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.
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?
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.
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
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.
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.
‘I will speak out against wrongdoing and support others who do the same’.
We regularly hear from signatories that this can be one of the most confronting tenets of the Oath... but also the most empowering. This week’s dilemma will likely spark debate in your office – which we encourage!
23 Jul 19
by
Christina Wu
Now a Strategy and Transformation Analyst at Westpac, BFSO Young Ambassador Christina Wu recalls her days as a Univeristy of Sydney student and the words from her Dean that 'doing business and doing good' should not be mutually exclusive. It is a statement that continues to guide her decision-making process as she progresses in her career.
18 Jul 19
by
Leslie Cannold, PhD (Education), Master Bioethics, B.S (Psychology)
By Leslie Cannold, PhD (Education), Master Bioethics, B.S (Psychology)
The imputations of Commissioner Kenneth Hayne’s final report on the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry were blistering. The Banking and Finance industry are led and staffed by the greedy who are more than willing and able to exploit the needy.
Victor is an up-and-coming manager at ABC Bank, a large retail bank. Victor reports directly to Robert, the regional manager, who also happens to be a close friend from uni. Robert has been at the bank longer than Victor, but there is some talk within the organisation that his numbers have been falling behind.
09 Jul 19
by
Anthony Asher
A company is going through the interview process in order to hire a chief financial officer. In the last interview session, each of three finalists is given the company's financial data and asked by the CEO, ‘What are the net earnings?’
04 Jul 19
by
Dr Simon Longstaff
By Dr Simon Longstaff
To my mind, Kenneth Hayne was to the banking and finance industry what a building surveyor is to a rickety house. He ripped off the gleaming cladding to reveal cracked foundations, some rotten beams and a few broken tiles that let in the rain.
27 Jun 19
by
Max Zielenski
The Banking and Financial Services Oath prides itself on being able to connect like-minded individuals who share a common purpose. Our Young Ambassador Program is a great example of one way we do this - connecting young people to each other, and to others in the industry. Max Zielenski is a signatory based in Brisbane who has been supporting our Young Ambassador from the Bank of Queensland, and wanted to share his experience.
18 Jun 19
by
Jodi O'Callaghan
The Marketing Manager in a small privately-held wealth advisory firm has her bonus tied directly to annual sales. The higher the sales, the bigger the bonus.
25 May 19
by
Jodi O'Callaghan
This week's ethical dilemma challenge is a little different. We want to take you beyond just the week, and introduce you to the new
education portal on our website.
16 May 19
by
John Jeffery
You are trading on behalf of a client in fairly large nominals of US bonds. The counterparties in these trades are often people just like you. There’s a commission associated with a client’s trade and there’s also the opportunity, when it arises, to make some extra money from imperfections in the market.
30 Apr 19
by
Dr John Laker AO
The fundamental challenge in rebuilding the public’s trust in the financial services industry is putting the best interests of customers at the centre of organisational culture, decisionmaking and remuneration arrangements.
13 Apr 19
by
Jodi O'Callaghan
Your company has moved some of its agri-business activity off-shore (Country X). The principal attraction is a low-wage environment and a relaxed regulatory regime. Profits have increased since the decision was made...
06 Apr 19
by
Jodi O'Callaghan
In recent months you have been working very long hours and spending a considerable amount of time away from your family.
28 Mar 19
by
Jodi O'Callaghan
You are a qualified accountant. You have been asked, by your line manager, to complete a costing exercise with a very short deadline and limited resources.
Trust is the talk of the town at the moment. Rebuilding, regaining, retaining. But as much as you think you deserve to be considered trustworthy, it is not something that can be self-nominated. Cris Parker, a Director with The BFSO, explains why.
14 Mar 19
by
Boris Bieler
Boris Bieler CFA, FCPA (Australia) is a signatory to The Banking and Financial Services Oath and raises awareness of the Oath in his role as guest lecturer at Macquarie University and UTS when lecturing on topics around auditing, risk management, corporate governance and ethics in banking. We invited Boris to provide his insights on what he thinks some of the positive challenges might be for the outsourcing and advisory industry, post Royal Commission.
14 Mar 19
by
Pauline Vamos
Pauline Vamos, a director with The Banking and Financial Services Oath and the new Chairman of Freedom Insurance gives her take on how the financial services industry can recover and move forward following the Hayne Royal Commission.
13 Mar 19
by
Jodi O'Callaghan
A colleague has recently prepared a new spreadsheet which is used to produce a weekly report for the bank’s liquidity committee. You are responsible for updating the underlying data which feeds into the spreadsheet to produce the report...
18 Feb 19
by
The Banking and Financial Services Oath
As an independent organisation, The BFSO is in a unique position to facilitate cross-industry discussions. Following our Chatham House event in August we have released the discussion paper that captures the key themes and topics covered on the night.
17 Feb 19
by
Jodi O'Callaghan
By Jodi O'Callaghan, Executive Officer, The BFSO.
As the financial services industry braces for the release of the Final Report from the Hayne Royal Commission, one thing is certain: the financial services industry in Australia will never be the same.
14 Dec 18
by
Tamara Scicluna
Rhizome Advisory Group's Tamara Scicluna spent 15 years at the prudential regulator, APRA, in roles that spanned supervision, policy and risk advisory across banking, insurance and superannuation. So who better to take a closer look at some of the issues we're seeing at the Royal Commission, and the role individuals can play in shifting culture.
In its Interim Report, the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry noted that the explanation for the poor conduct identified was “too often…the pursuit of short-term profit at the expense of basic standards of honesty” (p xix). One initiative already underway to raise standards of honesty and integrity in Australia’s financial services industry is The Banking and Financial Services Oath (The BFSO). This submission outlines the background and purpose of The BFSO and the role it has been playing in rebuilding community trust in this crucial industry.
06 Nov 18
by
John R. Boatright, Loyola University Chicago , Chicago , IL , USA
Abstract
In an effort to restore trust in the banking sector, the Advisory Committee on the Future of Banks in the Netherlands made a recommendation, which has since been adopted, that bank executives be required to swear an oath akin to the physician's Hippocratic Oath. This examination of the prospects of the Dutch banker's oath addresses two broad issues. One issue is the efficacy of oaths themselves as instruments for achieving the desired end. A second issue concerns the extent to which this particular oath is a useful guide to ethical banking practice.
The BFSO’s Cris Parker took her idea of 'It’s time to start believing in the inherent good of our financial services sector' to the TedXSydney stage at the Opera House recently, when she was selected out of 180 submissions to be one of 20 finalists to pitch her idea ahead of the 2019 event.