A survey of financial executives around the world has found that 91 per cent of respondents placed equal importance on ethical behaviour and financial success.
The study, A Crisis of Culture: Valuing Ethics and Knowledge in Financial Services, was conducted by the Economist Intelligence Unit and sponsored by the CFA Institute.
“CFA Institute sponsored this study in order to take the temperature of the financial services industry as we begin to emerge from the financial crisis,” said Paul Smith, Asia Pacific MD of CFA Institute.
“The results show that the industry has further to go on its journey to drive up ethical standards and embrace professional education.”
Smith said that the only way for the industry to progress worldwide is to move from putting the bottom line front and centre to meeting the needs of all stakeholders.
“It also shows signs of a shift in culture by recognising the benefits of global ethical standards and industry knowledge, and addressing agency issues,” added Smith.
“If we are to move the industry forward it is incumbent upon everyone within the industry to align their personal and organisational values with those that serve client, shareholder and societal needs.”
The Global Financial Crisis has fundamentally changed how the financial services industry approaches a number of issues, one of which is ethics.