Value of being professional

Profession A profession is a disciplined group of individuals who adhere to ethical standards and who hold themselves out as, and are accepted by the public as possessing special knowledge and skills in a widely recognised body of learning derived from research, education and training at a high level, and who are prepared to apply this knowledge and exercise these skills in the interest of others. It is inherent in the definition of a profession that a code of ethics governs the activities of each profession. Such codes require behaviour and practice beyond the personal moral obligations of an individual. They define and demand high standards of behaviour in respect to the services provided to the public and in dealing with professional colleagues. Further, these codes are enforced by the profession and are acknowledged and accepted by the community.

Characteristics of a profession Membership of association that is spokesperson Body of Knowledge Public Service Code of Ethics Recognition Charles Pillay - FAIS Ombudsman FPI Convention 2007

CPD Body of knowledge Formal Education Written or oral exams conducted by members of the profession Mentoring where you learn in the hands of a master

Professional association Code of Ethics Create Update CPD Set Criteria Monitor Education Set standards Evaluate Enforcement Powers to sanction

Public Interest

FPI Code of Ethics and Professional Responsibility FAIS Code of Conduct Client First Integrity Objectivity Fairness Professionalism Competence Confidentiality Diligence FPI Code of Ethics and Professional Responsibility TCF?

CUSTOMER VS CLEINT Public recognition Professionalism comprises the personally held beliefs about one’s own conduct as a professional. It’s often linked to the upholding of the principles, laws, ethics and conventions of a profession as a way of practice. http://www.psc.gov.au/what-is-a-profession CUSTOMER VS CLEINT

Public recognition Its all about trust

The Journey FAIS - Licensing and Supervision FAIS - Fit and Proper Financial Sector Regulation Conduct of Financial Institutions Another step on the journey

Complementary Roles Government and Regulators Professional Financial Planning Body Customer Confidence Based on Compliance Goal Setter Financial Planning Fiduciary Product Evaluator Product Sales with Information Advice Seeker Financial Advice Suitability Fiduciary Client Confidence Based on Trust Relationship Product Buyer Product Sales Suitability Buyer Beware Professional Relationship Based on Trust Regulated Selling Professional Advice

THANK YOU