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Ombud's cases and ethical considerations online course

The purpose of this short course is to focus on the role of ethics in the financial planning environment by looking, particularly, at cases considered by the Office of the Ombud for Financial Services Providers (the FAIS Ombud). So doing, the concept of ethics is firstly discussed, and its interaction with morals and the law is considered. The crystallisation of certain ethical principles, which are key to a successful financial services industry, have led to their inclusion in the General Code of Conduct (GCOC), as published under the Financial Advisory and Intermediary Services (FAIS) Act, 2002, Act No. 37 of 2002. The Financial Planning Institute (FPI) also has a Code of Ethics to which its members subscribe, and which in turn complements the ethical principles under the GCOC. The practical application of these principles is best demonstrated by the determinations of the FAIS Ombud. Therefore, the course concludes with a review of some recent determinations, which showcase the importance of not only knowing of these principles but also applying them hands-on and identifying transgressions for future avoidance.

Once you have successfully completed this course, you will be able to:
  1. Explain the terms ‘ethics’ and ‘morals’, and their relevance to the financial planning industry as well as their interaction with the law.
  2. Discuss the legislation that has been put in place to support ethical behaviour in the financial planning industry and identify the key ethical principles.
  3. Explain the role of the FAIS Ombud.
  4. Reflect on the importance of ethical behavior in the financial planning industry.
  5. Analyse previous determinations of the FAIS Ombud in order to identify ethical principles and review the impact of ethical transgressions.
  6. Consider learnings from the FAIS Ombud determinations for everyday practice and potential pitfalls to avoid.

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