Central bank of Italy has ordered American Express to discontinue distributing new credit cards after the payment network failed to comply with the regulation on money laundering, usury, and transparency.
The move came after customers’ complaints about overbearing rates, and the use of confusing and complicated wordage by the credit card industry.
American Express acknowledged the actions and reported that at the moment the company is introducing some amendments to its information-technology systems and other procedures in order to "adhere more closely to the regulations applicable to payments service providers and financial intermediaries".
Sunday, 11 April 2010
Friday, 9 April 2010
Mobile Banking - Inventor files huge claim for infringement
Two of South Africa's largest companies, Standard Bank and MTN, have been served with summonses that could result in a claim nearing R1 billion (US$ 137 million).
The claim is for alleged infringement of technology patents in establishing and running the joint Standard Bank-MTN cellphone banking venture, MTN Banking.
The claim is by 3MFuture Africa, a company controlled by a German information technology expert, Wolfram Reiners, who is a South African permanent resident.
Reiners claims that Standard Bank and MTN used technology developed by him and two others in 2000 to launch and maintain MTN Banking.
The technology allows for credit cards to be securely used where the credit card itself is not present. With the technology the card can be briefly activated electronically when a transaction takes place and then deactivated when out of use. This effectively prevents fraudsters from using the card, even if they have the card details.
In issuing the summons for a claim to be heard in the Patents Court in Pretoria, Reiners wants to put a halt to the alleged continued infringement of his internationally registered patents and requires full details of how much profit the two companies have made as a consequence of their alleged use of the patented technology.
Reiners has chosen to take his case to the Patents Court initially because his legal advisers say he can get a court date by early next year while a high court case will be a far more drawn out affair.
The extent of the profits will define the rand amount of the claim that will be made. At this stage the estimate ranges from a low of R300 million (US$ 41 million) up to a maximum of R950m US$ 130 million).
Reiners has retained the services of Heath Executive Consultants, which is headed by former anti-corruption judge, advocate Willem Heath, to do the forensic investigations into the infringements.
Reiners says that between April 2001 and November 2002 he held more than 20 meetings with Standard Bank at its request after an initial meeting to interest them in the technology.
During this period a meeting was also allegedly held with Santie Botha, who at the time was the ABSA Bank director in charge of marketing, who then moved to take over as marketing director of MTN. She was provided with extensive details on the technology.
The claim is for alleged infringement of technology patents in establishing and running the joint Standard Bank-MTN cellphone banking venture, MTN Banking.
The claim is by 3MFuture Africa, a company controlled by a German information technology expert, Wolfram Reiners, who is a South African permanent resident.
Reiners claims that Standard Bank and MTN used technology developed by him and two others in 2000 to launch and maintain MTN Banking.
The technology allows for credit cards to be securely used where the credit card itself is not present. With the technology the card can be briefly activated electronically when a transaction takes place and then deactivated when out of use. This effectively prevents fraudsters from using the card, even if they have the card details.
In issuing the summons for a claim to be heard in the Patents Court in Pretoria, Reiners wants to put a halt to the alleged continued infringement of his internationally registered patents and requires full details of how much profit the two companies have made as a consequence of their alleged use of the patented technology.
Reiners has chosen to take his case to the Patents Court initially because his legal advisers say he can get a court date by early next year while a high court case will be a far more drawn out affair.
The extent of the profits will define the rand amount of the claim that will be made. At this stage the estimate ranges from a low of R300 million (US$ 41 million) up to a maximum of R950m US$ 130 million).
Reiners has retained the services of Heath Executive Consultants, which is headed by former anti-corruption judge, advocate Willem Heath, to do the forensic investigations into the infringements.
Reiners says that between April 2001 and November 2002 he held more than 20 meetings with Standard Bank at its request after an initial meeting to interest them in the technology.
During this period a meeting was also allegedly held with Santie Botha, who at the time was the ABSA Bank director in charge of marketing, who then moved to take over as marketing director of MTN. She was provided with extensive details on the technology.
Wednesday, 7 April 2010
Citadel Advantage & IASeminars partner to offer a week-long joint program in London in June
Citadel Advantage, a global banking solutions provider specializing in payment systems, operational risk management, business continuity planning, and liquidity management, has partnered with IASeminars Ltd, an international leader in International Financial Reporting Standards (IFRS) training and education solutions to offer a week-long joint program in London: Banking Transformation 2010 – IFRS and Process Improvement.
This program on Banking Transformation is comprised of two distinct modules which can be attended separately, though together they are designed to address the challenges facing banking and other financial institutions in the year ahead. Places for this unique event are limited, and advance booking is required.
“Process Improvement and Managing Change in a Banking Environment” will be led by Citadel Advantage industry experts who are experienced in addressing business continuity, compliance, payments, risk, and host of other issues which are faced by banking professionals on a daily basis.
The June 21-22 program is an intensive course on business processes, what they are and how they can be improved. The program also deals with managing the effects that changes to business processes bring about, and gives insights into how to use a specific business process improvement methodology to create successful results.
"Process Improvement is extremely critical for financial institutions, but can only succeed if understood and managed correctly" said Richard Barr, Citadel Advantage Principal Associate. "We are excited to be cooperating with IASeminars in our first offering of a combined training event which truly tackles the needs that financial institutions face and provides invaluable knowledge that all management need in today’s demanding market"
“IFRS for Banks and Other Financial Institutions” will be led by international experts from the IASeminars IFRS banking faculty who have benefited from banking regulatory and international IFRS implementation experience.
The June 23-35 program is interactive, hands-on, and makes use of case studies, exercises, and model financial statements to explore the effects that the current and likely future IFRS requirements will have on the financial statements of banks and other financial institutions.
"Adopting and complying with IFRS is a key organisational change affecting financial institutions around the world," said Marc Gardiner, IASeminars Managing Director. "We are delighted to be collaborating with Citadel Advantage to offer a combined training event which addresses the issue of banking transformation and also provides the necessary skills for finance executives to thrive and grow in this challenging environment."
This new collaboration with Citadel Advantage expands IASeminars offerings to over 100 international accounting courses available in some 50 cities around the world on topics including:
By cooperating with IASeminars, Citadel Advantage also increases the range of its services. Citadel Advantage offers a comprehensive array of professional training courses for commercial and central banks in the areas of; Operational Risk Management (for Basel II and for back-office risk mitigation), Specific Operational Risk Management areas (including Business Continuity Planning, Anti Money Laundering & Payment Systems), and Liquidity Management.
About Citadel Advantage
Citadel Advantage (http://www.citadeladvantage.com/) provides back office system specialist services, specifically covering operations risk mitigation, fraud prevention, payments, and liquidity & treasury systems. The company provides services relating to the design, functionality, risk mitigation, training and operation (including payment flow control and liquidity management) of Payment Systems and associated Back Office operations activities.
About IASeminars
IASeminars (http://www.iaseminars.com/) has established itself over 10 years as one of the world's leading independent providers of international accounting seminars. With offices in London and Washington, D.C., it offers several hundred public courses each year on six continents. IASeminars events attract thousands of senior delegates from around the world, who are taught by an international faculty of expert instructors.
This program on Banking Transformation is comprised of two distinct modules which can be attended separately, though together they are designed to address the challenges facing banking and other financial institutions in the year ahead. Places for this unique event are limited, and advance booking is required.
- June 21-22 - Process Improvement and Managing Change in a Banking Environment
- June 23-25 - IFRS for Banks and Other Financial Institutions
“Process Improvement and Managing Change in a Banking Environment” will be led by Citadel Advantage industry experts who are experienced in addressing business continuity, compliance, payments, risk, and host of other issues which are faced by banking professionals on a daily basis.
The June 21-22 program is an intensive course on business processes, what they are and how they can be improved. The program also deals with managing the effects that changes to business processes bring about, and gives insights into how to use a specific business process improvement methodology to create successful results.
"Process Improvement is extremely critical for financial institutions, but can only succeed if understood and managed correctly" said Richard Barr, Citadel Advantage Principal Associate. "We are excited to be cooperating with IASeminars in our first offering of a combined training event which truly tackles the needs that financial institutions face and provides invaluable knowledge that all management need in today’s demanding market"
“IFRS for Banks and Other Financial Institutions” will be led by international experts from the IASeminars IFRS banking faculty who have benefited from banking regulatory and international IFRS implementation experience.
The June 23-35 program is interactive, hands-on, and makes use of case studies, exercises, and model financial statements to explore the effects that the current and likely future IFRS requirements will have on the financial statements of banks and other financial institutions.
"Adopting and complying with IFRS is a key organisational change affecting financial institutions around the world," said Marc Gardiner, IASeminars Managing Director. "We are delighted to be collaborating with Citadel Advantage to offer a combined training event which addresses the issue of banking transformation and also provides the necessary skills for finance executives to thrive and grow in this challenging environment."
This new collaboration with Citadel Advantage expands IASeminars offerings to over 100 international accounting courses available in some 50 cities around the world on topics including:
- IFRS Basics
- IFRS Transition and Implementation
- IFRS vs. U.S. GAAP Differences
- IFRS for SME's
- IFRS for Financial Instruments, Derivatives and Hedging
By cooperating with IASeminars, Citadel Advantage also increases the range of its services. Citadel Advantage offers a comprehensive array of professional training courses for commercial and central banks in the areas of; Operational Risk Management (for Basel II and for back-office risk mitigation), Specific Operational Risk Management areas (including Business Continuity Planning, Anti Money Laundering & Payment Systems), and Liquidity Management.
About Citadel Advantage
Citadel Advantage (http://www.citadeladvantage.com/) provides back office system specialist services, specifically covering operations risk mitigation, fraud prevention, payments, and liquidity & treasury systems. The company provides services relating to the design, functionality, risk mitigation, training and operation (including payment flow control and liquidity management) of Payment Systems and associated Back Office operations activities.
About IASeminars
IASeminars (http://www.iaseminars.com/) has established itself over 10 years as one of the world's leading independent providers of international accounting seminars. With offices in London and Washington, D.C., it offers several hundred public courses each year on six continents. IASeminars events attract thousands of senior delegates from around the world, who are taught by an international faculty of expert instructors.
Monday, 5 April 2010
Operational Risk ban for not having right control system
The UK's Financial Services Authority (FSA) has banned Martyn Powsney, the former director of Powsney & Co Ltd, an IFA firm based near Manchester, from holding positions of significant influence in any FSA authorized firm. Pownsey, who failed to put in place systems and controls to ensure that customers received suitable advice and failed to take sufficient remedial action, was found to be not fit and proper to run an authorized firm.
Following an initial visit in 2007, the FSA required Powsney to take action to rectify serious failings at Powsney & Co Ltd but, despite employing a compliance consultant to assist with the remedial work, he failed to take prompt, adequate action. A subsequent assessment by the FSA in 2008, as part of its assessment program for small firms, identified similar concerns to the 2007 visit.
The FSA has concluded that Powsney failed to:
“Powsney lacked competence and capability. Even when FSA staff visited the firm in 2007 and 2008 and set remedial action, Powsney failed to implement the required changes.
"It is vital that those running firms have the necessary competence and capability to put systems and controls in place to ensure that suitable advice is given and customers are treated fairly. Individuals who do not have these qualities are a risk to consumers and face being banned.”
The 2008 visit to the firm was part of the assessment programme for small firms. Firms who fail to have in place appropriate systems and controls to demonstrate that they are treating their customers fairly will continue to be identified through the FSA’s Small Firms assessment program and action, including enforcement where appropriate, will be taken.
Powsney & Co Ltd, is currently in liquidation and is no longer authorized to conduct regulated business.
Following an initial visit in 2007, the FSA required Powsney to take action to rectify serious failings at Powsney & Co Ltd but, despite employing a compliance consultant to assist with the remedial work, he failed to take prompt, adequate action. A subsequent assessment by the FSA in 2008, as part of its assessment program for small firms, identified similar concerns to the 2007 visit.
The FSA has concluded that Powsney failed to:
- establish appropriate systems and controls at the firm,
- demonstrate that the firm was providing suitable financial advice, and
- fully appreciate or adequately undertake remedial action required by the FSA.
“Powsney lacked competence and capability. Even when FSA staff visited the firm in 2007 and 2008 and set remedial action, Powsney failed to implement the required changes.
"It is vital that those running firms have the necessary competence and capability to put systems and controls in place to ensure that suitable advice is given and customers are treated fairly. Individuals who do not have these qualities are a risk to consumers and face being banned.”
The 2008 visit to the firm was part of the assessment programme for small firms. Firms who fail to have in place appropriate systems and controls to demonstrate that they are treating their customers fairly will continue to be identified through the FSA’s Small Firms assessment program and action, including enforcement where appropriate, will be taken.
Powsney & Co Ltd, is currently in liquidation and is no longer authorized to conduct regulated business.
Wednesday, 31 March 2010
South African Mobile Banking
A “land grab” is under way in South Africa's mobile phone and banking industries as big companies — retailers, banks and telecommunications operators — begin vying for a stake of the fast-emerging market for mobile payments. So writes Duncan McLeod in TechCentral (http://www.techcentral.co.za/inside-sas-mobile-payments-land-grab/13674/ )
Significant announcements are being made virtually every week, as SA’s big four banks and the country’s mobile operators make a play for what could become a lucrative new business — providing electronic financial services to the unbanked using mobile phone.
The past week saw two important developments. First, Vodacom confirmed market talk that it is partnering with Nedbank to introduce Vodafone’s M-Pesa in SA. M-Pesa, developed for Vodafone’s Kenyan subsidiary, Safaricom, has proved wildly successful as a person-to-person money transfer system in the East African nation.
The second big announcement came from Standard Bank subsidiary Beyond Payments, which is rolling a similar system in conjunction with retail chain Spar. Standard Bank’s offering, called Instant Money, is only available in the Eastern Cape — and soon northern KwaZulu-Natal — but will be expanded nationally this year.
Absa already has a solution, which allows consumers to use its ATMs to receive money sent to their mobile phone. It uses an electronic voucher mechanism. First National Bank, which was in the news last week for bringing US company PayPal’s full suite of online payment services to South Africans for the first time, offers something similar.
John Campbell, business development executive at Beyond Payments, describes what’s happening as a “land grab”. All the big banks and mobile operators are experimenting with different models, trying to find the one that will prove a massive success.
There’s no question of the banks backing away, either, as they view mobile payments and commerce as core to their future strategies, Campbell says. That means the fight could soon turn into a full-scale war.
“For Standard Bank, this is a must win,” Campbell says. “It’s our future.”
Beyond Payments was set up outside of the normal Standard Bank structures precisely so that operational issues in the rest of the bank would not distract it. It’s mandate is to come up with innovative new products, even if this means competing directly with long-established and core parts of the bank, Campbell says.
Instant Money isn’t Beyond Payments’ first product. Last year it introduced MiMoney, though it hasn’t taken off in quite the way that the company expected. The product, aimed initially at people without credit cards, especially youngsters who want to shop online, has developed a loyal following in specialist areas. For example, it’s become popular as a way of buying cellular airtime, and as a way of purchasing movie tickets.
People who do use it for online shopping do so not because they don’t own a credit card — they often do — but because it’s seen as a more secure payment mechanism, Campbell says.
Unlike MiMoney, Instant Money is targeted at people without any access to the formal banking system.
The idea behind Instant Money and rival services like M-Pesa is that because mobile phones are in the hands of virtually everyone, they’re an ideal platform on which to transact and move money around quickly. People working in cities, for example, can send money to unbanked family members in the rural areas, with neither party having to open a bank account.
“What we’ve launched with Spar is really backing another horse, as another feed into this whole [mobile payments] thing,” Campbell says.
Spar, which has 850 outlets, is an ideal partner, he says — it has stores catering to the more affluent parts of the population as well as stores targeting the poor, including those in outlying areas.
A flat R9,95 fee is levied on each transaction, with Spar collecting “the bulk” of that money.
Campbell says Beyond Payments will launch similar products with other retailers in time, though the Instant Money brand is exclusive to its deal with Spar.
“It’s flipping hard work to sign up retailers,” Campbell says. Beyond Payments has to train staff in each store so they know how to use the system and how to detect, for example, attempts at money laundering.
Consumers are already using the service to do interesting things, he says. For example, some people send transactions to themselves — handing in cash at the point of sale and converting it into electronic currency — so that it doesn’t get stolen, say, while they’re traveling on the taxi. They then draw the cash they’ve sent to themselves, when they need it. This obviates their need to open a bank account and makes their money less likely to be stolen.
Because these payment systems work over telecoms networks, some analysts have suggested that mobile operators could soon find themselves competing head-on with banks on their own turf. But Campbell thinks this is unlikely, especially in the SA context. He says operators more likely to partner with the banks — like Vodacom has with Nedbank for M-Pesa, or like MTN has with Standard Bank for MTN Money — than they are to go it alone.
“The [financial services] industry is still incredibly tightly regulated,” he says.
Even more regulation could be on the way. The SA Reserve Bank has said that eventually it would like mobile phone payment systems to interoperate, much like ATMs do via the Saswitch network. The central bank hasn’t set any deadline for this, though, as the market is still considered to be in its infancy.
Significant announcements are being made virtually every week, as SA’s big four banks and the country’s mobile operators make a play for what could become a lucrative new business — providing electronic financial services to the unbanked using mobile phone.
The past week saw two important developments. First, Vodacom confirmed market talk that it is partnering with Nedbank to introduce Vodafone’s M-Pesa in SA. M-Pesa, developed for Vodafone’s Kenyan subsidiary, Safaricom, has proved wildly successful as a person-to-person money transfer system in the East African nation.
The second big announcement came from Standard Bank subsidiary Beyond Payments, which is rolling a similar system in conjunction with retail chain Spar. Standard Bank’s offering, called Instant Money, is only available in the Eastern Cape — and soon northern KwaZulu-Natal — but will be expanded nationally this year.
Absa already has a solution, which allows consumers to use its ATMs to receive money sent to their mobile phone. It uses an electronic voucher mechanism. First National Bank, which was in the news last week for bringing US company PayPal’s full suite of online payment services to South Africans for the first time, offers something similar.
John Campbell, business development executive at Beyond Payments, describes what’s happening as a “land grab”. All the big banks and mobile operators are experimenting with different models, trying to find the one that will prove a massive success.
There’s no question of the banks backing away, either, as they view mobile payments and commerce as core to their future strategies, Campbell says. That means the fight could soon turn into a full-scale war.
“For Standard Bank, this is a must win,” Campbell says. “It’s our future.”
Beyond Payments was set up outside of the normal Standard Bank structures precisely so that operational issues in the rest of the bank would not distract it. It’s mandate is to come up with innovative new products, even if this means competing directly with long-established and core parts of the bank, Campbell says.
Instant Money isn’t Beyond Payments’ first product. Last year it introduced MiMoney, though it hasn’t taken off in quite the way that the company expected. The product, aimed initially at people without credit cards, especially youngsters who want to shop online, has developed a loyal following in specialist areas. For example, it’s become popular as a way of buying cellular airtime, and as a way of purchasing movie tickets.
People who do use it for online shopping do so not because they don’t own a credit card — they often do — but because it’s seen as a more secure payment mechanism, Campbell says.
Unlike MiMoney, Instant Money is targeted at people without any access to the formal banking system.
The idea behind Instant Money and rival services like M-Pesa is that because mobile phones are in the hands of virtually everyone, they’re an ideal platform on which to transact and move money around quickly. People working in cities, for example, can send money to unbanked family members in the rural areas, with neither party having to open a bank account.
“What we’ve launched with Spar is really backing another horse, as another feed into this whole [mobile payments] thing,” Campbell says.
Spar, which has 850 outlets, is an ideal partner, he says — it has stores catering to the more affluent parts of the population as well as stores targeting the poor, including those in outlying areas.
A flat R9,95 fee is levied on each transaction, with Spar collecting “the bulk” of that money.
Campbell says Beyond Payments will launch similar products with other retailers in time, though the Instant Money brand is exclusive to its deal with Spar.
“It’s flipping hard work to sign up retailers,” Campbell says. Beyond Payments has to train staff in each store so they know how to use the system and how to detect, for example, attempts at money laundering.
Consumers are already using the service to do interesting things, he says. For example, some people send transactions to themselves — handing in cash at the point of sale and converting it into electronic currency — so that it doesn’t get stolen, say, while they’re traveling on the taxi. They then draw the cash they’ve sent to themselves, when they need it. This obviates their need to open a bank account and makes their money less likely to be stolen.
Because these payment systems work over telecoms networks, some analysts have suggested that mobile operators could soon find themselves competing head-on with banks on their own turf. But Campbell thinks this is unlikely, especially in the SA context. He says operators more likely to partner with the banks — like Vodacom has with Nedbank for M-Pesa, or like MTN has with Standard Bank for MTN Money — than they are to go it alone.
“The [financial services] industry is still incredibly tightly regulated,” he says.
Even more regulation could be on the way. The SA Reserve Bank has said that eventually it would like mobile phone payment systems to interoperate, much like ATMs do via the Saswitch network. The central bank hasn’t set any deadline for this, though, as the market is still considered to be in its infancy.
Wednesday, 24 March 2010
Public Relations - How Not to Treat a Customer
Even though this is an extreme case, the “other bank” depicted in this advertisement is unfortunately typical of many real live banks today. I am sure we can all relate to this. It's a very clear lesson in how to NOT treat a customer.
This is certainly worth a watch…
This is certainly worth a watch…
Monday, 22 March 2010
Doing the right thing – A question of Ethics
I recently blogged on Finextra about Ethics and regulation in the financial world under the title “It is more about ethics than policing” (http://www.finextra.com/community/fullblog.aspx?id=3918 )
In this blog I wrote;
"So the FSA is going to beef up on its staff in the oversight of the banks. As I see it, this approached is doomed before it even starts. The regulator, whether it is the FSA or any other, cannot match both the expertise and the innovativeness of the staff in the banks. The reason for this is simple. The regulator cannot compete with the banks in terms of direct payments, like salaries, or other incentives like bonuses.
This gets the whole issue back to what got the financial industry into this mess in the first place.
Putting more overseers in to monitor what is going on is also of doubtful value. It is an approach that will only lead to lulling everybody back into a false sense of security (again). This will last only until the next crisis emerges.
The real solution lies with bank managements accepting, in all sincerity, that they do have a real obligation to abide by certain ethical standards (and bankers in their position of trust within the community should know all about this) and that profits are not the only game in town.
If they can't get this right then no amount of new rules or new inspectors are going to make any difference.”
Bryan Foss responded to my comments with the following;
“Absolutely agree - this issue is about ethics and no amount of expensive (funded by the consumer it aims to protect) regulation will be enough to counter the effects of boards with objectives that are misaligned from their stakeholders (whether customers, investors, employees, suppliers, partners or regulators).
As an NED I have a responsibility to represent all these stakeholders at different times and the ethical challenge makes sense on the board and in leading and being a member of the key assurance committees (Audit, Risk, Nominations and Remuneration for example).
There is some excellent work being done in this area, but so far with insufficient impact on the big banks, or even on the government or FSA as regulator. Too many 'same olds' are moved around or called back in so that things don't really change at all - just look at the FSA and UKFI, if you can find the key names or how the appointment process is supposedly 'transparent'.
One person who is starting to influence these boards and to shake things up with the various regulators (wider than the FSA) is Prof. Roger Steare, Corporate Philosopher with CASS (City University Business School).
There is much more to be done, but we may now be at, or very close to, the tipping point where ethics really count - and there are more than a few people ready to give a final push .......”
Roger Steare is the Corporate Philosopher (http://www.rogersteare.com/). He works with people in businesses all over the world who want to do the right thing. He helps them build trust and sustainability. This short video is like a breath of fresh air.
In this blog I wrote;
"So the FSA is going to beef up on its staff in the oversight of the banks. As I see it, this approached is doomed before it even starts. The regulator, whether it is the FSA or any other, cannot match both the expertise and the innovativeness of the staff in the banks. The reason for this is simple. The regulator cannot compete with the banks in terms of direct payments, like salaries, or other incentives like bonuses.
This gets the whole issue back to what got the financial industry into this mess in the first place.
Putting more overseers in to monitor what is going on is also of doubtful value. It is an approach that will only lead to lulling everybody back into a false sense of security (again). This will last only until the next crisis emerges.
The real solution lies with bank managements accepting, in all sincerity, that they do have a real obligation to abide by certain ethical standards (and bankers in their position of trust within the community should know all about this) and that profits are not the only game in town.
If they can't get this right then no amount of new rules or new inspectors are going to make any difference.”
Bryan Foss responded to my comments with the following;
“Absolutely agree - this issue is about ethics and no amount of expensive (funded by the consumer it aims to protect) regulation will be enough to counter the effects of boards with objectives that are misaligned from their stakeholders (whether customers, investors, employees, suppliers, partners or regulators).
As an NED I have a responsibility to represent all these stakeholders at different times and the ethical challenge makes sense on the board and in leading and being a member of the key assurance committees (Audit, Risk, Nominations and Remuneration for example).
There is some excellent work being done in this area, but so far with insufficient impact on the big banks, or even on the government or FSA as regulator. Too many 'same olds' are moved around or called back in so that things don't really change at all - just look at the FSA and UKFI, if you can find the key names or how the appointment process is supposedly 'transparent'.
One person who is starting to influence these boards and to shake things up with the various regulators (wider than the FSA) is Prof. Roger Steare, Corporate Philosopher with CASS (City University Business School).
There is much more to be done, but we may now be at, or very close to, the tipping point where ethics really count - and there are more than a few people ready to give a final push .......”
Roger Steare is the Corporate Philosopher (http://www.rogersteare.com/). He works with people in businesses all over the world who want to do the right thing. He helps them build trust and sustainability. This short video is like a breath of fresh air.
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