Ms Ilieska and seven others were announced as this year’s BFO Young Ambassador cohort at an event held last week at The Ethics Centre. The BFO Young Ambassadors represent organisations from across the financial services and banking industries.

The BFO Young Ambassador Program encourages and supports young professionals to embrace a strong ethical foundation as they begin their careers in the banking and finance industry. Ms Ilieska is the only BFO Young Ambassador from a life insurance company for the second year running. Last year, MetLife auditor Aoife Donnelly was chosen by The BFO for the 2021 program.

Phillip Lowe, Governor of the Reserve Bank, Dr Simon Longstaff AO, Executive Director of The Ethics Centre, Anna Bligh, CEO Australian Banking Association, and other senior leaders from the financial services industry attended the event announcing this year’s BFO Young Ambassadors.

With a background in customer service, Ms Ilieska will bring a customer focused lens to the Young Ambassador program: “I connect with our customers every day and understand how important those interactions are – they are based on care and trust. I believe ethical thinking and behaviour should be embedded in everything we do, every day. I’m looking forward to expanding my knowledge, networking with others from across the industry and contributing to raising awareness of the role of ethics in our lives.”

Commenting on the BFO Young Ambassador Program, Head of The BFO, Cris Parker said: “The BFO Young Ambassador program continues to go from strength to strength, and it’s wonderful to see so many different sectors within banking and financial services represented. We’re pleased to see MetLife continue to lead within the insurance sector by raising awareness of The BFO and supporting the Young Ambassador program. I can’t wait to see what this year’s cohort will achieve.”

MetLife has a long-standing commitment to The BFO and runs an annual campaign to engage staff with the guiding principles of the BFO, achieving a 40% uptake of the Oath in 2021. MetLife has also led the life insurance industry by encouraging others to take the Oath and advocating for improved ethical standards.

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MetLife Australia’s Senior Internal Auditor, Aoife Donnelly, has been named one of The Banking and Finance Oath (BFO) Young Ambassadors for 2021.

Ms Donnelly was announced as a BFO Young Ambassador, along with ten others from across the financial services and banking industries at an event held last night at The Ethics Centre. The event was also attended by Philip Lowe, Governor of the Reserve Bank of Australia, John Laker AO, Chairman of the BFO and Simon Longstaff AO, Executive Director of The Ethics Centre.

The BFO Young Ambassador Program encourages and supports students and graduates to adopt a strong ethical foundation as they begin their careers in the banking and finance industry. Ms Donnelly is the only BFO Young Ambassador from a life insurance company.

Having graduated from a finance degree in Ireland as the world suffered the impact of the global financial crisis of 2008, Ms Donnelly says, “I saw first-hand how a community suffered financially through the ethical failings of the financial services system.” This experience guided her career and has inspired her to drive high ethical standards from herself and colleagues.

“As a BFO Young Ambassador, I hope to encourage others to restore trust and confidence in the industry. I also want to learn from other BFO Young Ambassadors by engaging in difficult and thought-provoking conversations to inspire continued change in a post-Hayne environment.”

Commenting on the BFO Young Ambassador Program, Head of The BFO, Cris Parker said: ”Recognising the power of the individual, MetLife has taken the lead within the insurance sector by raising awareness of The BFO and supporting Aoife as a Young Ambassador to demonstrate her commitment to ethics and in turn, strengthen the ethical foundation in their organisation.”

MetLife has a long-standing commitment to the BFO and runs an annual campaign to engage staff with the guiding principles of the BFO, achieving a 40% uptake of the Oath in 2020. MetLife has also led the life insurance industry by encouraging others to take the Oath and advocating for improved ethical standards.

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Cris Parker

The Banking and Finance Oath (The BFO) has announced applications are now open for its 2021-2022 Young Ambassador Program. The Program encourages and supports students and graduates to adopt a strong ethical foundation as they begin their careers in the banking and finance industry.

Recognising students as the future leaders of the banking and finance industry, each year The BFO selects up to seven students, graduates and young people new to the industry, who demonstrate a commitment to ethics in banking and finance.

This is an opportunity for individuals with strong ethical principles and integrity to assert themselves, reflect on what they want to stand for as a future leader, and consider how they can contribute to the betterment of the industry going forward.

The Young Ambassadors Program offers the opportunity for young people to participate in a 12-month program, including training and development, exposure to industry leaders, full access to The BFO events and a chance to connect with an elder of the industry.

Head of The Banking and Finance Oath Cris Parker, said, “The BFO provides young people with an opportunity to unite, not just in terms of where but also how they choose to work as professionals.

“While the Program provides value to the individuals through the offerings and challenges, it also creates an opportunity for these young industry professionals to lead. The BFO is working with universities to drive awareness of the Program and encourage students who are passionate about upholding strong ethical values as they embark on their career”, said Ms Parker.

The BFO is an initiative founded by industry leaders and part of The Ethics Centre. The Oath contains a set of commitments that individuals can adopt and apply as personal principles in their work.

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Cris Parker

The purpose-driven organisation The Banking and Finance Oath (The BFO) has announced a merger with The Ethics Centre, signifying a major step forward in expanding and enriching conversations within the banking and finance industries on ethical issues.

The BFO has always enjoyed a close association with The Ethics Centre, with its executive director Simon Longstaff playing a key role in initiating and drafting the Oath. The Ethics Centre is also the sole institutional member of The Banking and Finance Oath Ltd, which administers the Oath^[1].

The merger is designed to build on the momentum already generated by senior leaders, especially with the industry’s younger generation through universities and induction programs in the financial service industry.

Under the new arrangements, The BFO will become a distinct program of The Ethics Centre under the management of Ms Cris Parker, Head of the Ethics Alliance and a Director of The BFO Ltd, with support from Ms Jodi O’Callaghan, who will transfer to The Ethics Centre after serving as The BFO Ltd’s Executive Officer.

The BFO program will continue to be funded by signatories and with specific contributions from financial institutions. These funds will be reserved for the support of BFO activities.

The BFO will retain its identity – including its website – both of which are important elements underpinning the transparency of individual commitments to The BFO.

As a result of this change, The Banking and Finance Oath Ltd will be deregistered – with former Directors being available to support The BFO in an advisory capacity.

Dr John Laker, outgoing Chair of the Banking and Finance Oath Ltd., said: “The transfer of The BFO into The Ethics Centre will locate The BFO initiative squarely within 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. Both organisations will be more effective as one than as two.”

Dr Longstaff said: “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. It reminds us that, at its best, banking and finance can be a noble calling. The Ethics Centre welcomes the opportunity to work with a new generation of ethical leaders ready to build on the legacy of those who launched and nurtured this inspiring initiative.”

The new arrangements came into effect from 1 March 2021 this year.

Background

The Banking and Finance Oath (The BFO) is a unique, independent organisation whose purpose is to improve our society by raising the moral and ethical standards of the banking and finance industry through the implementation of the Oath. The BFO was incubated at The Ethics Centre as an industry-led initiative and launched online in 2013.

The Vision of The BFO is “A banking and finance industry that meets the community’s needs and has its full confidence, thereby fulfilling its integral role in society.”

The BFO has two clear aims:

1. to encourage a strong ethical framework for individuals in our financial services industry. The values of integrity, honesty and trust must underpin the industry’s dealings with the Australian community. The BFO is uniquely targeted at the behaviour of the individual and, building on that behaviour, can help to shape a positive culture within institutions themselves; and
2. to provide a public platform on which signatories have the opportunity to demonstrate their integrity and in turn their commitment to the industry. An oath needs to be public, ideally taken publicly but also visible beyond the act. This transparency encourages peer-to-peer accountability and allows the signatory to be held to account by all stakeholders.

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[1] The Banking and Finance Oath:
Trust is the foundation of my profession
I will serve all interests in good faith
I will compete with honour
I will pursue my ends with ethical restraint
I will help create a sustainable future
I will help create a more just society
I will speak out against wrongdoing and support others who do the same
I will accept responsibility for my actions
In these and all other matters; My word is my bond.

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Richard Nunn

MetLife Australia have worked with the The Banking and Finance Oath to encourage other financial services organisations to back lifting ethical standards across the industry, by supporting their employees to take the Oath. MetLife is the first insurer to support The BFO at an organisational level, by encouraging its own staff to take the Oath, as a step towards rebuilding the reputation of the industry.

MetLife has worked with The BFO over the last five months to build a bespoke program that educated staff on The Oath, building on the existing values of the business and strengthening the ‘speak up’ culture. The program included Cris Parker from the Ethics Centre and BFO Director talking to staff about the role ethics plays in business decision making, along with education and communications on the values of the Oath. Following the roll out of the program, more than 40% of MetLife staff have taken the Oath and MetLife plans to continue working closely with The BFO to support its staff through ongoing education and embedding the Oath into the business.

The BFO and MetLife are now joining with fellow signatories to encourage the rest of the insurance and financial services industry to support their staff in taking the Oath, by providing education and driving awareness. The Oath is a simple way for individuals to publicly declare their intention to uphold high ethical standards and help to rebuild trust in the industry.

Richard Nunn, MetLife Australia CEO, reflected on the work with The BFO, saying, “We believe in doing the right thing and we know there is work across the industry  to do to rebuild trust. Working with The Banking and Finance Oath has given us an opportunity to have a deep and important conversation with our people about how we operate, instilling a commitment to high ethical standards in an organisation that believes in ethics. As an organisation with high ethical standards, this is an important conversation to have and it’s one we have to keep having over and over. Now is the time for all of us in the financial services industry to support their people and encourage behaviour that meets the expectations of the community.”

John Laker, Chairman, The Banking and Finance Oath, says, “We’re very encouraged by the level of engagement from MetLife. We know that taking the Oath enables individuals to demonstrate their pride in their workplace and their industry. People want to see ethics being prioritised and management leading by example.The Oath is a clear way for individuals in the financial services industry to personally and publicly demonstrate a commitment to maintaining high ethical standards. Organisations have an opportunity to focus on embedding behaviours that bestow trust, question unthinkinging practices and invite ethics in to tough business decisions. I encourage all banking and financial services organisations to get in touch with The BFO and talk about what we can do together.”

The Banking and Finance Oath was started in 2012, as an initiative by The Ethics Centre and industry representatives who wanted to improve the ethical standards and reputation of the financial services industry.

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