The ethics centre's Fiona Smith has pubilshed an article challenging the audience to think about the ethics of practices even if they aren't illegal.
We would recommend all the BFO signatories read this article.
In Parliament on Friday 15 November 2019, Chair of the Standing Committee on Economics, Tim Wilson MP raised the topic of The Banking and Finance Oath.
The Banking and Finance Oath (The BFO) has announced applications are now open for its Young Ambassador Program. The Program encourages and supports students and graduates to adopt a strong ethical foundation as they begin their careers in the banking and finance industry.
MetLife Australia have worked with the The Banking and Finance Oath to encourage other financial services organisations to back lifting ethical standards across the industry, by supporting their employees to take the Oath. MetLife is the first insurer to support The BFO at an organisational level, by encouraging its own staff to take the Oath, as a step towards rebuilding the reputation of the industry.
The head of the Australian Banking Association has called for “tolerance of failure”, “flexibility” in regulatory lending guidance, and a “careful” approach to drafting the best interests duty for brokers to ensure meaningful and sustainable changes are made in the industry post-royal commission.
By Clancy Yeates, SMH Business Reporter
The banking regulator has launched a defence of self-regulation in finance, saying such a system is essential but the industry must lift its game and do "the right thing" by customers, even if it means missing out on business.
The chairman of the competition regulator, Rod Sims, wants the government to create a new law against "unfair trading practices", which would not only allow him to tackle the technology platforms but lift standards in the banking sector.
By Alex Sampson, Banking Daily
Australian banks and their bosses are capable of change. That will be the message at the Banking and Finance Oath conference next month.
For the very first time, The Banking and Finance Oath (The BFO) is undertaking an advertising campaign using the Australian Financial Review (AFR) as its media channel of choice to target professionals working in the banking and finance industry.
At the AFR Summit this week on a panel looking at 'The challenge of re-establishing trust' with Colin Neave AM, ANZ, Deen Sanders OAM, Deloitte, and Mike Baird, NAB, Cris Parker brought the employees of a post-Hayne era sharply in to focus, encouraging organisations not to lose sight of their most important asset.
Photo courtesy of AFR.
By Jemima Whyte: Phil Chronican, veteran banker, All Blacks supporter, keen cyclist and acting National Australia Bank chief executive, demurred this week when asked if he wanted to be the bank's chairman.
By Anastasia Santoreneos: While industry codes of ethics will play a pivotal role in keeping financial institutions in line, the Board of Banking and Finance Oath (BFO) says the Royal Commission has placed the real onus back on the individual to practice ethical decision-making and accountability.
Wednesday 6 February 2019
Perhaps The Banking and Finance Oath was an initiative developed ahead of it's time. But the date of Monday 4 February 2019 has drawn a very clear line in the sand. Dr Simon Longstaff explains why now is the time for individuals working in financial services to take the Oath.
Wednesday 6 February 2019
The Board of The Banking and Finance Oath (The BFO) welcomes Commissioner Hayne's focus on honesty and individual accountability in the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Wednesday 5 December 2018
By Sally Patten:
A tendency for directors to lead privileged lives contributes to poor oversight of companies because board members lack empathy with customers, a senior academic argues.
Rosemary Sainty, scholarly teaching fellow atUTSBusiness School, said that while greater gender balance at board level was important, boards needed more directors from different cultural, socio-economic and disciplinary backgrounds.
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