ID 34013 Lecture Notes - Lecture 9: Fiduciary, Fee Tail, American Society Of Interior Designers

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13 Mar 2018
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Chapter 3: Ethics and Professional Conduct
Ethics:
o moral principles, generally accepted rules of conduct that govern society
o Ethics are not standards of the law, they are higher standards
o One of the marks of a true profession is that it has its own ethical standards, or
code of conduct, to help govern its professionals
Why do people act unethically?
Motivated by self-interest
Careless
See no harm in their behavior
Major ethical issues
Conflict of interest
o A real or seeming incompatibility between one’s private interests and one’s public
or fiduciary duties
o Putting personal gain above the good of the person or organization that the
designer represents is unethical behavior
o Fiduciary Duties
Responsibilities assumed when one person acts in a position of trust or
confidence for someone else
We have fiduciary duties as interior designers
Involving trust with regard to the relationship between a trustee and a
beneficiary
o Kickbacks
Entail the return of a certain amount of money from seller to buyer as a
result of collusive agreement
A clear sign of a conflict of interest
Competition
o Bribery, deeper discount than normal for a kickback, not accepting gifts during a
bid
o Buying the job
Refers to the practice of pricing the goods or fees at an unusually low
level in order to make the sale
Some feel it is unethical because it sets a price with which other firms
can’t compete
Others argue that setting a very low price is merely a marketing and
business tool to enter a market, or for other reasons that are legal and
essentially ethical
Misuse of proprietary information
o Can include:
A wide variety of data or information, graphics, or designs that belong to a
particular person or business
Taking secret strategies to competition about how your firm operates and
client’s proprietary information
Trade secrets about a product
Financial information about a firm or client
Employee theft
o Software, supplies, showing work that is not your own
Profession association code of ethics
IIDA and ASID have codes of ethics containing standards related to the following areas
of responsibility
o To the public
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