Finance executives urged to sign Finance Oath
The former chair of the Australian Prudential Regulation Authority (APRA) and banking and finance chairman, John Laker, welcomed the move by the Australian Securities and Investments Commission (ASIC) chairman, Greg Medcraft, who strongly encouraged the finance executives to sign the Banking and Finance Oath.
According to Laker, the banking and finance industry was not trusted by the community as it was often seen as self-interested by putting its own interests ahead of customer and community outcomes and therefore it was important to encourage the industry's leaders to make a visible commitment to ethical behaviour by taking the oath.
Laker also stressed that financial institutions were much more likely to prosper if their culture would promote accountability, transparency and strong ethical principles.
He called on finance executives and the industry to take the oath in a move to help strengthen the industry's reputation as "safe, efficient and stable".
"In an environment where consumer trust is fragile, I urge finance executives to take personal responsibility for ethical behaviour and work culture by acting as a role model and taking the oath," he said.
"The oath is a visible commitment. Individuals who sign the oath directly promote better behaviour in the industry. In many ways this has reach and impact regulation cannot have.
"Personally I'm committed to helping people through my work and I expect my colleagues to do the same. By taking the oath I'm prepared to be held personally responsible for my actions."
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