Articles & Dilemmas
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Articles & Dilemmas


Positive challenges for the outsourcing and advisory industry in a post Royal Commission era

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.

What comes after the question of 'Should We'?

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.

What would you do? Your weekly ethical dilemma challenge

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...

The BFSO releases discussion paper following unique cross-industry event

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.

There is hope in a long-term commitment to culture change

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.

Shifting industry norms and culture: individuals can also make a difference

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.

The BFSO Submission: Royal Commission into Misconduct the Banking, Superannuation and Financial Services Industry

21 Nov 18

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.

Swearing to be Virtuous: The Prospects of a Banker's Oath By John R. Boatright

06 Nov 18
by John R. Boatright, Loyola University Chicago , Chicago , IL , USA
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 takes her idea to the House

05 Oct 18
by Cris Parker
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.

Would having all financial professionals take the Banking and Financial Services Oath be an antidote to the ethical problems uncovered in the Banking Royal Commission?

05 Oct 18
by Simon Russell
In this article, Simon Russell of Behavioural Finance Australia looks at ways individuals can translate The Banking and Financial Services Oath in to practical terms for themselves, and their teams.

Commissioner Hayne releases Interim Report

29 Sep 18
by The Banking and Financial Services Oath
In the end, rules, systems, processes and practices are necessary, but having the right culture and performance depends, in the Commissioner's words, "Upon people applying the right standards and doing their job properly".

Photo courtesy of ABC

The ethics of...well everything.

24 Jun 18
by Dr Bob Murray is an expert in strategy influencing, human motivation and behavioural change.
Almost all scholars agree that we have ethical rules and standards for one essential reason—to enable collaboration among relatively small groups of people. Why small groups? Because modern humans—and their immediate (and unfortunately extinct) cousins (Neanderthals, Denisovans and so forth)—and their distant ancestors (from the common ancestor of us and chimps to Homo erectus) all lived in small groups, so specialising in relating to a small group of individuals became hardwired into our DNA.

Why Heartland Joined The Banking and Financial Services Oath

18 Dec 17
by Sharon Yardley, Manager – Marketing & Compliance, Heartland Seniors Finance
Although the Oath is taken by the individual, there are occasions where an organisation will ask all employees to consider taking the Oath, thus becoming 100% committed. This process provides an opportunity for the entire organisation to consider the alignment between their own values and those of the organisation. It provides a common ethical framework with which they can hold each other to account. Heartland Senior Finance made this commitment and it allowed for self-reflection on what a 'sustainable future' means to them.

A New Age of Purpose Led Finance

09 Dec 17
by Pablo Berutti, Chairman RIAA
The growth and adoption of responsible investment is a global phenomenon. Time and again over the last few years we have heard that a tipping point has been reached.

That responsible investing is mainstream.

Hope Springs Eternal - The Jouney of Professionalism in Financial Planning

09 Dec 17
by Robert M. C. Brown AM,
It’s often claimed that the discipline of financial planning has made considerable progress since its inception some fifty years ago. That may well be true, depending on your definition of the word ‘progress’.

Good copyright governance in banking and finance

14 Jul 17
by Lisa Hill, Senior Licensing Consultant, Copyright Agency
Copies of newspaper articles, magazine articles, journal articles, reports, books and graphs directly benefit thousands of organisations in Australia, who use them to influence, be strategic in decision-making and achieve corporate objectives. Good Copyright Governance is ensuring that the creators of these pieces are being recognised and compensated fairly for their work.

The Business Case: The long road to proving ethics pays

17 May 17
by Clare Payne, Director The Banking and Financial Services Oath
A business case that ignores social issues is no case at all. The business case has not traditionally included the ethical rationale or the moral justification. Fortunately, making the business case for ethics is getting easier.

The Ethical Beginnings of Compliance

17 May 17
by Naomi Burley, Managing Director, GRCI
Factors such as complexity and sophistication of products and services, distribution channels, customer demands and unprecedented advances in technology have resulted in increased political and regulatory intervention into business. GRC professionals are at the forefront of these changes and can contribute as a culture change agent.

Naomi Burley, MD GRC Institute has a look at how compliance and an Oath can go hand in hand.

Raising the level of maturity in banking and finance – An introduction to the Maturity Institute

09 May 17
by Paul Kearns, Chair The Maturity Institute
While working their Banking Governance & Culture Project, the Maturity Institute in the UK came accross National Australia Bank (NAB) and in turn The Banking and Financial Services Oath.

Renaissance of the Effective Professional

20 Dec 16
by Tim Gorst

Tim Gorst, Actuary and BFSO Signatory, tells us about the increasing focus on risk culture in financial services and the role of the effective professional.

Snowflakes amongst the permafrost

29 Nov 16
by Clare Payne, Director The Banking and Financial Services Oath
What role do middle=management play in creating ethical work cultures?

People often view human behaviour in one of two ways. They either see humans as motivated, almost purely, by self-interest or they believe we are inherently humane creatures, concerned for others.
The world abounds with examples of the former (self-interest), particularly in the business world and even more so in banking and finance. I remain hopeful however that more of us operate according to the latter.

Bad People or Bad Decisions?

20 Oct 16
by Clare Payne, Director The Banking and Financial Services Oath
A look at how we can make better decisions, more of the time
It’s not uncommon for adults to reflect back on their teenage years and wonder, ‘What was I thinking?’ There may be particular decisions you made that make you question what type of person you were and why you did what you did. The answer for some will be peer group pressure – which is particularly intense in our formative years. But what excuse do we have as adults for poor decisions? The answer is – many!

Recovering from ethical failure

24 Aug 16
by Dennis Gentilin, Centre for Ethical Leadership
How does an organisation recover and rebuild from ethical failure? What do you do when you have failed your ethical duties as an organisation, and significantly compromised trust with your stakeholders? These are difficult times for any organisation. The good news is, I do believe that organisations can emerge from ethical failure stronger than what they were prior to the incident.

Limited Language - Blind Spots

30 Jul 16
by Clare Payne, Director The Banking and Financial Services Oath
How the language we use at work can undermine the very cultures we wish to create.

As the banking and finance industry is increasingly held to account by the public, and regulators attempt to grapple with how to best manage risk, the consideration of the role of language in both creating and undermining ethical work cultures is essential.

Entrepreneurial talent is not the prerogative of the wealthy

23 May 16
by Jessica Ellerm, Partner Development Manager, Tyro Payments and active fin tech blogger.
Today, starting a business often requires getting a loan. Yet more often than not, getting a loan requires some form of collateral as security. As traditional types of security like the family home become further out of reach for the incoming generation of entrepreneurs, how will our traditional approach to lending need to change?

Integrity - the fundamental pillar of business culture

23 May 16
by Professor David R. Gallagher, CEO Centre for International Finance and Regulation
Do companies exist solely to advance the interests of their shareholders, or do they have a broader social obligation? Professor David R Gallagher recognises that this question has been debated since the advent of the limited liability company in the seventeenth century and explores why a question that previously remained largely confined within a scholarly domain has recently become an issue of mainstream social concern.

The Banking and Financial Services Oath should not be necessary

23 May 16
by Trent Moy, Senior Consultant, The Ethics Centre and Director of Halide Pty Ltd
Ironically, it seems like one of the ethical issues faced by people in the banking and finance industry is whether or not to take The Banking and Financial Services Oath (BFO). Trent identifies two central dilemmas. Firstly, that the Oath is taken with the right motivation or intent; and secondly, whether or not The BFSO will actually have a positive effect – on the individual and on the wider industry.

What's in a word?

21 Apr 15
by Clare Payne
Some may ask how much one’s word is really worth. When some look at The Banking and Financial Services Oath and critique the initiative, they ask, ‘Can it really do anything?’ It’s just words after all.

STOP THE PRESS: Lawyer gives ethical assistance to bankers

06 Dec 14
by Nicolette Bearup
Barrister Nicolette Bearup writes of the need for the finance industry to rebuild trust particularly in the wake of the Global Financial Crisis, through ethical leadership that brings about real cultural change. She explores the potential of the Banking and Financial Services Oath and considers whether anything might be learned from current practice in the legal profession.

The Coveted Yellow Jersey

29 Nov 14
by Clare Payne
Clare Payne, Board Member of The BFSO and Consulting Fellow with St James Ethics Centre, asserts the significance of The BFSO in working towards a self-regulating, ethically conscious industry. She writes of the need to recognise that ethics and banking are not incongruous terms and should never be considered in common discourse. In light of this, Clare encourages signatories to use The BFSO as an opportunity to spark that conversation.
Total 203 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.