Paraplanner Ethical Behaviour

Satisfactory Essays
Ethical Behaviour includes obeying the law and specific regulatory rules (CII, 2013), it is necessary that Paraplanners are aware of relevant laws and regulations including: the Financial Conduct Authority’s Principles for Business and Statements of Principle for Approved Persons (CII, 2013) and the Chartered Insurance Institute Code (CII’s code) (CII, 2014) as well as the Data Protection Act 1998 (Data Protection GOV.UK, 2013), Money Laundering Regulations (Office of Fair Trading, 2009) and the Financial Conduct Authority’s six Treating Customers Fairly Outcomes (FCA, 2013). Paraplanners must act with the highest ethical standards and integrity as well as acting in the best interests of each clients (CII, 2014). It is important that paraplanners are aware of the data protection act as clients have a right to expect complete confidentiality about their personal lives such as income and identity (CII, 2013). If paraplanner has a role to play in adviser charging, then paraplanner need to be aware of the anti-money laundering rules, a paraplanner is most likely to be in charge of implementing these rules (CII, 2013). Paraplanners are very much involved in the identification procedures for client, by making sure there are copies of “acceptable” identity kept on file, therefore the paraplanner needs to have received the appropriate training on verification and identification of clients (CII, 2013)

Briefly describe the regulatory framework within which paraplanning operates.

The National Occupational Standard (NOS) was developed in 2006 by the Financial Skills Partnership (int-comp, no date). The eighth and ninth parts describe the paraplanners responsibilities (CII, 2013), these include: fostering a dynamic working relationship...

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...gotten, this means the product provider facilitates the payment and they will collect the right amount and at the right time (CII, 2013).

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