News

From the Ethics Centre - If its not illegal, should you stop it?

Tuesday 4 February 2020
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.

Oath! It's Friday

Friday 15 November 2019
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 and MetLife encourage industry to rebuild trust

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.

ABA chief calls for 'tolerance of failure'

By By Tas Bindi, The Adviser
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.

Bank watchdog wants self-regulation 'revived' not written off

Friday 9 August 2019
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.

'Lousy ethics': Sims vows to outlaw 'first mover' excuse

Friday 9 August 2019
by By James Eyers, Senior Reporter, AFR
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.

Oath speakers believe banks can change

Tuesday 30 July 2019
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.

"Employees under pressure": The BFO's Cris Parker at the AFR Summit

Friday 29 March 2019
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.

Who is NAB's acting CEO Philip Chronican?

Friday 8 February 2019
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.

RC puts onus back on individual: BFO

Thursday 7 February 2019
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.

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.