Financial services firms 'must be ethical'
Financial services firms have been warned customers are often willing to switch if they are found to be involved in 'unethical' behaviour.
Companies operating in the UK financial services sector have been warned they need to avoid unethical behaviour - or risk losing custom to their rivals.
Research by the Social Market Foundation (SMF) has found 64 per cent of consumers would switch providers if they found the company they had accounts with was found to be involved in bad business behaviour.
In addition to this, 41 per cent said they would happily switch to a provider that had a specifically ethical approach to its business.
Ownership structures are one of the factors in the findings, with mutuals being listed by 79 per cent of consumers as the sort of institutions they would be most likely to put their trust in.
Companies may consider that the way they conduct their tax affairs could be one of the issues that sway consumer choices. For this reason, those seeking tax jobs may find they can contribute to helping a financial business ensure it is operating in an ethical manner to avoid the negative publicity that has affected multinationals in other sectors, like Google, Amazon and Starbucks.
Commenting on the findings, report author and SMF economist Katie Evans said: “It is clear that there is a significant lack of trust in much of the financial sector. Consumers don’t believe all financial services firms are involved in negative practices, but they struggle to identify companies who they think are more likely to meet their expectations.”
At the moment a limited number of financial services firms have specifically ethical policies in place.
One good example of a bank that does is the Co-operative Bank, which instigated an ethical investment policy in 1992 that aimed to ensure it was doing business in areas its customer base wanted it to steer clear of.
This has meant the bank has turned down large amounts of business with companies involved in areas like the arms trade, activities that cause pollution, the tobacco industry and genetic modification.
Last year saw the latest revision of the policy, which was based on a survey of account holders.
Other 'ethical' banks include online bank Triodos, which aims to restrict its business to include only clients that are good for the environment.
Signup to receive the latest discipline specific articles
Related jobs
Salary:
Up to £45,000 per annum
Location:
Leeds, West Yorkshire
Industry
Business Services
Qualification
None specified
Market
Financial Services
Salary
£40,000 - £50,000
Job Discipline
Tax
Contract Type:
Permanent
Description
.
Reference
BBBH184306
Expiry Date
01/01/01
Author
Aleksandra TaranovskajaAuthor
Aleksandra TaranovskajaSalary:
€100,000 - €110,000 per annum
Location:
Dublin City Centre, Dublin
Industry
Business Services
Qualification
None specified
Market
Financial Services
Salary
£80,000 - £100,000
Job Discipline
Project & Programme Management
Contract Type:
Permanent
Description
Programme Director - Financial Services - Dublin
Reference
BBBH183758
Expiry Date
01/01/01
Author
Cillian McevoyAuthor
Cillian McevoySalary:
£40,000 - £45,000 per annum
Location:
Leeds, West Yorkshire
Industry
Business Services
Qualification
None specified
Market
Financial Services
Salary
£40,000 - £50,000
Job Discipline
Tax
Contract Type:
Permanent
Description
.
Reference
BBBH180222
Expiry Date
01/01/01
Author
Aleksandra TaranovskajaAuthor
Aleksandra TaranovskajaSalary:
£45,000 - £55,000 per annum
Location:
Leeds, West Yorkshire
Industry
Business Services
Qualification
None specified
Market
Financial Services
Salary
£50,000 - £60,000
Job Discipline
Tax
Contract Type:
Permanent
Description
.
Reference
BBBH182325
Expiry Date
01/01/01
Author
Aleksandra TaranovskajaAuthor
Aleksandra TaranovskajaSalary:
£200 - £225 per day + Via Umbrella
Location:
London
Industry
Investment Banking & Capital Markets
Qualification
None specified
Market
Financial Services
Salary
£150 - £250
Job Discipline
Risk
Contract Type:
Contract
Description
Risk Administrator - 6 Month Contract £200 - £225 per day Via Umbrella or £30,000 - £35,000 FTC
Reference
BBBH184236
Expiry Date
01/01/01
Author
Deem NaPattaloongAuthor
Deem NaPattaloongSalary:
£70,000 - £80,000 per annum + Bomus and Benefits
Location:
West Yorkshire
Industry
Investment Banking & Capital Markets
Qualification
Fully qualified
Market
Financial Services
Salary
£80,000 - £100,000
Job Discipline
Treasury
Contract Type:
Permanent
Description
Treasury Manager - Up to £80,000 + bonus- Financial Services - West Yorkshire
Reference
BBBH184231
Expiry Date
01/01/01
Author
Ben ShapiroAuthor
Ben ShapiroSalary:
€75,000 - €85,000 per annum + Bonus, Benefits
Location:
Dublin
Industry
Investment Banking & Capital Markets
Private Equity
Professional Services
Qualification
Finalist / Newly qualified
Market
Financial Services
Salary
£70,000 - £80,000
Job Discipline
M&A
Investment - Buyside
Investment - Real Estate & Debt
Contract Type:
Permanent
Description
Strategy Manager - Corporate Finance/M&A A unique role within the Irish Market focusing on Post Merger/Acquisition deals from a Strategic integration and carve out perspective.
Reference
BBBH184220
Expiry Date
01/01/01
Author
Matthew FitzpatrickAuthor
Matthew FitzpatrickSalary:
Up to £70,000 per annum
Location:
Reading, Berkshire
Industry
Investment Management
Qualification
Fully qualified
Market
Financial Services
Salary
£70,000 - £80,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
Technical Accounting Manager Reading - hybrid working Up to £70k Financial Services
Reference
BBBH183853
Expiry Date
01/01/01
Author
Ollie PizzeyAuthor
Ollie PizzeySalary:
Negotiable
Location:
Manchester, Greater Manchester
Industry
Insurance
Qualification
Fully qualified
Market
Financial Services
Salary
£100,000 - £125,000
Job Discipline
Legal
Contract Type:
Permanent
Description
Head of Commercial Manchester £100,000-£120,000
Reference
BBBH184169
Expiry Date
01/01/01
Author
Elliott KayeAuthor
Elliott KayeSalary:
Negotiable
Location:
Leeds, West Yorkshire
Industry
Insurance
Qualification
Fully qualified
Market
Financial Services
Salary
£40,000 - £50,000
Job Discipline
Legal
Contract Type:
Permanent
Description
Senior Claims Handler Leeds
Reference
BBBH184166
Expiry Date
01/01/01
Author
Elliott KayeAuthor
Elliott Kaye