Meet the young bankers determined to lift ethics as Hayne scars heal

Wednesday 2 June, 2021
by James Eyers, Senior Reporter, AFR

Reserve Bank governor Philip Lowe and former APRA chairman John Laker say they are impressed with young bankers displaying a heightened understanding of personal accountability, in a sign the scars inflicted by the Hayne royal commission are healing. 

Dr Lowe, who will announce 11 new “young ambassadors” for the Banking and Finance Oath on Wednesday, says the ethical foundations of the industry are being strengthened “by the incoming generation’s commitment to serving the public and it is inspiring to see the growing engagement from young people with the BFO.”

After merging with The Ethics Centre, the Banking and Finance Oath is making a deeper push into banks, insurers and universities as a larger number of younger people sign it to help advance their careers and engage with senior leadership on ethical
Interviews with four of the new ambassadors, who are all under 30, suggest the next generation of leaders considers financial services a profession like law, and reveal a generational shift as younger staff seek to align corporate values with their own.

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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.