The FSA should adopt the Securities & Investment Institute's (SII) code of conduct if it is serious about ethics and integrity, the professional body says.
SII chief executive Simon Culhane says several Middle Eastern countries who are keen to become global financial centres are seeking SII’s assistance in developing a “strong, integrity-based culture”.
Culhane says the FSA in the past has “shied away” from subjects of ethics and integrity, preferring to stick to clear rules and guidance.
But Culhane has welcomed the regulator’s position in its 07/4 Consultation Paper on training and competence, in which the FSA notes ethical behaviours are also important.
“It is hard to see how the FSA can avoid the ethical arena, particularly as it is adopting a more principles-based approach,” Culhane says.
“Therefore, given that more than 35,000 members, 35 firms and at least three other countries’ regulators have adopted the code of conduct or support the principles behind it, why doesn’t the FSA publicly either adopt or adapt the Code, just as the SII adapted it from the good work done by the Worshipful Company of International Bankers?”
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