description of the situation, adapted from real events observed, or complaints to the Ombudsmen, or published court cases
  • An outline of the dilemma faced by the protagonist
  • Consideration of the environment in which the protagonist operates
  • Relevant news, legislation, outcomes of inquiries
  • Reflection questions throughout that can be used for group discussions
  • Consideration of company values
  • The outcome and consideration of how the issue may be avoided.

Contact us to request our case study library of ethical dilemmas.

Download our CPD short course brochure

Culture and Conduct program

Our culture and conduct courses are designed for leaders and managers working in financial services.

Click on the ‘+’ to view each program and to enrol.

Improving culture and conduct in the workplace

The idea of showing people what is appropriate and inappropriate behaviour, or describing culture as ‘the way we do things around here’, hints at the power of culture. Policies, procedures and risk management structures will never be enough to inform employees on how to respond to every situation effectively. Alongside the formal rules, it is the culture that provides the guide rails employees rely upon to successfully exist within an organisation.

Company culture is exhibited by the way people behave in an organisation; the unwritten rules and the common understanding of what is ‘acceptable’.

But how were these unwritten rules set and communicated? And when and how is it determined what is acceptable behaviour?

You’ll learn about:

  • What organisational culture is
  • The components that comprise organisational culture
  • The influences of internal and external factors on organisational culture
  • The importance of ethics in decision making
  • Contributing factors to poor and sound organisational culture and conduct
  • Measures available to responsible managers to help shape organisational culture.

This course contains individual reflections and group activities to help understanding at team, business unit and organisation level.

All organisations have a purpose or needs they contend they are meeting – their reason for being. And it’s all well and good to be on top of your role and licensing requirements, but what now?

According to ASIC’s Corporate Governance Taskforce: “The reality is that non-financial risks have very real financial implications for companies, their investors and their customers.”

Achieving desired outcomes usually involves a combination of inputs and challenges, some of which are external. One key element for achieving a successful business is managing non-financial risk which can pose a real threat to an organisation’s culture and reputation.

Our short course delves into what non-financial risk is in the context of licensing requirements and why managing it is a good thing for your organisation’s culture and reputation.

You’ll learn about:

  • Identifying and defining non-financial risks
  • Appropriate methods for managing non-financial risk
  • Determining the trends influencing operations and attitudes
  • The importance of ethics in risk management
  • How to formulate approaches to managing risks in challenging circumstances.

To complement our ethics short courses we also have a library of ethical dilemmas to support your organisations learning.

Each Case study considers the following:

  • A description of the situation, adapted from real events observed, or complaints to the Ombudsmen, or published court cases
  • An outline of the dilemma faced by the protagonist
  • Consideration of the environment in which the protagonist operates
  • Relevant news, legislation, outcomes of inquiries
  • Reflection questions throughout that can be used for group discussions
  • Consideration of the company values
  • The outcome and consideration of how the issue may be avoided

Contact us to request our case study library of ethical dilemmas.

Download our CPD short course brochure

Micro-credential

Our FNSSS00013 Business Ethics and Conduct Skill Set provides foundation knowledge on ethical frameworks and decision making and includes case studies contexutalised to financial services workplaces.

The skill set articulates into the FNS51820 Diploma of Financial Services and other financial services qualifications.

Margin LendingOur Business Ethics and Conduct Skill Set provides foundation knowledge on ethical frameworks and decision making and includes case studies contexutalised to financial services workplaces.

Program

Comprises 3 core topics plus 3 case studies. The core topics provide foundation knowledge on ethical frameworks and ethical decision making.

The case studies are examples of real-life ethical dilemmas faced by financial workplaces, and provide an opportunity to identify, analyse, reflect on and, ultimately, mitigate conduct risk from occurring in your own role or organisation.

You’ll learn about:

  • Ethical standards, principles and the legal framework
  • Drivers of ethical behaviour, including culture, rewards, punishments and law
  • Why ethics and an ethical approach are crucial in financial services
  • Ethical decision-making processes and frameworks that can be applied at workplaces
  • Organisational policies and procedures for managing ethical issues
  • Common breaches of ethical standards in financial services, including the attitudes, behaviours and activities that give rise to them.
Download our brochure

Talk to us about your corporate solution

In a world where the game is constantly changing, you need an education partner that does more than just explain the rules.

Experience training that is…

  • Delivered collaboratively
  • Fit for purpose
  • Inspiring and valued
  • Easily implemented and simple to use