A Question of Trust - Post-Truth Paradigms and the Challenge to Financial Regulation

Thursday 25 May, 2017
Trust in institutions is falling at an alarming rate, the cause and consequence of democratic rejection of strategies to deal with the Global Financial Crisis. Irrespective of whether rule or principles based forms of regulation were privileged, each failed to address the erosion of core normative anchors. Blindsided by the factors that led to the GFC, the policy response, based largely on technical solutions, has done little to restore trust.
Justin O'Brien, Professor of Financial Regulation, Australian Centre for Financial Studies, Monash Business School, Monash University explores the challenges of rebuilding trust. He recognises that tools such as the ABA's code of conduct that are being designed to function as a guidline and commitment to a certain type of behaviour, are only flaming the distrust unless they are firmly anchored into a broader social purpose.

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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.