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Operating according to ethical values, and being able to demonstrate how governance, strategy and decision making has been informed by ethical principles, is an issue which is squarely in the spotlight. Firms do not operate in a vacuum and their licence to operate depends on customers and stakeholders (including, importantly, regulators) being satisfied with their business approach. Building trust through an ethical framework and responsible business outlook is critical to sustainable success as well as to avoiding costly crises.
While engendering trust through an ethical business approach demands an organisational mindset which is focused on achieving the right outcome, irrespective of legal or regulatory demands, complying with the rules and requirements which have been designed to deliver such outcomes is mandatory. Legal, regulatory and societal expectations have been steadily increasing over recent years and a heretofore unseen volume of material now exists to help guide firms in the area of culture, conduct and ethics.
This report, which has been prepared in partnership with UK Finance, is designed to help firms more easily engage with the many and varied sources of those requirements and evaluate whether they are living up to these expectations and the values they have set for themselves. In it we profile issues which are relevant when considering organisational ethics, based around a firm’s leadership, governance, systems and controls; its workforce; its customers and conduct of business; and other stakeholders, in the process bringing together key sources and reference documents.
Download the full Ethics in Banking and Finance report
What are the key areas to think about when seeking to embed ethical principles within your firm’s organisational approach and control structure?Read more Leadership, governance, systems and controls
Organisations are shaped by the people who work there. Find out in this section how the approach you take in relation to your workforce can impact the ethical outcomes which your firm wishes to achieve.Read more Workforce
Without customers, banks and financial services institutions would not exist. Do you have all the boxes ticked to meet your obligations while growing your business?Read more Customers and conduct of business