I am doing my FA2 readings. I am on section C3 of the Ethics Handbook, and have found the following excerpt (written by M. Bayles) to be most enlightening:
"Professionals should be honest with their clients. By definition, a dishonest professional is not worthy of a client's trust. Because the obligation of honesty is to the client, it does not directly require honesty toward others. Professionals can be honest with their clients and in acting in their behalf be dishonest with others. If so, they do not violate a responsibility to their client but one to others."
Okay, so what I take that to mean is this: "Professionals have an obligation to be honest with their clients, and a responsibility to be honest with others."
You see, all the repetition is what makes my current reading 45 pages long!
(And they made me take a Communications class to learn proper writing styles and how to be succinct. Well, perhaps the author of this section of the Ethics Handbook should have been made to take such a class.)