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FSPB releases first Exposure Draft on Code of Ethics
Published on: Thursday, May 07, 2015

Kuala Lumpur: The Financial Services Professional Board (FSPB) has released its first Exposure Draft on a proposed Code of Ethics for the Financial Services Industry 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 the financial services industry (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 the FSI and, when finalised, would underpin FSPB's standard-setting initiatives, said Chairman Tan Sri Azman Hashim.

He said the FSI was interconnected, complex and globalised and had a strong culture of professionalism that was anchored in a set of core ethical principles which applied 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 seeked 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 aimed to raise the bar of professionalism and ethics across the FSI and through that help restore, maintain and enhance public trust in the industry.

It complemented a formal system of regulation, as well as, contribute towards public oversight of the 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. – Bernama

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