The global professional statement on conflicts of interest provides clear rules for IBSP members and regulated firms to identify and manage potential conflicts of interest.
Effective identification and management of conflicts of interest is an essential component of professionalism. The professional statement provides confidence to clients and consumers that IBSP members and regulated firms are operating to the highest ethical standards.
Following extensive industry consultation and feedback, IBSP developed this professionals statement to provide clarification on:
- Competing bidders
- Effective date/transition
- Conflicts arising during professional assignments
- Passing confidential information to insurers and legal advisors.
The conflicts of interest professional statement, which supports the IBSP Rules of Conduct, places an overarching mandatory requirement on all IBSP professionals and regulated firms and specifies IBSP’ expectations of how compliance with the Rules of Conduct should be achieved.
Conflicts of interest: Implementation and impact
As part of IBSP’ regulatory framework to ensure that our professionals are adhering to standards reflective of market demands, we have undertaken a review with the profession to understand the effectiveness of adopting this professional statement.