- Financial Planning
- Financial Planners
Code of Good Practice
The professional Financial Planner is characterized by integrity, confidentiality, objectivity, competence, fairness, professionalism, industriousness, diligence, knowledge, virtuosity, integrity, consistency, responsibility and dignity. The professional financial planner should follow the specific Code of Good Practice which aims to the common good and to increase the prestige of the Financial Planning profession.
2. BEHAVIOUR AND LIABILITY IN RELATION TO THE CLIENT
HFPA is characterized by a high sense of responsibility towards its members, their clients and the public in general. For this reason its members must operate with the primary objective of protecting and promoting the interests of their clients. The client is the center of gravity of our success. Our main priority should be to provide the best quality service to our clients, who are the source of our work. Each client is important, distinct and unique and as such must be treated. HFPA members should be informed constantly about new methods or products and variations of existing, in order to properly provide integrated advice based on the real needs and desires of each client. Our members have the duty to put the interests of their clients in higher priority than their own. For this purpose, first and foremost there must be a correct analysis of the data given by each client, and then our members should take into account their clients΄ wishes and needs to design an integrated financial strategy in order to make the best possible coverage of the needs and wishes of clients through the achievement of their personal, financial objectives.
3. COMPLIANCE TO LEGISLATION AND RESPECT TO THE LAW
Regulations governing the operation of professional Financial Planners are regulated and controlled by the laws of the Greek State. The State regulates the relations with clients in order to ensure the clients’ best protection.
The professional Financial Planner needs to know deeply the issues related to his profession and to abide by respect and trust to the Greek legislation.
HFPA will take all necessary steps in the international and Greek authorities in order to make sure that the law safeguards the professional Financial Planners but at the same time will ensure that its members respect the rules and laws of the State relating to the exercise of their profession.
4. BEHAVIOR AND RULES OF BUSINESS CONTACT
A professional Financial Planner should:
1. Exercises his professional activity without negatively affecting the honor and reputation of his clients
2. Exercises his professional activity without negatively affecting the honor and reputation of his colleagues or give rise to doubts about their professional competence, reliability or sufficiency.
3. Does not mislead the client, does not slander other consultants, products or services and does not present false information.
4. Does not engage in unfair methods of competition, unfair or misleading acts and practices
5. Keeps his profession in great esteem and strives constantly to raise the profile of the profession status
6. Maintains the professional secrecy and he is discreet
7. Meets the needs of clients in the best possible way
8. Provides impeccable service to all of his clients
9. Follows high standards of professional conduct in helping his clients to achieve the objectives that have been set jointly
10. Shows with accuracy and integrity all the elements necessary for clients to make educated decisions
11. Refines and enhances the skills of his knowledge through continuous training and education
12. He is knowledgeable about applicable laws and regulations and follows them in the course of his job
13. Collaborates with other professionals whose services relate to the better coverage of his clients’ economic objectives and needs.
5. CODE OF ETHICS
This code of ethics is an expression of the responsibility of the Financial Planner to his clients, colleagues, partners, the public and the company or companies his is working with. The principles outlined in the code of Ethics apply to all members of HFPA and provide guidance on the execution of their professional services.
PRINCIPLE # 1 – INTEGRITY
A Financial Planner must provide his services with integrity. He should at the outset inform his clients about the way he is being compensated.
PRINCIPLE # 2 – OBJECTIVITY
A Financial Planner must be objective in the provision of services to his clients. The interest of his clients proceeds the interests of all other parties involved within a reasonable, morally and legally frame.
PRINCIPLE # 3 – CAPACITY
A Financial Planner must provide services to his clients with competency; he must constantly be updated on developments in his business object in order to have the necessary knowledge, tools and talent to provide services in the best, possible way.
PRINCIPLE # 4 – JUSTICE
A Financial Planner must offer his services to his clients, colleagues, partners, the public and the company or companies his is working with in a fair and reasonable way. He must communicate to the various parties the conflict of interest that may arise from the provision of his services.
PRINCIPLE # 5 – CONFIDENTIALITY
A Financial Planner does not have to disclose the confidential information provided from his clients without their previous consent, unless such information is related to legal proceedings, or may be required for the Financial Planner’s defense for legal disputes or disagreement that can occur between the Financial Planner and his client.
PRINCIPLE # 6 – PROFESSIONALISM
All actions of the Financial Planner should reflect professionalism.
PRINCIPLE # 7 – COMPETENCE AND DILIGENSE
A Financial Planner must operate with competence and diligence when he provides his professional services. By competence and diligence, we mean the provision of services in a consistent and discipline way. Competence includes the correct planning and supervision in the provision of his professional services.
6. CONSEQUENCES OF NON-INFRINGEMENT AND COMPLIANCE WITH THE CODE OF CONDUCT
Any member of HFPA acting in breach of the Code of Conduct may be checked upon disciplinary actions after a formal complaint is addressed to the Board of Trustees or the Ethics Committee of HFPA. If the breach of the Code of Conduct is justified and proven the consequences will be examined on an individual base and can be any of the following:
1. A reprimand
2. A recall of his membership from HFPA with the immediate removal of all of the benefits and rights that derive from his membership
3. Ban on entry in HFPA if he is not already a member of the association.
4. Notification to the competent authorities of the Greek state
5. Formal complaint to the District Attorney
1. HFPA in order to deal with a possible infringement of the Code of Conduct, a formal complaint should be documented in written and signed from an injured colleague, client or competent authority addressed to the President of the Board of Trustees of HFPA or the President of the Ethics Committee of the association.
2. A possible infringement of the code of conduct can be examined solely on the initiative of the President of the Board of Trustees of HFPA or the President of the Ethics Committee of the association.
3. The Board of Trustees of HFPA or HFPA’s Ethics Committee before reaching a decision should invite the defendant in writing by a registered letter, to present his views within a given time limit (non-reply means indifference or assumption of the complaint). The decisions of the Ethics Committee for the implementation of the above paragraphs may be challenged and should be discussed before the General Assembly of HFPA.
7. RELEVANT CLARIFICATIONS
The Financial Planners supply to their clients advisory services. HFPA ensures that the implementation and monitoring of the Code of Conduct by all of its members. All members have the obligation to apply this code of conduct and of the existing legislation. The choice of cooperation with a specific Financial Planner and the liability of the options stemming from this cooperation rests solely to the client.
HFPA does not accept any legal responsibility for any services, advice or possible damage that can be caused by any of its members. Opinions expressed by its members do not necessarily represent HFPA’s opinions and views..