Question

According to fundamental ethical and professional principles applicable to the investment industry, which group should have its interests ranked first?

Answer 1

Ethics is concerned with what society considers to be right or wrong. It therefore relates to standards of behavior. At first this may appear to overlap with one purpose of law, in that law seeks to address behavior of which society disapproves. However, ethical principles may be adopted that discourage behavior that is undesirable but legal.
For example:-
During the expenses scandal that arose in the UK in 2009 regarding claims for reimbursement by politicians, one politician responded to criticism by stating that she had done nothing illegal. This rather missed the point, as the general public.