Professional Ethics are a specific set of principles which includes the individual as well as well as organisational standards of behaviours and values expected by employees working in an organisation. These encompass the rules and regulations of ways in which an individual must act in various situations as well as with other individuals present in the organisations. It is of vital importance that employees in the organisation follow these principles and encourage ethical practices within the firm. The following report is based Barclays Plc, one of the largest financial services firm in the UK and covers the principles of ethical behaviour and its role while working with internal and external customers (Sadowski and Thomas, 2012). It also covers appropriate actions to be taken at times of breaches in ethical codes and ethical responsibility of finance professional in promoting sustainability.

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1.1. Explanation of fundamental principles of ethical behaviour

It is imperative for professionals in any organisation to work in ethical manner and encourage ethical practices within their respective organisations. However, there are certain fundamental principles of ethical behaviour which must be understood by individuals working in professional organisations.

These principles are as follows:

Integrity: It is necessary for professionals to follow and promotes transparency, honesty and straightforwardness. This requires professionals to follow these aspects with all their business and professional relationships throughout their professional lives.

Objectivity: Professionals in organisations are required to pass certain judgements throughout their career. It expects these professionals to take their decisions without having conflicts of interest, without being under external influence as well as without being biased.

Professional and technical competence and due care: These professionals are expected to possess and retail certain skills and professional knowledge to provide the most appropriate type of professional services to employers or business clients.

Confidentiality: This principle induces respect and protection of confidential information which is acquired by the professionals through business and professional relationships(Stappenbelt, 2013).

Professional Behaviour: It facilitates the concept of compliance with all the rules and regulations that are necessary and credits the profession they are working for,

1.2. Legal, regulatory and ethical requirements affecting financial and accounting sector

The accounting and financial sector of the UK is considered to be two of the most rigid sectors when it comes to compliance with legal, regulatory and ethical requirements. These requirements affect the overall structure as well as functions of the operations in these sectors.

These aspects are described below:

Civil Law: This law undertakes the property and rights of individuals as well as organisation into consideration. It aims at settling disputes between parties which usually results in granting of compensation. In financial sector, this law helps in settling disputes between financial institutions and their clients.

Criminal Law: This law undertakes the breaches and offences by individuals or organisations which affects the society in a negative manner. State steps in and the party is subjected to criminal prosecution. In case any unethical activity is performed by an individual of accounting and financial sector, this law comes into force for these professionals or organisations (Shani, Belhassen and Soskolne, 2013).

Compliance: It is important for organisation of these sectors to comply with the set of rules drafted for their operations. They must adhere to the codes of practice to ensure a consistent and smooth running of their business operations.

1.3. Role of professional bodies in accounting and financial sector

In the UK, there are various professional bodies that that govern the functioning of accounting and financial sector of the country. They have a prominent role in setting up the operations of these sectors. Various professional bodies and their roles are described below:

Association of Accounting Technicians (AAT): This professional body offers technician level qualifications and higher apprenticeships for individuals who undertook examinations and possess relevant work experience for accounting technician. The sponsoring bodies of AAT until 2017 were, ICAEW, CIMA, ICAS and CIPFA.

Institute of Chartered Accountants in England and Wales (ICAEW): This professional body works towards enhancing the practice by encouraging compliance with the Code of Ethics along with professional conduct (Harfield, 2012).

International Federation of Accountants (IFAC): This organisation professional body aims at strengthening the accounting profession and encouraging adherence to set professional standards . Within the UK, this body is responsible for developing reports, comment letters and position papers that are relevant to accounting sector.

1.4. Need for individuals, organisations or industrial sectors to operate within codes of conduct and practice

Code of conduct refers to the specific set of norms, rules and regulations that are required to be followed by individuals, organisations and industries. The reasons they are expected to operate within codes of conduct and practice are descri


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