The Transparency Task Force believes that the financial services sector is profoundly important to society’s well-being, economic stability, and political stability. However, despite significant investments in regulation, the finance sector consistently ranks as one of the worst offenders in terms of ethical breaches and fines. For further information about that, please see here and here.

The harsh reality is that these fines are not just abstract penalties—they stem from individual decisions made by people within the industry who choose to do the wrong thing.

Why, then, are so many individuals in the financial sector seemingly willing to act with a low level of ethics, integrity, transparency, and trustworthiness?

This question lies at the heart of the issue, and it is crucial that we continue to discuss it until we achieve the positive, progressive, and purposeful reform that is desperately needed.

Transparency Task Force is proud to partner with Charles Fowler and his colleagues in actively participating in this year’s World Values Day. We aim to shine a bright light on the principle that “sunlight is the best disinfectant,” a notion first espoused by Justice Louis Brandeis in his 1914 book Other People’s Money and How the Bankers Use It.

We invite everyone who cares about the financial sector’s role in supporting society to participate in this event. There will be short speeches by notable individuals, as well as ample opportunities for discussion and debate on how we can galvanise support for the change we need to see.

Do not underestimate the importance of World Values Day and the collective effort around it. No matter how strong or comprehensive the regulatory framework becomes, individuals with poor ethics and low moral standards will always find a way to do the wrong thing if they are so inclined.

Our collective objective is to change the culture within organisations so that the very idea of doing the wrong thing becomes unthinkable.

Because that is exactly what it is—unthinkable! 

Furthermore, beyond the moral and societal imperatives, we will also explore the commercial advantages of ethical conduct. In short, there is true “value in values.” Organisations that embody the right values will continue to attract and retain high-quality clients and customers. Even if leaders are not morally motivated, we hope they will embrace the idea of doing the right thing because of the positive impact it has on business.