A code of practice designed to prevent unprofessional conduct by focusing on high-level concepts, rather than compliance with detailed rules, refers to what type of approach?

The answer is focused on a principles-based approach, which emphasizes overarching concepts and ethical guidelines rather than strict adherence to specific rules. This type of approach allows for a greater degree of flexibility and promotes professional judgment among practitioners. By concentrating on high-level principles, it encourages individuals and organizations to consider the intent behind the rules and to act in a manner consistent with the core values of the profession.

Principles-based systems can lead to a more adaptable regulatory environment, where the focus is on achieving desired outcomes rather than merely ticking off compliance checklists. This can enhance the integrity of the banking profession by fostering a culture of responsibility and ethical behavior. As a result, professionals are empowered to make decisions that align with the fundamental principles of their field, even if those decisions might not fit neatly within predefined rules or regulations.