John Mullin outlines 11 key principles
John Mullin, managing director of Composite Legal Expenses, outlined the 11 principles behind successful business.
He spoke of the key factors that apply to CII codes of conduct and standards and FSA regulations.
His first points regarded the need to conduct business with integrity, due skill, care and diligence.
He also spoke on the need to take reasonable care to organise and control business affairs responsibly and effectively with adequate risk management systems.
Mullin also highlighted the importance of maintaining adequate financial resources and observing proper standards of market conduct.
The principles also covered paying due regard to the interests of customers and treating them fairly, as well as paying the same level of due regard to the information needs of a business's clients, communicating information to them in a clear and fair manner that is not misleading.
He said businesses need to manage conflicts of interest fairly between both the business and its customers and between a customer and another client.
Ensuring the suitability of any given advice and discretionary decisions for any customer who is entitled to rely upon a businesses judgment was also considered as an important point.
Mullin also spoke of the need to arrange for adequate protection of clients' assets when a business is responsible for them.
Finally, speaking with regard to FSA regulation, Mullin said that businesses should deal with regulators in an open and cooperative way and must disclose to the FSA anything relating to the company of which the FSA would reasonably expect to be informed.