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APRA chairman lends support to banking and finance oath

APRA chairman lends support to banking and finance oath

(1 September 2015 - Australia) The Australian Prudential Regulation Authority chairman Wayne Byres has added his signature to around 500 others who have signed the Banking and Finance Oath (BFO), according to an article in the Sydney Morning Herald.

Established four years ago, the oath provides an 'ethical anchor' in financial services and aims to improve trust in the industry.

It reads as follows: "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 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."

The BFO has been expanding its programs under the leadership of Cris Parker. Included in the initiatives are a range of programs such as lunches, mentoring and access to industry leaders, and a young ambassadors program, launched last week by Reserve Bank of Australia governor Glenn Stevens.

Mr Stevens recently said the BFO "can make a very worthwhile contribution, if enough people are prepared to sign up and exhibit the promised behaviour", which would help restore trust to the industry.

"Finance depends on trust. In fact, in the end, it can depend on little else..." he said. "In the end, though, you can't legislate for culture or character. Culture has to be nurtured...character has to be developed and exemplified in behaviour. For all of us in the financial services and official sectors, this is a never-ending task."

Ms Parker said she would soon write again to the big bank CEOs to encourage them to sign up to the oath.

In April, Reserve Bank of Australia governor Glenn Stevens said the BFO "can make a very worthwhile contribution, if enough people are prepared to sign up and exhibit the promised behaviour."

"Finance depends on trust. In fact, in the end, it can depend on little else..." he said. "In the end, though, you can't legislate for culture or character. Culture has to be nurtured...character has to be developed and exemplified in behaviour. For all of us in the financial services and official sectors, this is a never-ending task."

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