a brief history of the banking and finance oath
The Banking and Finance Oath (The BFO) was founded on a shared belief in the inherent ‘good’ of the financial services industry. In response to concerns about the impact of misconduct and other scandals on the reputation of banks globally, a number of leaders of the financial services industry in Australia came together to discuss the moral and ethical focus of the industry and had a range of ideas on how trust and confidence in the industry could be enhanced, and in some sectors restored.
Under the auspices of The Ethics Centre, a report was produced and those industry leaders voted on the initiatives they wished to see established. As a consequence, the Banking and Finance Ethics Panel was formed in 2010 with representatives from Goldman Sachs, Deutsche Bank, Commonwealth Bank, Rothschild, Morgan Stanley, AMP Capital, MLC and Westpac.
The BFO is the founding initiative of that Panel. The Oath was aimed at building trust and confidence in the financial services industry by re-asserting the moral and ethical foundation of the industry, in a way that transcended regulation, compliance and any professional standards, and by broadening expectations and discussion to include ethics, integrity, honesty and trust.
The BFO was launched in 2013 as an industry-led initiative. The Ethics Centre facilitated the project and, through Dr Longstaff, was a major catalyst in the drafting of the Oath itself.
The Banking and Finance Ethics Panel
The Banking and Finance Ethics Panel was established in 2010 by leaders from the banking and finance industry.
The Banking and Finance Ethics Panel comprised:
- Stephen Fitzgerald, formerly Chief Executive Officer, Goldman Sachs
- Steven Harker, Chief Executive & Managing Director, Morgan Stanley
- Stephen Dunne, Managing Director, AMP Capital
- David Cohen, Group General Counsel, Commonwealth Bank of Australia
- Trevor Rowe AO, Executive Chairman, Rothschild Australia
- Steve Tucker, Chief Executive Officer, MLC
- David Bell, formerly Group General Counsel, Westpac Banking Corporation
- Dr Simon Longstaff, Executive Director, The Ethics Centre
- Clare Payne, Consulting Fellow, The Ethics Centre and former Director of the Integrity Office of Macquarie Bank
- Amanda McCluskey, Senior Investment Manager and Co-Head of Sustainable Funds, First State Stewart Asia Pacific , Singapore
The Banking and Finance Oath Limited is the first initiative of the Banking and Finance Ethics Panel.
Dr Simon Longstaff, Executive Director, The Ethics Centre, drafted The BFO after discussions with the members of the panel. The views of each panel member were sought with the final wording agreed upon in February 2011.