The Standards of Professional Conduct (“Standards”) are applicable to all members of the Asia Financial Services Provider Association (“AFSP”) who provide financial services.
The Standards aim to provide guidance in respect of the minimum standards of conduct in the Asia Financial Services Provider. It does not intend to replace any legislation, regulations or guidelines issued by the relevant authorities in Singapore. Further reference must always be made to such legislation, regulations or guidelines, and in the case of inconsistency with the Standards, the former will prevail. The Standards do not have the force of law and should not be interpreted in a way that would contradict or replace the provisions of any law, regulations or guidelines issued by the relevant authorities.
Members should conduct their businesses with integrity and professionalism and act in an ethical manner. Members should make all reasonable and diligent efforts to ensure that they do not make misrepresentations, whether oral or written, to clients, potential clients, or their representatives.
Members also agree to make diligent efforts to maintain knowledge of and comply with all applicable legislation, rules and regulations in any jurisdiction in which they carry on business. They will establish policies, procedures and adequate controls to ensure compliance with regulations, industry codes and internal policies.
a) the firm, including its managers and employees or any person directly or indirectly linked to them by control, and a client of the firm; or
b) one client of the firm and another client;
that arise or may arise in the course of the firm providing services to its clients in the course of carrying on regulated activities.
a) Theft, misappropriation, or unauthorized possession of the assets, funds, records, equipment, and/or property of another member;
b) Fraud, including any deliberate attempt to defraud the Association, members or other persons or organizations in the course of the duties and responsibilities;
c) Corruption, including the acceptance of money, goods, favours, or excessive hospitality from outside parties in respect of acts or services rendered which are contrary to the interests of the Association;
d) Deliberate falsification or misrepresentation of records or claims made;
e) Flagrant disregard of the Association’s policies, procedures, regulations, or rules in force from time to time;
f) Acts or omissions which might bring the Association into serious disrepute.
While the alleged gross misconduct is being investigated, the member may be suspended.
Any decision to revoke the membership will be taken by the Association only after a full investigation.