The Banking and Finance Oath Ltd will be deregistered after it was announced the organisation will merge with The Ethics Centre, which the groups called “a major step in expanding and enriching conversations within the banking and finance industries on ethical issues” in a joint statement.
The Oath came about as an initiative led by The Ethics Centre and was launched in 2013 as a separate entity whereby individuals in the banking and finance industry could voluntarily sign up to a set of principles such as “competing with honour” and “creating a just society”.
“The BFO was born out of the dark days of the GFC and the need to affirm the ethical foundations on which people working in banking and finance ultimately stand,” said The Ethics Centre executive director Simon Longstaff. “It reminds us that, at its best, banking and finance can be a noble calling.”
According to John Laker, outgoing chair of the BFO, the merger takes the organisation back to its “spiritual home” with “clear benefits” to both parties.
“The BFO has been gaining traction, and our board believes that joining forces with The Ethics Centre, as the industry continues to rebuild community trust, makes good sense,” Laker said. “Both organisations will be more effective as one than as two.”
The BFO will retain its identity and its website as part of the merger and will become a distinct program of The Ethics Centre.
The new arrangements came into effect from March 1, this year.