"morality" exercise:Ethical principles
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Questions 1:
Most societies would least likely consider ethical principles to include:
A 、justice.
B 、duplicity.
C、 diligence.
Questions 2:
Bryan Barrett, CFA, runs an investment advisory service providing advice on gold and other commodities to several large retail banks. Barrett advertises his services in widely read publications to broaden his business to include retail clients. Because the client base for the institutions that Barrett serves is large, he is comfortable stating in the ads that thousands of his clients have benefited from his advice. Does Barrett's advertisement most likely violate any CFA Institute Standards of Professional Conduct?
A、 No.
B 、Yes, related to Misrepresentation.
C 、Yes, related to Communication with Clients.
B is correct. Most societies acknowledge the ethical principles of honesty, fairness or justice, diligence, and respect for the rights of others. Duplicity or deception would be in violation of most ethical principles.
A is incorrect. Justice is often considered an ethical principle in most societies.
C is incorrect. Diligence is often considered an ethical principle in most societies.
B is correct because Barrett’s client base is made up of a small number of large institutions so stating in the advertisement that his client base is a larger number is a misrepresentation and a violation of Standard I(C). In addition, since the advertisement focuses only on the benefits and does not mention the potential risks of these investments it is also potentially misleading to clients.
A is incorrect since the advertisement misrepresents the size of Barrett’s client base. The advertisement is also potentially misleading to clients as it focuses only on the benefits and does not mention the potential risks of these investments.
C is incorrect because this Standard has not been violated.
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