Munir says financial industry players must raise ethical standards

Tan Sri Mohd Munir Abdul Majid said though many were encouraged by the new government's efforts, industry players must do their part to ensure a holistic reform.

KUALA LUMPUR: Financial industry players must step up their ethical standards in line with government efforts at reforming the country to become more transparent and accountable, said Financial Services Professional Board (FSPB) Chairman, Tan Sri Mohd Munir Abdul Majid.

He said though many were encouraged by the new government's efforts, industry players must do their part to ensure a holistic reform.

"We have to ensure we improve our professional conduct and standard of ethics. We have to be transparent, accountable and professional," he told reporters after the launch of the FSPB Professional Code for the financial services industry here, on Thursday.

Also present was Bank Negara Malaysia Deputy Governor, Jessica Chew.

Earlier in his speech, Mohd Munir said keeping to the highest standard of ethics and integrity was an inextricable part of professionalism.

"The violation of trust and ethical standards by capable, competent and clever people has many a time been at the heart of the loss of public confidence in the industry and the loss of public and shareholder funds," he said.

Mohd Munir said the Professional Code would help to instil standards of conduct, enhance confidence and promote sustainability across the sector by promoting a strong culture of professionalism.

He said the code provided 10 fundamental standards of professional conduct expected of organisations or individuals in the financial services industry, such as banking, insurance, capital market and Islamic finance sector.

"The FSPB Professional Code provides the full suite of capabilities, standards and responsibilities that must be fulfilled in the financial services industry," he said, adding that the adoption and implementation of the code was not compulsory. - Bernama