Media release: The BFO and RBA Governor Lowe announce 2020 cohort of Young Ambassadors

Monday 18 May, 2020

The BFO and RBA Governor Lowe announce 2020 cohort of young ambassadors;  ‘Ethics in financial services’ podcast series launched

The Banking and Finance Oath (The BFO) is proud to introduce the 2020 cohort of Young Ambassadors – a Program encouraging and supporting students, graduates and young people to contribute to a strong ethical foundation as they begin their careers in the banking and finance industry.

As a strong supporter of The BFO, the Governor of the Reserve Bank of Australia, Philip Lowe, has announced the 2020 cohort, acknowledging the importance of trust, integrity and ethics in fostering a positive culture within the industry.

“Finance is all about trust. When a deposit is placed in a bank, we trust it will be repaid. We also trust financial institutions to invest our hard-earned savings for us. And we trust them to provide us with sound advice. Without this trust, the financial system cannot operate properly and the economy cannot prosper. As the first line of The Banking and Finance Oath says: ‘Trust is the foundation of my profession’. The Young Ambassadors, as future leaders in the industry can help to rebuild trust in finance through the example they set” said Governor Lowe.

Recognising young people as the future leaders of the industry, Governor Lowe congratulated the seven successful candidates, who have demonstrated a strong commitment to ethics in banking and finance:

Chair of The BFO, Dr John Laker AO said, “In these unprecedented times, the banking and finance industry is playing a vital role in supporting the Australian community through hardship. Our industry may change after the COVID-19 pandemic is tamed but that is difficult to know. What we do know, though, is that our Young Ambassadors have the leadership qualities to help influence positive change and set an example of honesty and integrity for their peers".     

Recognising the Young Ambassador Program can reach only a limited amount of young people within tertiary institutions, The BFO is working with universities across Australia to introduce the Oath to young people in their banking and finance degrees. The aim of this collaboration is to support young people going into financial services who lead with their values, and work with their organisations to strengthen the ethical foundation of the industry.

Academic Director for Postgraduate Programs in the University of New South Wales Business School, Tracy Wilcox said, “We know that young people are more interested in living a life with purpose. And we are seeing the importance of trust and integrity in underpinning flourishing societies and economies. The BFO Young Ambassador Program enables emerging leaders in the banking and finance industry to make a positive difference in their field. I hope to see more and more of our students embrace the values and practices that The BFO embodies.”

The Young Ambassador Program offers the opportunity for young people to participate in a 12-month Program, including training and development, exposure to industry leaders, access to The BFO events and a chance to connect with an elder of the industry. The Program allows participants to harness the full potential of The BFO in their workplace. On completion of the Program the group is required to deliver a project that contributes to the ongoing conversation exploring ethics.

You can find out more about the Program, past projects and the 2020 Young Ambassadors on The BFO website: https://thebfo.org/programs/young-ambassador

The BFO presents ‘Ethics in financial services’ podcast series

The project delivered by the 2019 Young Ambassadors saw the group produce a podcast series featuring interviews with senior members of the banking and financial services industry. Among those interviewed were Jillian Broadbent AC, member of the board of the Reserve Bank of Australia, Chair of the Clean Energy Finance Corporation and Chancellor of the University of Wollongong, and Stephen Dunne, former CEO of AMP Capital and first Chairman of The BFO Ltd.

In each interview, guests shared their story about an ethically challenging decision they were faced with during their career. Each episode presents a tangible case study from which other members of the industry can draw when facing their own ethical challenges.

You can listen to the podcast series ‘Ethics in financial services’ on The BFO website and other podcast platforms: https://thebfo.org/programs/ambassador-podcast-project

This podcast series will continue to provide past and present Young Ambassadors the opportunity to talk with leaders who are able to share challenging times. This will allow a continuous learning for future leaders. 

BACKGROUND

The Vision of The BFO is “A banking and finance industry that meets the community’s needs and has its full confidence, thereby fulfilling its integral role in society.”

The BFO has two clear aims:

  • to encourage a strong ethical framework for individuals in our financial services industry. The values of integrity, honesty and trust must underpin the industry’s dealings with the Australian community - these values clearly need to be strengthened. The BFO is uniquely targeted at the behaviour of the individual and, building on that behaviour, can help to shape a positive culture within institutions themselves; and
  • to provide a public platform on which signatories have the opportunity to demonstrate their integrity and in turn their commitment to the industry. An oath needs to be public, ideally taken publicly but also visible beyond the act. This transparency encourages peer-to-peer accountability and allows the signatory to be held to account by all stakeholders.

THE BANKING AND FINANCE OATH - thebfo.org

Trust is the foundation of my profession

I will serve all interests in good faith
I will compete with honour
I will pursue my ends with ethical restraint
I will help create a sustainable future
I will help create a more just society
I will speak out against wrongdoing and support others who do the same
I will accept responsibility for my actions

In these and all other matters; My word is my bond.

-ENDS-

MEDIA ENQUIRIES

Please direct all enquiries to:
Jodi O’Callaghan
Mobile: 0415 459 899
jodi.ocallaghan@thebfo.org

The Oath

  • Trust is the foundation of my profession.
  • I will serve all interests in good faith.
  • I will compete with honour.
  • I will pursue my ends with ethical restraint.
  • I will help create a sustainable future.
  • I will help create a more just society.
  • I will speak out against wrongdoing and support others who do the same.
  • I will accept responsibility for my actions.

In these and all other matters;
My word is my bond.

The Vision

A banking and finance industry that meets the community’s needs and has its full confidence thereby fulfilling its integral role in society.