Fundamentals Part 3: Managing ethical dilemmas and biases

There are several barriers to ethical decision making, including biases and psychological tendencies, rationalisation and self-interest. Our biases can become an impediment in recognising ethical issues and determining our decision-making path. Therefore, recognising our biases and acknowledging their impact is a critical first step in our attempt to mitigate and reduce their influence.

In the final part of our Ethics series, specialist Nidal Danoun explores the role biases play in our daily lives and in shaping our decisions and perspectives. Nidal examines ethical dilemma case studies and how to practically navigate ethical issues you may encounter as an adviser.

We recommend completing Parts 1 and 2 before commencing Part 3.

About Nidal

As the Principal Director of Prosperity Financial Services, Nidal Danoun gives remediation and risk management advice to Australia’s major banks, large financial institutions, investment banks and accounting firms. He also provides consulting services to regulators, such as FASEA and ASIC, to assist with issues related to the quality of advice, licensing and education standards.

Nidal is a Certified Financial Planner and Chartered Accountants. He helps to educate the next generation of financial planners in the areas of ethics, financial planning, corporation law and tax in his role as an adjunct lecturer at the University of NSW and Macquarie University.

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