The Institute of Financial Advisers (IFA) has signed a memorandum of understanding with the Institute of Business Ethics for the delivery of business ethics training courses to its members.

The Institute of Business Ethics is an international body which has nearly 30 years experience working with organisations and professional bodies, helping to strengthen their ethics culture and that of their members.

“The IFA are taking a proactive stance on delivering business ethics training that will provide the skills, practice guides and tools to help advisers to put the interests of their clients first," IFA President Michael Dowling says.

"We know that adviser’s clients rely on our members to demonstrate the highest ethical business behaviour when advising on particular financial products.  We also recognise that when offering the best professional advice there are sometimes difficult judgments to be made."

He says that the Institute’s role is to facilitate professional development and we believe that business ethics workshops and forums will provide the right vehicle to promote ethical business decisions that reinforce the values of the IFA.

IBE director Philippa Foster Backsays there is abundant evidence that business ethics contributes to reputation, risk mitigation and the bottom line.

“Doing business ethically makes for better business. An ethical business is more sustainable in the long-term: by reducing integrity and reputation risk; attracting top talent; increasing brand loyalty; enhancing shared value. A more trustworthy business is a more secure one."

"Financial advisers who undergo business ethics training will be better equipped to make the right decisions in difficult situations. Because they will have acted with integrity, their customers will be confident they have received trustworthy advice,” she says.