BFO Young Ambassadors and the impact of the Hayne Inquiry

Wednesday 1 July, 2020
by FINSIA InFinance Magazine

Young Ambassadors on The Banking and Finance Oath’s Program (pictured right) have spoken about how the Royal Commission highlighted the need to focus on “professionalism” and “ethics” as a way of restoring community trust.

Here three of the ambassadors for the BFO, which is partnering with FINSIA to drive standards of ethical professionalism in financial services, give their views.

Sarah Valente, who works at ANZ with the Fixed Income Trading Team in Sydney, said: “Given the current scrutiny of the banking industry I feel it is my duty to commence my banking journey with solid understanding of ethics and to have core practices in place that I can draw on at all times. 

“I hope that the Program can build upon the foundational knowledge I gained throughout my university studies and can shine a unique light on the importance of ethics in the banking industry post the Hayne Royal Commission.

“I envision that in a post-Hayne world we see ethics embedded into every framework imposed by financial institutions, in all credit assessments, product releases, customer meetings and discussions. 
“Ethical conduct would no longer be a concept that is discussed in forums and meetings, but rather, is ingrained in the actions of every employee and stakeholder at all times.”

Elle Griffin, a senior analyst in Regulatory Affairs at CBA, said: “The Hayne Royal Commission demonstrated just how integral financial services is to the wellbeing of the community and how terrible the consequences can be for people when things go wrong. 

“By taking on a regulatory affairs role at CBA I’m dedicated to driving better customer outcomes through a proactive approach to managing risk.

“I hope to encourage more of my colleagues and young industry peers to take The Banking and Finance Oath. 

“I also hope to connect with the other Young Ambassadors to spur an industry-wide conversation on how to sustain the post-Hayne emphasis on the importance of professionalism in financial services that is grounded in ethics and community trust.

“I hope to see institutions continue to prioritise the management non-financial risk and to put the right outcomes for customers at the heart of every decision.”

Ricky Rangra, a Transaction Analysis Associate at AMP, said: “I believe in the power of the financial services industry as a transformative mechanism that enables individuals, families and communities to achieve their financial goals and aspirations.

“Following the Hayne Royal Commission, I hope to see the industry adopt innovative and well-intended frameworks to ensure that companies prioritise and do right by their stakeholders, whilst implementing models of ethics and values of the highest standard.

“I believe that it is the duty of individuals currently employed in the industry to restore the societal trust that was negatively affected during the Royal Commission, and that the best way to do this is to service customers in good faith and with integrity.

“My motivation for being a Young Ambassador is to promote the cause amongst my peers, and to utilise The BFO network to learn from industry leaders on how I can further contribute to tangible change.”

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.”    

 

Find out more about the BFO young ambassador program.

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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.