![\"ANZ](\"https:\/\/riskinfo.com.au\/news\/files\/2015\/02\/Philip-Chronican.jpg\")
<\/a>The BFO was formed to encourage and support strong ethics in the banking and finance industry. One of the core tenets adopted by signatories of the oath is that they \u2018speak out against wrongdoing and support others who do the same\u2019.<\/p>\n
In light of recent inquiries into the education and professional standards within financial advice, the BFO board has called for the adoption of a common ethical framework to inform the conduct of financial advisers.<\/p>\n
The BFO said it strongly encourages the open discussion of ethics as an important way to draw early attention to unethical behaviour within the banking and finance industry. It argued that the quality of Australian financial advice would be assured by a complementary blend of ethics and regulation.<\/p>\n
BFO Director and Executive Director of The Ethics Centre, Dr Simon Longstaff<\/strong>, said while it was appropriate that there be competition around formal qualifications and core competency levels, this should not apply to ethics.<\/p>\n He said the broader society had a reasonable right to expect one ethical standard that is common to all.<\/p>\n BFO Director and CEO of ANZ Australia, Phil Chronican<\/strong>, added: \u201cWhile many people focus on the legislative and regulatory regime as the principal means to ensure the quality and character of financial advice, we believe something more needs to be done, which is why we support the need for a voluntary ethical framework to ensure the industry\u2019s long-term viability.<\/p>\n \u201cBeyond compliance, the BFO\u2019s mission is to develop a strong ethical foundation \u2013 a support network that exists to encourage ethical accountability of the highest quality, and thus give the community good reason to look beyond the tainted image that tends to define the banking and finance industry as a result of poor behaviour by relatively few.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" Financial advisers need a single ethical framework which cuts across the whole sector, according to the board of the Banking and Finance Oath (BFO).<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,8],"tags":[],"class_list":["post-28881","post","type-post","status-publish","format-standard","category-associations","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/28881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=28881"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/28881\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=28881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=28881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=28881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}