What is the Banking & Finance Oath and how does it work?
As part of AICD’s Financial Services Royal Commission coverage in June, John told us: The oath was developed in 2012 to restore trust and encourage ethical behaviour in the financial services industry. It has two aims: to encourage a strong ethical framework for individuals in our financial services industry and to strengthen the values of integrity, honesty and trust that must underpin the industry’s dealings with the Australian community.
By taking the oath publicly, signatories freely accept a set of professional obligations, and choose to be accountable for upholding the tenets of the oath and to call out behaviour that falls short. Signatory numbers have now risen to nearly 2300, including the head of the Reserve Bank, the chairs of APRA and ASIC, and around 65 CEOs and 20 chairs of financial institutions.
Why do you ask people to recommit to the oath annually?
What lessons can directors learn from the Royal Commission so far?
What has contributed to the “receding line of sight to customers” financial institutions are experiencing?
Why are financial institutions more likely to prosper if their culture promotes accountability?
How does remuneration or incentive structures influence behaviour?