UK Finance wants to bring ethics to banking sector
Goody two shoes trade body UK Finance is starring in its very own Mission Impossible as it seeks to bring ethics to our pragmatic and business-oriented world.
Eye roll or heavenly idea?
Called “Ethics in Banking and Finance”, the new online guide, launched in partnership with law firm Linklaters, provides firms and individuals operating in the sector with key reference points for governance, strategy and decision-making informed by ethical principles.
Stephen Jones, UK Finance CEO and level 18 paladin, says: “Today, the role of business is under increasing scrutiny. As important as the profit and dividend that a company generates for its shareholders or members is the way in which these returns are generated on behalf of all stakeholders.”
He adds, whilst sprinkling holy water: “Good conduct, culture and ethical behaviours are at the core of sustainable, long term performance. Whilst relevant for all types of business, these factors are particularly critical for the healthy operation of businesses in banking and finance.”
UK Finance reckons the ever-expanding landscape of rules, guidance, industry papers, speeches, supervisory practice and lessons learnt from enforcement notices is a “complex task”. So complex, most people can’t handle any of it.
The guide is designed principally for boards, non-executive directors (NEDs), and senior managers.
You can download it here. I’d be very surprised if any banker decided to read it.
