One thousand four-hundred thirty Portuguese psychologists answered a questionnaire that had been designed in order to ascertain the level of acceptability of a set of proposed ethical principles, which subsequently served as a basis for the Portuguese Psychologists Ethics Code. On the one hand, the results show that, as expected, the ethical principles rated high on the evaluation scale. On the other hand, the results also highlighted the need for a formal regulation of the practice of psychology in Portugal, especially in view of participants noticeable failure to recognize the importance of the principle of professional integrity. The responsibility of psychologists in modern societies is huge. As such, the large number of different training programs in Portugal, and the implied lack of a strong professional identity, is a cause of concern. The creation of a professional association allows an external identification of the profession in terms of aims and methods. The main goal of such an association is to promote public trust and enhance public demand. The results also indicate that training and experience lead to a higher valorization of ethical principles, and this is an insight that will be of great importance to the professional practice of psychology.