Professional Ethics Assignment - Lloyds Banking Group

Added on - Nov 2020

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PROFESSIONAL ETHICS
Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Fundamental principles of ethical behaviour..................................................................1
1.2 Relevant legal, regulatory and ethical requirements affecting the accounting and finance
sector......................................................................................................................................2
1.3 Role of professional bodies in relation to the accounting and finance sector..................2
1.4 Individuals, organisations or industry sectors are expected to operate within codes of
conduct and practice...............................................................................................................3
1.5 Risks of improper practice to an organisation and the importance of vigilance..............3
1.6 Opportunities for maintaining an up-to-date knowledge of changes to codes of practice4
TASK 2............................................................................................................................................4
2.1 Act ethically when working with clients, suppliers, colleagues and others.....................4
2.2 Importance of objectivity and maintaining a professional distance between professional
duties and personal life at all times........................................................................................5
2.3 Importance of adhering to organisational and professional values, codes of practice and
regulations..............................................................................................................................5
2.4 Importance of adhering to organisational policies for handling clients’ monies.............6
2.5 Circumstances when confidential information should be disclosed and who is entitled to
the information.......................................................................................................................6
2.6Importanceofworkingwithinthelimitsandconfinesofone’sownprofessional
experience, knowledge and expertise.....................................................................................6
TASK 3............................................................................................................................................7
3.1 Identify relevant Authorities and internal departments where suspected illegal acts or other
malpractice are reported.........................................................................................................7
3.2 Action to take in instances when requests for work are beyond the employee’s competence
................................................................................................................................................7
3.3 How to report inappropriate behaviour of client..............................................................7
3.4 Internal and external procedures to be followed for stopping illegal and unethical practices
................................................................................................................................................8
3.5 Strategies used to prevent ethical conflicts......................................................................8
TASK 4............................................................................................................................................8
4.1 Importance of an ethical approach to sustainability.........................................................8
4.2 Responsibilities of finance professionals in upholding the principles of sustainability...8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
INTRODUCTION
Professional ethics is said to be a core principle that is incorporated by any organisation
so as to govern the behaviour of a person or group who is working within the company (Bailey
and Burch, 2016). This present assignment has focussed on ethical principles that are required to
be undertaken while dealing with clients and other individuals. Therefore, Lloyds Banking
Group is taken for this report, which a major British Financial institution in United Kingdom.
Since its foundation in 1695, organisation is providing excellent services and facilities to its
customers. Therefore, with the help of this, importance of working within ethical code will be
analysed so as to have proper knowledge whether these are being followed or not. Apart from
this it will helps in highlighting different kinds of roles and responsibilities that are required to be
followed in order to perform all the actions in an ethical manner.
TASK 1
1.1 Fundamental principles of ethical behaviour
Professional ethics includes some kinds of behaviour that are expected by professionals
for maintaining corporate standards within the organisation. This includes elements such as
values, rules and regulations, behaviour towards other person etc., In terms of any financial
institutions code of ethics plays a crucial role and it needs to be understood for an effective
working. Thus, it can be said as professional ethics that are confined with some set rules and
regulations that can be applied in a group (Bogenschneider, 2015).
Integrity:This is stated as a quality of being honest, thus, an accountant who is working
in Lloyds Bank must be keep all the data and records of its clients confidential.
Objectivity:This is an independent factor that is formed by an individual on the basis of
perception, emotions and imagination. But employees who are working in financial organisation
should not be biased while taking any kind of decision just to entertain other professionals.
Professional and technical competence and due care:In order to provide effective and
effective services it is crucial that, in the accounting section of Lloyds Banks all the employees
are professional and skilled. They should be competent enough with technical standards so that
professional kind of services can be provided to its customers.
1
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