Ethics in banking: A code for the greater good

“Clear, well-understood codes (of conduct) contribute to the greater good.”

Mark Carney, chairman of the G20’s Financial Stability Board, previous Governor of the Bank of Canada and current Governor of the Bank of England recently made this statement in a powerful speech about standards and conduct within banking and finance.

The central message in his speech, ‘Building real markets for the good of the people’ highlights the central role good business ethics must play if markets are to operate efficiently.

Mark Carney also made the point that standards and codes of conduct are essential market ‘infrastructure’, and work in the same was as built environment infrastructure does for a city:

“Though markets can be powerful drivers of prosperity, markets can go wrong. Left unattended, they are prone to instability, excess and abuse… Markets without the right standards or infrastructure are like cities without building codes, fire brigades or insurance.” Mark Carney

The themes in this speech are relevant to the International Ethics Standards (IES) project because the IES Coalition has come together to create the first global ethics standard for real estate and related professions. The group of Coalition organisations is united by the belief that business ethics plays a valuable and prominent role in the global property profession.

View the full script with a video of Mark Carney’s speech.