Can there be scenarios where one is compliant of code of ethics but not of standards of professional conduct (and vice versa) ? In other words, what is the difference between the two ?
something that is compliant with the code will not violate the standards of prof. conduct. and vice versa. Its not so much differences between the two but how the two complement each other to provide guidance on behaviour.
C’mon - nobody else has a consistent set of ethical principles and this piece of crap thing put together by CFAI committees is consistent? There are contradictions all over the place.
I don’t really separate the two (code of ethics; standards of professional conduct) much in my mind. Is it really necessary or useful to do so? As for contradictions, it’s very likely that you can find some, but on the exam, they will generally give you enough info to figure out which one applies (though sometimes it’s hard to read it). Anyway, you don’t get failed if you miss one or two ethics questions on the exam. Heck, know the other stuff well enough, and you can blow the entire ethics section. As for if you get subjected to a CFAI investigation, if you have actually been in a situation where professional standards and codes of ethics tell you contradictory info, I think you probably have a good defense, but I can’t speak from experience here.
Do you know how many e-mails I get from people in bogus CFAI investigations? CFAI doesn’t play by any rules allowing good defenses; you don’t get to defend yourself at all. On the other hand, CFAI is largely impotent so almost always these investigations come to nothing.