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 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.

———-

[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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The BFO unveils the 2020 cohort of Young Ambassadors.

The Banking and Finance Oath (The BFO) is proud to introduce the 2020 cohort of Young Ambassadors – a Program encouraging and supporting students, graduates and young people to contribute to a strong ethical foundation as they begin their careers in the banking and finance industry.

As a strong supporter of The BFO, the Governor of the Reserve Bank of Australia, Philip Lowe, has announced the 2020 cohort, acknowledging the importance of trust, integrity and ethics in fostering a positive culture within the industry.

“Finance is all about trust. When a deposit is placed in a bank, we trust it will be repaid. We also trust financial institutions to invest our hard-earned savings for us. And we trust them to provide us with sound advice. Without this trust, the financial system cannot operate properly and the economy cannot prosper. As the first line of The Banking and Finance Oath says: ‘Trust is the foundation of my profession’. The Young Ambassadors, as future leaders in the industry can help to rebuild trust in finance through the example they set” said Governor Lowe.

Recognising young people as the future leaders of the industry, Governor Lowe congratulated the seven successful candidates, who have demonstrated a strong commitment to ethics in banking and finance:

• Louisa Brown, Graduate, NAB
• David Goldfeld, Graduate, UBank
• Elle Griffin, Senior Analyst, CBA
• Michelle Lim, Consultant, KPMG
• Ricky Rangra, Student, The University of Sydney
• Anu Sharma, Graduate, NAB
• Sarah Valente, Graduate, ANZ

Chair of The BFO, Dr John Laker AO said, “In these unprecedented times, the banking and finance industry is playing a vital role in supporting the Australian community through hardship. Our industry may change after the COVID-19 pandemic is tamed but that is difficult to know. What we do know, though, is that our Young Ambassadors have the leadership qualities to help influence positive change and set an example of honesty and integrity for their peers”.

Recognising the Young Ambassador Program can reach only a limited amount of young people within tertiary institutions, The BFO is working with universities across Australia to introduce the Oath to young people in their banking and finance degrees. The aim of this collaboration is to support young people going into financial services who lead with their values, and work with their organisations to strengthen the ethical foundation of the industry.

Academic Director for Postgraduate Programs in the University of New South Wales Business School, Tracy Wilcox said, “We know that young people are more interested in living a life with purpose. And we are seeing the importance of trust and integrity in underpinning flourishing societies and economies. The BFO Young Ambassador Program enables emerging leaders in the banking and finance industry to make a positive difference in their field. I hope to see more and more of our students embrace the values and practices that The BFO embodies.”

The Young Ambassador Program offers the opportunity for young people to participate in a 12-month Program, including training and development, exposure to industry leaders, access to The BFO events and a chance to connect with an elder of the industry. The Program allows participants to harness the full potential of The BFO in their workplace. On completion of the Program the group is required to deliver a project that contributes to the ongoing conversation exploring ethics.

You can find out more about the Program, past projects and the 2020 Young Ambassadors on The BFO website.

The BFO presents ‘Ethics in Financial Services‘ podcast series

The project delivered by the 2019 Young Ambassadors saw the group produce a podcast series featuring interviews with senior members of the banking and financial services industry. Among those interviewed were Jillian Broadbent AC, member of the board of the Reserve Bank of Australia, Chair of the Clean Energy Finance Corporation and Chancellor of the University of Wollongong, and Stephen Dunne, former CEO of AMP Capital and first Chairman of The BFO Ltd.

In each interview, guests shared their story about an ethically challenging decision they were faced with during their career. Each episode presents a tangible case study from which other members of the industry can draw when facing their own ethical challenges.

You can listen to the podcast series ‘Ethics in financial services’ on The BFO website and other podcast platforms.

This podcast series will continue to provide past and present Young Ambassadors the opportunity to talk with leaders who are able to share challenging times. This will allow a continuous learning for future leaders.

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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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John Laker

The Board of The Banking and Finance Oath (The BFO) welcomes Commissioner Hayne’s focus on honesty and individual accountability in the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

In the Report, Commissioner Hayne emphasises the need for institutions and staff in the financial services industry to have a clear understanding “of what is ethical, of what is efficient, honest and fair, of what is the ‘right’ thing to do”. These are the values that underpin the Oath.

The Oath is an initiative of industry leaders, begun in 2012 in affiliation with The Ethics Centre, that is designed to strengthen the ethical foundation of the financial services industry by encouraging self-reflection and ethical decision-making. The Oath contains a set of commitments that individuals can freely adopt and apply as personal principles in their work – principles that complement and reinforce the norms of conduct highlighted by Commissioner Hayne.

The Final Report acknowledges the role of industry codes of ethics in fostering public confidence and practitioner integrity, and makes recommendations to strengthen their enforceability. The Oath is not an industry code – it is a personal commitment with moral but not legal force – but it sits readily alongside industry codes that set out norms of ethical behaviour expected of participants.

The BFO will prioritise its discussions with institutions and industry bodies on strengthening the ethical foundations of the financial services industry and, in particular, on promoting greater professionalism in the industry. The BFO provides an obvious focal point for the ethics component of any professional accreditation initiatives.

The BFO Chairman, Dr John Laker, says “The Final Report is a clarion call to the financial services industry to prioritise ethical decision-making and individual accountability in its dealings with the Australian community. This is the time for individuals committed to the good of the industry to reflect on what they want to stand for and take responsibility for their own behaviour. We know the right culture – one built on ethics, honesty and accountability – allows the right behaviour to thrive.”

A growing number of industry professionals at all levels – executives, middle managers and other staff – have expressed their commitment to the industry by signing the Oath. Others who wish to put ethics at the forefront of driving change in the industry are encouraged to join them. The Royal Commission has created a tipping point for the financial services industry, and if ever there was a time to take the Oath, it is now.

Anyone who would like to become a signatory to The BFO can find out more at www.thebfo.org

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Mrs Rowell is currently the Executive General Manager of APRA’s Supervisory Support Division. Mrs Rowell joined APRA in 2002 and has been employed in a number of senior roles including General Manager, Diversified Institutions Division and General Manager Policy Development.

Mrs Rowell has represented APRA at various subcommittees of the International Association of Insurance Supervisors. She also represents APRA on the FSB’s Supervisory Intensity and Effectiveness Group and co-Chairs the Joint Forum Financial Conglomerates Committee.

APRA Chairman John Laker welcomed Mrs Rowell’s appointment: ‘Helen brings a wealth of experience and knowledge to the position of APRA Member from her 10 years in senior roles within APRA and also from her extensive experience in the private sector.’

Prior to joining APRA, Mrs Rowell was a partner at the international consulting firm Towers Perrin (now Towers Watson), and she is also a Fellow and past President of the Institute of Actuaries of Australia.

The announcement can be found on the Treasurer’s website.

Today’s announcement follows changes, announced in April this year, to APRA’s Executive Group. It was announced APRA’s Deputy Chairman Ross Jones would not be seeking re-appointment and would leave APRA on 30 June 2013 after serving two five-year terms, and that APRA Member Ian Laughlin would be appointed Deputy Chairman for two years from 1 July 2013.

It was also announced at that time that Wayne Byres, former APRA Executive General Manager and currently Secretary General to the Basel Committee on Banking Supervision, will commence as APRA Chairman on 30 June 2014 with John Laker continuing to serve as APRA Chairman until that time.

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