Description
Book SynopsisThe global financial crisis highlighted the corrosive effects of unethical behaviour within the banking industry. This edited collection focuses on the role that ethics, as well as the law, can play to prevent such behaviour from reoccurring. It also examines the effectiveness of newly introduced regulations and supervisory actions in fostering ethical conduct with the aim of realigning the interests of financiers with those of society as a whole.
Featuring contributions from authors in academia, central banks, and professional practice, this Research Handbook presents a comprehensive assessment of law, regulation and professional and market standards in the financial industry. The chapters discuss the philosophical foundations of ethics in financial law, the existence of a social licence to operate and how to nudge banks to be more inclusive. They also critically evaluate some of the key topics in the debate, including fiduciary duties and enforcement measures.
The Research Handbook will be of great interest to academics, policy makers and practitioners in financial law and banking law, as well as legal ethics. Those working within the financial industry with an interest in corporate conduct and culture, will find the Handbook to be an invaluable source of information.
Trade Review'This book is a work of leadership. It offers a brilliant combination of thought and experience about the law and ethics that finance and banking cannot do without. This is about ethics and law embedded in international respect, market culture, business purpose, corporate model and personal integrity. It is about the ends that finance and banking enable us to achieve, about finance earning trust, and about finance serving society, customer, employer and colleague. It is also about insisting that complexity is either understood or reduced. Let the global financial crisis remind us that this is a book on which we must build.' --Sir Robin Knowles, High Court of England and Wales
This book is path-breaking in addressing one of the key issues of our time, the role of ethics in finance. It provides the reader with a comprehensive and challenging analysis of the main aspects of the current debate. The editors have brought together some of the sharpest minds in the field who offer an in-depth, critical and in places novel analysis of the role of law, self-regulation and standards in guiding and channelling behaviour.
The book is a tour de force in considering how ethical considerations can inform the financial system. Finance must serve society in a way which is fair, just and ethical. The book is a timely reminder of this function and a call to those involved to exercise diligence in their own self-interest and for the greater good.'
--Sir Ross Cranston FBA, London School of Economics, UK
Table of ContentsContents: Foreword Andrew Bailey Part I The foundations of ethics in banking and finance 1. The philosophical foundations of financial ethics Kara Tan Bhala 2. Ethics and standards in financial regulation William Blair and Clara Barbiani 3. Ethical foundation of financial law Rosa M. Lastra and Marcelo J. Sheppard Part II The role played by law and standards 4. Nudging inclusive banking and micro finance towards self-sustainability Katherine Hunt, Marco Lamandini and David Ramos Muño 5. The social licence for financial markets, written standards and aspiration David Rouch 6. The Development and Implementation of Professional Standards for UK Bankers: A Practitioner Perspective Simon Thompson 7. What should we do about the law of money, finance, banks and the like? Philip R. Wood CBE, QC (Hon) 8. Rebuilding Trust in Financial Markets: beyond the Limits of Law and Regulation Mark Yallop Part III Can law counteract unethical behaviour? Some examples 9. Ethical Considerations in the Representation of Sovereign Clients Lee C. Buchheit 10. Law and Ethics: The Bank's Fiduciary Duty towards Retail Customers Ruth Plato-Shinar 11. Market timers, late traders and the ultimate insiders Basil G. Zotiades Part IV The effectiveness of regulation and supervisory actions 12. Developing the Senior Managers Regime Alan Brener 13. What makes deterrence credible? Andromachi Georgosouli 14. Breaches of AML reporting requirements by UK Bankers: Are effective enforcement choices being made by financial regulators? Miriam Goldby Part V Are financial regulators ethical? 15. Ethical Culture and Central Banking Thomas C. Baxter Jr 16. Central Banks and Ethics: the Virtual Paradox of Transparency and Confidentiality Mandates Manuel Monteagudo 17. Enforcement, ethics and transparency: problems and perspectives Costanza A Russo Index
