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The circumstances that may lead to the issue of a standard by FSPB include:
When a relevant regulatory or standards-setting body issues requirements that FSPB believes warrants a corresponding standard for the financial services industry;
When a stakeholder requests for a FSPB standard to be issued and FSPB considers it appropriate to do so; and
When there is no existing FSPB standard that prescribes the fundamental values and ethical principles to be adhered to, and essential procedures to be followed with regard to particular aspects of financial services.
FSPB uses an advocacy approach in the development of its professional and ethical standards. Stakeholders of the financial services industry are consulted from the beginning of the standards development process.
FSPB’s consultation may take the form of consultation papers, surveys, focus groups or any other form of consultation or interaction considered to be appropriate.
FSPB’s standards development framework has been established based on extensive benchmarking performed against international standards-setting organisations.