The Financial Services Professional Board (FSPB) has released its first exposure draft on a proposed Code of Ethics for the financial services industry (FSI) that outlines a set of five broad fundamental principles which include professionalism and integrity.
The others are fairness, confidentiality, and objectivity and it should be adhered by the institutions and individuals in FSI, it said in a statement.
The exposure draft, FSPB’s first step in the development of a set of ethical principles, would be open for comments up to July 6, 2015.
The principles would reflect the dynamic nature of FSI and, when finalised, would underpin FSPB’s standard-setting initiatives, said chairman Azman Hashim.
He said FSI is interconnected, complex, and globalised and has a strong culture of professionalism that is anchored in a set of core ethical principles which apply across the industry.
“We are holding this public consultation to enhance the acceptance and credibility of the proposed code. We hope the code will be accepted not only in Malaysia but also internationally,” he said, adding that the draft seeks to explore new grounds in relation to professionalism and ethics in the industry.
Encouraging all stakeholders to submit comments on the code, Azman said it aims to raise the bar of professionalism and ethics across FSI and through that help restore, maintain, and enhance public trust in the industry.
It complements a formal system of regulation, as well as contribute towards public oversight of FSI through a voluntary principle-based code of ethics developed by the industry and for the industry.
FSPB is a voluntary industry-wide initiative that is dedicated to the development and advocacy of professional and ethical standards that are developed through industry consensus and engagement.
For further information, please visit www.fspb.com.