Ethics
Financial ethics
"Ethics - the set of moral values and behaviours guiding society - play a key role in the growth and stability of the economy, and in finance in particular. Good ethics, through nurturing consistent and reliable behaviours, are necessary for building the trust that helps facilitate transactions, especially in an increasingly complex business world. In contrast, poor ethics erode trust in the financial system, leading to a breakdown of transactions - and worse, bank runs and financial instability."
(Source: International Monetary Fund)
Royal Commission into Misconduct in the Banking, Superannuation & Financial Services Industry
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was established on 14 December 2017 by the former Governor-General of the Commonwealth of Australia, His Excellency General the Honourable Sir Peter Cosgrove AK MC (Retd). For more information read the final report.
2019 Australian Financial Advice Landscape Report
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News sources
NewsBank consolidates current and archived information from thousands of newspaper titles. You can limit your search within the database by publication type, date, and region.
Conflicts of interest
Potential conflicts within the realm of financial advice and planning was brought to light during the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services; the most common form being commissions/remuneration for advice.
The Corporations Act 2001 sets out several documents that financial advisers are to follow in terms of conflict of interest:
The Financial Planning Association of Australia (FPA) has a Code of Professional Practice which combines professional membership, professional conduct, and professional accountability.
Ethics organisations
- Australian Financial Markets Association (AFMA) Code of ConductThe AFMA Code of Conduct clearly articulates the ethical principles for acceptable standards of behaviour in financial markets and promotes responsible decision making.
- Australian Securities & Investments Commission (ASIC)ASIC is Australia's integrated corporate, markets, financial services and consumer credit regulator.
ASIC is an independent Australian Government body. - CFA InstituteCFA Institute is the premier global association for investment management professionals.
- Governance Institute of AustraliaThe Governance Institute Ethics Index quantifies Australia’s ethical perceptions by comparing the importance of ethics against actual ethical behaviour across a range of sectors.
- International Business Ethics InstituteA non-profit educational organization that was founded in 1994 in response to the growing need for transnationalism in the field of organizational ethics and integrity. IBEI was the first organization devoted to helping organizations develop truly global ethics and integrity programs.
- International Labour Organizationhe International Labour Organization (ILO) is devoted to promoting social justice and internationally recognized human and labour rights.
- United Nations Global CompactA strategic policy initiative for businesses that are committed to aligning their operations and strategies with ten universally accepted principles in the areas of human rights, labor, environment and anti-corruption.