Bankers’ Oath has been created by think tank ResPublica to instil industry best practice
Oath will be discussed at an event on restoring trust in the banking sector at which Martin Wheatley, CEO of the FCA will give keynote speech.
Today (28th May), at a breakfast event in the City of London, CivilisedInvestments will be the first financial services organisation to adopt the Bankers’ Oath, ensuring that its employees always act responsibly and have the best interests of the customer in mind.
CivilisedInvestments is a financial services company that has been created to launch a new type of retail and business bank, CivilisedBank. All of the banks’ employees will be required to agree to the principles outlined in the oath.
CivilisedBank, which has secured initial stage funding, will not have branches but will operate through a network of Local Bankers backed by an innovative yet tried and tested technology platform being rolled out for the first time in the UK. It will initially target owner‐managers of medium‐sized UK businesses by offering business current accounts with deposits, transaction banking, overdrafts, foreign currency exchange, investments, savings and loans. It will also address the UK mass retail market with specific savings and investment products.
Speaking about the oath, Chris Jolly, Chairman of CivilisedInvestments said, “For the industry to restore consumers’ trust, it is essential that banks demonstrate a genuine commitment to the best possible service and ethical practice. I see no good reason why all banks shouldn’t declare a commitment to the key principles outlined in this oath.
“Banks should be fair, transparent and responsible, and after years of turmoil we believe that the UK deserves a more civilised approach to banking. For us, this oath encapsulates how we want to do business and we would not employ anyone that is not willing or able to abide by it.”
The breakfast event entitled, ‘Vocational Banking: Restoring trust and confidence in financial services,’ is being hosted by the authors of the oath, ResPublica, the independent think tank. Martin Wheatley, Chief Executive of the Financial Conduct Authority (‘FCA’) will be presenting the key note speech, which will be followed by a panel debate including Alison Cottrell, CEO, Banking Standards Board, Sharon Bowles, Non‐Executive Director, London Stock Exchange and Chris Jolly, Chairman, CivilisedInvestments.
Chairing the debate, Phillip Blond, Director, ResPublica said, “Since the financial crash, in 2008, people have found it difficult to trust bankers. They feel let down by their behaviour and resent the high salaries and bonuses for those at the top. As the countless scandals demonstrate, virtue is distinctly absent from our banking institutions. Britain’s bankers lack a sense of ethos and the institutions they work for lack a clearly defined social purpose.”
“The embarrassing merry‐go‐round of scandal and recrimination will only stop once bankers truly embrace professionalism and commit to clear ethical standards. By renewing a culture based on the concept of vocation and personal responsibility, the industry can begin to rebuild trust with the public.”
“The Bankers’ Oath represents a remarkable opportunity for bankers' to fulfil their proper moral and economic purpose, and finally place the profession on the road to absolution.”