Articles & Dilemmas
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Articles & Dilemmas

 

The ethics of being a confidant... what would you do?

10 Jun 20
by The Banking + Finance Oath
You are a Human Resources Business Partner to an IT team of 45 people in a large financial institution. The team is leading a high profile systems transformation that will take the business through a significant change in the way it deals with customers.

The ethics of managing small business customers in times of crisis... what would you do?

03 Jun 20
by The Banking + Finance Oath
At a time when so many small to medium businesses are being pushed to the limit, is it possible to balance compassion with realism?

Life's 2-column spreadsheet where no truths can hide

19 May 20
by Suzanne Salter, Founder and Principal Coach, Leadership Nouveau
As the world economy will soon have to start rebuilding from ground zero, it’s a really good time to reflect and ask… what do we want this new edifice of life to look like? I hope that by sharing my story, I might help shape your answer to this very question.

Moving ahead means letting go

19 May 20
by Cris Parker, Director, The BFSO and Head of The Ethics Alliance
Emerging from the turbulence of COVID-19, we have the opportunity to escape the hold of our past and use moral imagination to explore a better future.

What's really changed in financial services? And can it be sustained?

19 May 20
by Bob McCarthy, Managing Director, Integrity Solutions
Just as the post-Hayne dust was settling, and before the financial services industry had time to catch its collective breath, a serious new challenge has emerged shining an even more dramatic spotlight on its role in a distrusting community – the wildfire spread of, and the global economic/societal response to, the Coronavirus.

As featured in Starling Trust's 2020 Compendium: Putting Mouths Where the Money Is

11 May 20
by Cris Parker, Director, The Banking + Finance Oath
Since the Covid-19 crisis hit, Australia’s financial institutions have had to divert a lot of resources and focus their efforts on addressing the challenges they face. They’ve also had to adapt quickly to accommodate their customer’s changing financial needs. But has their response to the pandemic been enough to rouse respect from the community they serve and rekindle a trust that has been lost?

This is no time to let things slide

27 Apr 20
by Cris Parker, The Banking and Financial Services Oath
Compliance can’t be in every situation all of the time. Every decision can’t be monitored, nor should we want it to be. The purpose of The Banking and Financial Services Oath (The BFSO) is to encourage self-reflection and values-driven decision making. There will still be situations where behaviour is not in line with the values of an organisation and it’s important to question when you see this. You just have to look at #ToiletPaperGate to see behaviour can be driven by self-interest, when the circumstances permit, whether we realise it or not. The broader example of hoarding is an example of fear driving unthinking practice. The BFSO encourages individuals to ‘call out wrongdoing and support others who do the same’. However, situations will still arise, where organisations will rely on a whistle-blower speaking up. Bad behaviour still happens during a crisis. We spoke to a whistle-blower from the financial services industry who explains why speaking up is as important as ever in these challenging times.

Moral fatigue: Making decisions when there is no right answer

21 Apr 20
by Cris Parker, Director, The BFSO and Head of The Ethics Alliance
A senior executive alarms his CEO when he starts making out-of-character decisions that reflect his personal fears. Teams are frozen into indecision as the ground continually shifts beneath them. Your days are punctuated with emotional meltdowns from people you have always relied upon in a crisis. As exhausting as this sounds, it is currently all too familiar. These are some of the signs that the prolonged impact of Covid-19 is causing moral fatigue in the people around you.

Engaging our leadership, values and humanity

25 Mar 20
by Jodi O'Callaghan, Executive Officer
As people around the world grapple with this extremely challenging time, never has it been more important for individuals to pull together as citizens to make the greatest impact in the face of this unfolding COVID-19 crisis.     Social distancing by working from home means a disparate workforce and a completely new way of working for many of us. Technology is enabling the ‘show to go on’ thro...

The ethics of life insurance at times of crisis

23 Mar 20
by Jodi O'Callaghan
Life insurance offers financial security to loved ones left behind following the loss of a family member. It can be a difficult subject to broach at the best of times, but in times of crisis it can be even harder, albeit reassuring to know you have it. But what if you don’t? Working in customer service for a large life insurance organisation you receive a call from a prospective client wanting to purchase life insurance. They are not considered high risk in the cur...

Avoiding ethical blindness

17 Mar 20
by Simon Longstaff, Executive Director, The Ethics Centre
The Australian Securities and Investment Commission (ASIC) defines conduct risk as “the risk of inappropriate, unethical or unlawful behaviour on the part of an organisation’s management or employees”.  At its heart, the definition recognises conduct risk is a product of ethical blindness: a failure to see important aspects of the ethical landscape of banking. "You would hope the interests of consumers, the integrity of financial markets and the expectations...
Image of a sign saying Love and Money

The ethics of romance scams... what would you do?

04 Mar 20
by Anonymous
A system red flag has popped up to alert you of a transaction by a customer that looks out of the ordinary of her usual transactions, particularly given the country the money will be received. What you uncover leaves you questioning what the right thing to do is in this situation.
Photograph of a person using a laptop to lodge an expense claim on a wooden desk, by Fabian Irsara on Unsplash

The ethics of expense claims... what would you do?

12 Feb 20
You are the line manager for a team of people in your company in the finance sector. One of your key staff members is excellent at her job and is known for her ability to generate a high amount of income for the company - none of your other staff members come close to her in terms of this...

The ethics of confidentiality... what would you do?

04 Dec 19
by Jodi O'Callaghan
It’s the festive season and you’re attending the usual amount of social events at this time of year – catching up with colleagues and industry peers at each one.

The ethics of client service.... what would you do?

20 Nov 19
by Anonymous
You work in wealth management, advising on, monitoring and updating the investments and superannuation of clients, some of whom carry joint investments and receive services together as a couple - like Leo and Isabelle*. To date, Leo and Isabelle have always come to the office seeking advice and making decisions together. But this week you received a call... just from Leo.

The ethics of loyalty... what would you do?

14 Nov 19
by Simon Watson
You are a fixed income portfolio manager who works as part of a close, high performing team that invests the assets of large institutional clients.

Why trust-building strategies should get the benefit of the doubt

By Cris Parker
Addressing the errors of the past can’t depend solely on the law. In today’s business environment, initiatives that encourage self-reflection and accountability deserve a healthy dose of scepticism but cynicism will only serve to stifle the potential.

Bringing people and planet to the fore at U Ethical

By James Cook, CIO
U Ethical has undergone an exhaustive process over the last twelve months, seeking to bring to the fore what is important to our people and our clients. This has been built around the principal of delivering competitive investment returns while doing the right thing by communities and the planet.

Is it possible to live an authentic life 24/7?

By Jodi O'Callaghan
Living an authentic life. One with purpose, in which you are conscious of and being true to your personal values is what many of us strive for. So how does this translate to our professional lives? There are those that find giving back is key for what motivates them to get out of bed in the morning or fulfil them in their day to day work. For others, it is about understanding how their personal values align with an organisation’s values and purpose, and how they can make a difference through that purpose.

The ethics of disclosure

17 Oct 19
by Anonymous
You work in financial advice and have developed a friendly relationship with one of your clients who is now applying for an insurance product.

The ethics of monetary gifts

By Sarah Kennedy
You work as a financial advisor. Recently, one of your clients suffered a back injury that would effectively prevent him from carrying out his normal work as a plumber – the job he has had his whole life. You know that in theory, your client should be able to access Total Permanent Disability Insurance (TPD).

The ethics of lending

By Anonymous
This week’s dilemma sees a financial institution facing the dilemma of whether or not to lend, and support a brothel's payment systems.

The ethics of speaking up

By Jodi O'Callaghan
It can be a tricky space finding yourself wanting to push back against those in a higher position than you, and can take great moral courage to speak up.

The ethics of remediation

12 Sep 19
by Anonymous
You work at an advice business that is just starting a program to repay customers that may have been overcharged for advice services or for poor advice.

Is self-regulation dead?

05 Sep 19
by Wayne Byres, APRA Chairman
8 August 2019

Wayne Byres, Chairman – Crossroads: The 2019 Banking and Financial Services Oath Conference, Sydney

Good morning. I am very pleased to be part of this event, and to lend my support to the Banking and Financial Services Oath and to Finsia, both of whom are playing important and timely roles highlighting the importance of trust and professionalism for a successful financial sector.

The Invisible Middle

31 Aug 19
by Cris Parker
Exploring middle management at The BFSO conference in 2016 was impossible, 2019 was not a lot easier. Whether they're considered the curator or custodian of culture, middle managers are pivotal to putting cultural change into action.

Why then are they often left out of the conversation?

Photo gallery of The BFSO | FINSIA Crossroads Conference

20 Aug 19
by Jodi O'Callaghan
During a thought provoking day at the recent BFSO | FINSIA Conference, our photographer captured some candid moments amongst speakers and attendees.

The BFSO Young Ambassadors wrap up The BFSO | FINSIA Crossroads Conference

19 Aug 19
by By Dani Simpson, Rabobank and Alex Green, The University of Sydney | Westpac
As young people forging their careers in financial services, The Banking and Financial Services Oath’s (The BFSO) Young Ambassadors are the future leaders advocating for a stronger ethical foundation in the industry. On Thursday 8 August 2019, four of The BFSO’s six young ambassadors attended Crossroads – The BFSO | FINSIA Conference looking at how ethics can help navigate the challenges facing individuals in the industry. The following summary provides their key take outs from each session of the day.

By Dani Simpson, Rabobank and Alex Green, The University of Sydney | Westpac

What would you do? Your weekly ethical dilemma challenge

18 Aug 19
by Anonymous
This week's ethical dilemma looks at the challenges middle managers are up against on a regular basis and the tensions they need to manage.

Some in our financial sector stand at a crossroad. The right choice couldn't be clearer.

14 Aug 19
by Karen Walker
If you missed The Banking and Financial Services Oath's Crossroads conference Karen Walkerhas provided a clear snapshot of many of the conversations with her only regret being that more people weren't in the room to hear it.
Total 218 articles in this section.
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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.