Explain the importance of ethical practice in the nancial services industry.

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My production has been seen by a financial services recruitment agency, Taylor Green. They were most impressed with the quality of my production. Taylor Green wants me to produce some materials for them. I will produce a careers folder for them to use, explaining the importance of ethical practice in the financial services industry.

Businesses who provide financial services have a duty of care towards their customers. They must make sure they are completely honest when selling products to their customers. They need to make sure they provide all details of products, what it is, how it works the benefits and also the risks; they cannot force products upon the customers. They should also not be supporting any business that is working in an unethical way. For instance, dealing with arms exporters and tobacco manufactures. In places where tobacco is made, many of the conditions are poor and the employers treat their staff unfairly and therefore is unethical. All businesses should operate in repressive regimes and refrain from businesses conducting animal testing. Testing on animals to make a profit is unethical and should not be done, whereas testing on animals to find life-threatening diseases can be accepted. Similarly, businesses with a poor record on environmental protection should not be done businesses with. They shouldn’t provide to those who pollute the air, sea or land as it is unethical. Positively, the emergence of the Co-operative Bank has increased ethical practice by being the first leader in ethical investment and only working with those who are ethical. Lastly, all products offered by the bank shouldn’t be forced and have to remain unbiased; they should also give valid advice when appropriate.
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All businesses and individuals have a social responsibility in regards to the paying of tax. No business or person should avoid or evade the payment of taxes as it is unethical. Tax avoidance is the use of legal methods to modify an individual's financial situation in order to lower the amount of income tax owed. Tax evasion is an illegal practice where a person, organisation or corporation intentionally avoids paying tax liability. Those caught evading taxes are generally subject to criminal charges and substantial penalties. This can happen especially with Location Optimal Commerce on the Internet (LOCI). This ...

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