Honesty's your only policy.
| Position | INSTITUTE UPDATE - Chartered Institute of Management Accountants - Student ethics |
There are defining moments in every person's life--from birth and marriage to serious illness and death. Some of these can be anticipated, but it is the less predictable events, such as divorce, severe injury or redundancy, that produce the greatest challenges. Some of the more serious events that cause distress and could destroy a career are covered by CIMA's council regulation 13, which requires both members and registered students to inform the institute if they:
* Are subject to disciplinary sanction by another body or tribunal.
* Are found guilty by any court of committing an offence.
* Are made subject to a bankruptcy restrictions order or undertaking.
* Enter an individual voluntary arrangement with a creditor.
* Are disqualified from serving, or give an undertaking not to serve, as a company director or trustee.
Easily accessible consumer credit and a society that encourages financial and commercial success increases risk. Even financial professionals can accumulate debts or run a firm that is forced to cease trading.
Usually, another professional body, another member, or a former colleague or client informs the institute that a CIMA member/student has been convicted. Occasionally, the police tell us. But this is the member's or student's duty.
What kind of offence could result in further action by the institute? It's likely that a speeding conviction would not be considered seriously, but there is no stated rule. If such a case is reported in the press and it's noted that the offender is a CIMA member, it could be decided that the institute has been brought into disrepute. Any conviction for a serious felony--eg, grievous bodily harm, a sexual offence or a drug crime--as well as any financial misconduct would always be likely to result in disciplinary action. A county court judgment might also lead the institute to charge the offending member with misconduct. Any failure to inform the institute would itself be considered a disciplinary offence.
A member or student who is subject to a disciplinary sanction by another body, even if it is not in the accountancy field, has a duty to report it to us...
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