Ethics for Financial Service Professionals – Part 1

August 14, 2012 at 9:12 am Leave a comment

On August 8, 2012, USA Today ran an info graphic citing data from a Labation Sucharow survey titled “Financial Services and Ethics” by Jae Yang and Alejandro Gonzalez in their Money Section, page 2B.  As a caveat, the survey has the percentage of financial service professionals who admit to the following, and that a larger percentage might not admit to the following. The figure indicated that 26% of the respondents had witnessed directly “wrongdoing” in the workplace.  How the respondents reacted to what they saw is not addressed.  Working in compliance, I hope most individuals did what they could to correct the situation.

The most troubling statistic is the 24% (almost 1 in 4 people!) of respondents who indicated that in order to get ahead that they felt a person needed to participate in “unethical/illegal” behavior.   Fortunately, the respondents are not saying that they would do so.  However, I do feel that it reflects a strong feeling that our financial corporate culture does not adequately penalize such behavior.   Personally, I think a lot of companies would benefit through the addition of strong ethics policies and even going as far as to include Chief Ethics Officers.  By creating the infrastructure, financial organizations would create the necessary framework to deal with ethical issues and to send a message that this type of behavior will no longer be tolerated.  Do you think its time for a change?

Thanks for reading and have a wonderful day!   Please be sure to sign up for my blog and follow me on twitter @ChristineGurney.

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Christine Gurney

A pension professional who shares her thoughts and ideas about the pension world for industry members and anyone else interested.

@ChristineGurney

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