Identify five activities in the financial services industry that represent unethical behavior. Self-Test Questions Answer true or false. Refer to answer pages for correct answer. Business law and business ethics overlap, but they also have separate domains. It is impossible to legislate any part of morality.
Legal rules are generally more clear-cut than ethical rules.
The American College Code of Ethics applies to all CLUs and ChFCs. Sanctions for violation of The American College Code of Ethics include temporary or permanent suspension of the right to use the CLU designation, the ChFC designation, or both. Complaints of alleged violations of The American College Code of Ethics must be initiated by individuals or institutions other than The American College. All the rules contained in the Certified Financial Planner Board of Standards Code of Ethics and Professional Responsibility are applicable to all professional activities of CFP designees. A professional is a person working in an area that requires, among other characteristics, a sense of altruism.