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The Lord George Principles for Good Business Conduct
The core purpose of international financial service providers is to promote global economic and social welfare by aggregating financial resources, converting them into specific services and products and delivering them in accordance with the mandates of their clients, customers and counterparties. Both the public good and the personal interest that stands behind this purpose and the capacity of providers to fulfil their mandates on a competitive, efficient and cost-effective basis can be substantially impaired, even frustrated, by dishonesty or by a lack of professional integrity, transparency and accountability. Accordingly, financial service firms and their officers and employees have both a collective and an individual commercial interest in the maintenance of high standards of behaviour and of their professional reputation.
These objectives cannot be attained, however, through mere compliance with rules and regulations. Whether the prevailing regulatory environment is prescriptive or principles-based, the interpretation and observation of such rules and regulations, if it is to be meaningful, and if it is to ensure confidence at all levels, must itself b e underpinned by behaviour that is rooted in trust, honesty and integrity.
The principles set out below are founded upon and reflect the essential business values which are necessary to meet these objectives and, at the same time, support the function of regulatory compliance.
- To act honestly and fairly at all times when dealing with clients, customers and counterparties and to be a good steward of their interests, taking into account the nature of the business relationship with each of them, the nature of the service to be provided to them and the individual mandates
given by them.
- To act with integrity in fulfilling the responsibilities of your appointment and seek to avoid any acts or omissions or business practices which damage the reputation of your organization and the financial services industry.
- To observe applicable law, regulations and professional conduct standards when carrying out financial service activities and to interpret and apply them according to principles rooted in trust, honesty and integrity.
- To observe the standards of market integrity, good practice and conduct required by or expected of participants in markets when engaged in any form of market dealings.
- To be alert to and manage fairly and effectively and to the best of your ability any relevant conflict of interest.
- To attain and actively manage a level of professional competence appropriate to your responsibilities, to commit to continued learning to ensure the currency of your knowledge, skills and expertise and to promote the development of others.
- To decline any engagement for which you are not competent unless you have access to such advice and assistance as will enable you to carry out the work competently.
- To strive to uphold the highest personal and professional standards.
Observance of the 8 principles above is wholly compatible with comparable notions of good behaviour which may be expected or mandated by applicable law or financial or other regulations or by the membership requirements of any relevant professional association or by any other applicable code of good conduct.
These principles comprise the general standards of conduct that are expected of members of the Company in their business relations. Their observance carries a hallmark of trust and a commitment to fair and honest dealings with colleagues, clients, customers and counterparties and to good stewardship of customer interests, whether wholesale or retail. A material breach of the principles would be incompatible with continuing membership of the Company.