Law

A bank is a financial institution that acts as payment agent to lend or borrow money by the consumers. Banking as a profession employs various types of financial and customers service occupations. Administrative and office support occupations account for about 64 percent of the jobs in banking industry thus making up the largest proportion of jobs.Admnistrative and office professionals include the bank teller, Account clerks and also the customer care representatives.  Management, business and financial occupations account for about 25 percent of the employment in the banking industry. Financial managers, loan counselors, trust officers, securities, commodities and financial services sales agent s are all found in the management, business, and financial occupations in the banking industry.

Other occupations found in the banking industry to maintain records of finance and to ensure the compliance of the bank with the federal and state rules and regulations are the auditors, accountants, lawyers and the computer specialists who are involved in  upgrading and also maintaining banks computer system. To be employed in a banking industry for office and administrative occupation, high school education is the minimum requirement while management, financial and the business occupations usually employ workers with college degree as minimum education. In all the above occupations, customer service skills and good communication are necessary in the banking industry.

There are financial and professional department that protect and promote the lives of the consumers, whereby they license all the professionals. American bankers association is the largest professional association that represents the nations banking industry. This association influences both the federal legislative and the regulatory activities and brings together banks of various types and companies. It also engages in training and consumer education.

Standards of Conduct in Banking Industry
Standards of Conduct in Banking Industry set basic standards to guide the directors, the staff. Standards of conduct promote ethics actions that are fair and fundamental in business practices that are good. Banking industry is an industry that is highly regulated with focused regulators In the United States banks with the Federal Deposit Insurance Corporation (FDIC)-insured deposits are regulated by the FDIC. Fed-member banks are therefore regulated by the Federal Reserve while the national banks are regulated by the Office of the comptroller of the currency.

Financial institutions are reminded by The Federal Deposit Insurance Corporation (FDIC) about all standards that are written to promote ethic conduct and honest. Financial institutions are also reminded to comply with applicable regulations and to stick to corporate ethical codes that are ethics policy. Professional ethics helps to eliminate unfair treatment of others, they also foster accountability, they also help workers to question when they are faced with issues that are ethical. Standards of conduct also help the workers to boldly acknowledge their own mistakes and to learn from the mistakes. Standards of conduct also encourage open discussions in the institutions and improve response to other uncertainties bank.

Financial institution s board of directors ensures that the highest standards are maintained in terms of integrity and ethical values. Maloney and Leduc (2006) points out that the board establishes policies on expected behaviour by establishing expectations that are clear on the prohibited conflicts that are of interest and on the acceptable business practices. The management must ensure that policies are understood and communicated throughout financial institution. Ethical codes addresses the misuse of the co operate opportunities. Ethical codes of conduct also require the highest level of confidentiality and fair dealing within or outside the banking industry.

Ethical Dilemmas Facing Banking Industry
According to Maloney and Leduc, banking industry must provide accurate accounting information and records. The records and accounting information must be reliable and they should be maintained with integrity. Policies prohibit entry of false information and the activities that result due to false entry.

Safeguarding confidential information is an ethical dilemma facing banking industry. Confidential information must only be used for the intended purposes and must not be disclosed and protected from any misuse that could result to theft. Thus financial institutions must have guards and also administrative safeguards for the confidential customer information. Institution ethical codes should prohibit an employer, officer or the director from soliciting for themselves anything that is of value from any one in return for any confidential information or business of the bank.
 
Avoid acceptance of favors and self dealings. Accepting or giving gifts or favors in connection with official duties is avoided as a rule as the favors influence actions and the decisions made.  An employer should also not accept anything that is value from any one in connection with the bank business during transaction period.

Carse points that the Directors, officers and employees are required to be honest and candid when dealing with the attorneys banks independent and internal auditors. Collier (1991) states that in order to minimize fraud honest individuals should be hired and maintained there should also be establishment of cooperate practices and the training programs and the consistent honest individuals should also be rewarded openly.

According to Maloney and Leduc, all the internal procedures that are established by the institution must be observed by the employees, officers and the directors. There should be a strong internal control over the assets.

Conclusion
Ethical codes require the documents to be accurate and timely and the records should be maintained with integrity .Code of ethic must also comply with applicable rules and regulations.  Ethical codes require highest standards and proper ethical procedures when dealing with the conflicts of interest between the personal and professional relationships. Code of ethic requires on to report any illegal behaviour.

Banking is a profession the that according to International Association of Registered Financial consultants, every member that is in banking industry must maintain financial skills in order for then to effectively serve and counsel clients in a society that is advancing very rapidly. The association is convinced that continuing education is very important in an economic and social environment that is changing rapidly. For the knowledge learnt in the classrooms is believed to grow stale if it is not enhanced to continued education commitment. Therefore it is the responsibility of the financial advisors to maintain records that are appropriate and to continue with the education.