FDs get ethics watchdog
A new association for finance professionals is to launch in the UK, bringing with it a new code of ethical conduct for members, Accountancy Age has learned.
Financial Executives International, a US body, which has been meeting potential new members this week, comes to this country in the wake of concerns about the finance professions following the collapse of Enron.
FEI will be the first alternative to the 100-Group for FDs, but will also admit members from much smaller companies. It has chosen to begin its European expansion in the UK because of the increased importance of the London-based International Accounting Standards Board.
The FEI code of conduct encourages members to avoid conflicts of interest and insists all forms of financial reporting should be clear – both faults found with the Enron scandal.
Philip Livingston, FEI’s president and chief executive officer, said: ‘We are the first professional association for all FDs. We need to get organised on a global level.’