Podcast
Questions and Answers
What is one of the primary benefits of an explicit values statement within an organization?
What is one of the primary benefits of an explicit values statement within an organization?
How do clearly defined core values influence an individual's life?
How do clearly defined core values influence an individual's life?
What societal phenomenon reflects a shift toward valuing the individual over the group?
What societal phenomenon reflects a shift toward valuing the individual over the group?
What role do societal values play in the moral development of individuals?
What role do societal values play in the moral development of individuals?
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Which of the following statements regarding ethical relativism is true?
Which of the following statements regarding ethical relativism is true?
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What fundamental flaw does ethical relativism present?
What fundamental flaw does ethical relativism present?
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What is a potential consequence of ethical relativism in the context of the securities industry?
What is a potential consequence of ethical relativism in the context of the securities industry?
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Which of the following is NOT a characteristic of ethical relativism?
Which of the following is NOT a characteristic of ethical relativism?
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What moral principles did Hans Küng identify as being commonly taught by major world religions?
What moral principles did Hans Küng identify as being commonly taught by major world religions?
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What mindset might an ethical relativist display when advising a client?
What mindset might an ethical relativist display when advising a client?
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What is the first step in the ethical decision-making process?
What is the first step in the ethical decision-making process?
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Why is determining whose moral issue it is critical in the ethical decision-making process?
Why is determining whose moral issue it is critical in the ethical decision-making process?
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In the third step of the ethical decision-making process, what type of questions should be asked?
In the third step of the ethical decision-making process, what type of questions should be asked?
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What does 'testing for right-versus-right paradigms' involve?
What does 'testing for right-versus-right paradigms' involve?
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What is the primary productivity requirement for RRs at WMS?
What is the primary productivity requirement for RRs at WMS?
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Which factor complicates Murray's decision regarding his clients?
Which factor complicates Murray's decision regarding his clients?
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What potential future benefit does Murray see in maintaining accounts for his clients' children?
What potential future benefit does Murray see in maintaining accounts for his clients' children?
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What ethical dilemma does Murray face regarding his elderly clients?
What ethical dilemma does Murray face regarding his elderly clients?
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What outcome might result from Murray closing accounts belonging to the parents of his young clients?
What outcome might result from Murray closing accounts belonging to the parents of his young clients?
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Study Notes
Ethical Decision-Making
- This chapter investigates values, ethics, and the law.
- Case studies illustrate ethical concepts.
- Practical guidance regarding ethical decision-making is provided.
Learning Objectives
- Define ethics and explain the difference between ethics and rules.
- Explain the relationship between values, ethics, and the law.
- Explain what values are and the importance of value awareness.
- Explain what happens when values conflict.
- Apply the ethical decision-making process.
Content Areas
- Overview of Ethics
- Relationships Between Values, Ethics, and the Law
- Value Awareness
- Ethical Dilemmas
- Ethical Decision-Making Process
Key Terms
- end values
- ethical dilemma
- ethical relativism
- front page test
- legal test
- means values
- Mom test
- morals
- unified value system
- values
Introduction
- The securities industry needs public trust and confidence.
- Ethical conduct is important for Registered Representatives (RRs).
- Ethics provide a foundation for industry rules and regulation.
- Ethics guide evaluation of potential wrongdoings.
Overview of Ethics
- Ethics are defined as a set of values and standards guiding behaviour.
- Personal values drive a person's ethical standards.
- Ethics can be defined as behaviours of a group or profession, as moral principles, or as the study of morals.
- Morals are rules and habits of a society about right and wrong
- Ethics and rules differ as regulations are followed through obligation but ethics are about moral principles.
Ethics Versus Rules
- Ethical behaviour differs from following rules.
- Rules are standards to be followed while ethics are moral judgments.
- Ethical behaviour goes beyond compliance with rules.
- Rules may be unclear in or contradictory in some situations.
- Ethics are founded on theory and principles.
Relationships Between Values, Ethics, and the Law
- Values are measures of worth for ideas and behaviours.
- Values influence life goals and decisions.
- Values show importance placed on people, money, work, leisure and family.
- Ethical standards are based on values, those of the person, or those of society.
- Laws are part of society's ethical stance.
- Moral principles have basis in reason not authoritive bodies.
Value Awareness
- Values like integrity and trust guide professional conduct.
- Values affect industry reputation.
- Values influence every decision.
- Education, knowledge, and experience affect values.
Ethical Dilemmas
- Ethical dilemmas happen when multiple choices are right.
- Right versus Wrong: easy choices
- Right Versus Right: difficult choices, core values are in conflict.
- Ethical decision making needs a process.
Ethical Decision-Making Process
- Recognize a moral issue
- Determine who must make the decision (accountability).
- Gather facts (identifying those involved / situation).
- Test issues for right versus wrong
- Test issues for right versus right dilemmas.
- Apply resolution principles (ends based, rule, social contract, personal).
- Make the decision.
- Reflect on the process.
Types of Dilemmas
- Truth versus loyalty
- Individual versus group
- Short term versus long term
- Justice versus mercy
Case Study: Murray
- Murray manages accounts, faces conflicts as he wants to keep many clients while meeting a new firm's account limit.
- The case analyses conflicts between values and how those choices may impact clients.
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Description
This quiz explores the intricate relationship between values, ethics, and law, providing insights into ethical decision-making processes. It covers key concepts such as ethical dilemmas and value awareness through engaging case studies to illustrate real-world applications. Perfect for those looking to enhance their understanding of ethics within professional contexts.
