It can be a tricky space finding yourself wanting to push back against those in a higher position than you, and can take great moral courage to speak up.
You work at an advice business that is just starting a program to repay customers that may have been overcharged for advice services or for poor advice.
8 August 2019
Wayne Byres, Chairman – Crossroads: The 2019 Banking and Finance Oath Conference, Sydney
Good morning. I am very pleased to be part of this event, and to lend my support to the Banking & Finance Oath and to Finsia, both of whom are playing important and timely roles highlighting the importance of trust and professionalism for a successful financial sector.
Exploring middle management at The BFO conference in 2016 was impossible, 2019 was not a lot easier. Whether they're considered the curator or custodian of culture, middle managers are pivotal to putting cultural change into action.
Why then are they often left out of the conversation?
During a thought provoking day at the recent BFO | FINSIA Conference, our photographer captured some candid moments amongst speakers and attendees.
As young people forging their careers in financial services, The Banking and Finance Oath’s (The BFO) Young Ambassadors are the future leaders advocating for a stronger ethical foundation in the industry. On Thursday 8 August 2019, four of The BFO’s six young ambassadors attended Crossroads – The BFO | FINSIA Conference looking at how ethics can help navigate the challenges facing individuals in the industry. The following summary provides their key take outs from each session of the day.
By Dani Simpson, Rabobank and Alex Green, The University of Sydney | Westpac
This week's ethical dilemma looks at the challenges middle managers are up against on a regular basis and the tensions they need to manage.
If you missed The Banking and Finance Oath's Crossroads conference Karen Walkerhas provided a clear snapshot of many of the conversations with her only regret being that more people weren't in the room to hear it.
‘I will speak out against wrongdoing and support others who do the same’.
We regularly hear from signatories that this can be one of the most confronting tenets of the Oath... but also the most empowering. This week’s dilemma will likely spark debate in your office – which we encourage!
Now a Strategy and Transformation Analyst at Westpac, BFO Young Ambassador Christina Wu recalls her days as a Univeristy of Sydney student and the words from her Dean that 'doing business and doing good' should not be mutually exclusive. It is a statement that continues to guide her decision-making process as she progresses in her career.
By Leslie Cannold, PhD (Education), Master Bioethics, B.S (Psychology)
The imputations of Commissioner Kenneth Hayne’s final report on the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry were blistering. The Banking and Finance industry are led and staffed by the greedy who are more than willing and able to exploit the needy.
Victor is an up-and-coming manager at ABC Bank, a large retail bank. Victor reports directly to Robert, the regional manager, who also happens to be a close friend from uni. Robert has been at the bank longer than Victor, but there is some talk within the organisation that his numbers have been falling behind.
A company is going through the interview process in order to hire a chief financial officer. In the last interview session, each of three finalists is given the company's financial data and asked by the CEO, ‘What are the net earnings?’
By Dr Simon Longstaff
To my mind, Kenneth Hayne was to the banking and finance industry what a building surveyor is to a rickety house. He ripped off the gleaming cladding to reveal cracked foundations, some rotten beams and a few broken tiles that let in the rain.
The Banking and Finance Oath prides itself on being able to connect like-minded individuals who share a common purpose. Our Young Ambassador Program is a great example of one way we do this - connecting young people to each other, and to others in the industry. Max Zielenski is a signatory based in Brisbane who has been supporting our Young Ambassador from the Bank of Queensland, and wanted to share his experience.
The Marketing Manager in a small privately-held wealth advisory firm has her bonus tied directly to annual sales. The higher the sales, the bigger the bonus.
This week's ethical dilemma challenge is a little different. We want to take you beyond just the week, and introduce you to the new education portal
on our website.
You are trading on behalf of a client in fairly large nominals of US bonds. The counterparties in these trades are often people just like you. There’s a commission associated with a client’s trade and there’s also the opportunity, when it arises, to make some extra money from imperfections in the market.
The fundamental challenge in rebuilding the public’s trust in the financial services industry is putting the best interests of customers at the centre of organisational culture, decisionmaking and remuneration arrangements.
Your company has moved some of its agri-business activity off-shore (Country X). The principal attraction is a low-wage environment and a relaxed regulatory regime. Profits have increased since the decision was made...
In recent months you have been working very long hours and spending a considerable amount of time away from your family.
You are a qualified accountant. You have been asked, by your line manager, to complete a costing exercise with a very short deadline and limited resources.
Trust is the talk of the town at the moment. Rebuilding, regaining, retaining. But as much as you think you deserve to be considered trustworthy, it is not something that can be self-nominated. Cris Parker, a Director with The BFO, explains why.
Boris Bieler CFA, FCPA (Australia) is a signatory to The Banking and Finance Oath and raises awareness of the Oath in his role as guest lecturer at Macquarie University and UTS when lecturing on topics around auditing, risk management, corporate governance and ethics in banking. We invited Boris to provide his insights on what he thinks some of the positive challenges might be for the outsourcing and advisory industry, post Royal Commission.
Pauline Vamos, a director with The Banking and Finance Oath and the new Chairman of Freedom Insurance gives her take on how the financial services industry can recover and move forward following the Hayne Royal Commission.
A colleague has recently prepared a new spreadsheet which is used to produce a weekly report for the bank’s liquidity committee. You are responsible for updating the underlying data which feeds into the spreadsheet to produce the report...
As an independent organisation, The BFO is in a unique position to facilitate cross-industry discussions. Following our Chatham House event in August we have released the discussion paper that captures the key themes and topics covered on the night.
By Jodi O'Callaghan, Executive Officer, The BFO.
As the financial services industry braces for the release of the Final Report from the Hayne Royal Commission, one thing is certain: the financial services industry in Australia will never be the same.
Rhizome Advisory Group's Tamara Scicluna spent 15 years at the prudential regulator, APRA, in roles that spanned supervision, policy and risk advisory across banking, insurance and superannuation. So who better to take a closer look at some of the issues we're seeing at the Royal Commission, and the role individuals can play in shifting culture.
In its Interim Report, the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry noted that the explanation for the poor conduct identified was “too often…the pursuit of short-term profit at the expense of basic standards of honesty” (p xix). One initiative already underway to raise standards of honesty and integrity in Australia’s financial services industry is The Banking and Finance Oath (The BFO). This submission outlines the background and purpose of The BFO and the role it has been playing in rebuilding community trust in this crucial industry.