Kembara's Financial Solutions - What does acting ethically entail to you?
Think you understand? You do, of course! Does anyone not? Everyone is aware. It is about acting honestly, fairly, and correctly. Values, integrity, and morality are phrases that are frequently used with ethics or even in instead of it. The majority of us frequently have to make moral decisions, and typically, especially in our personal lives, doing the right thing is obvious. For instance, it is unlikely that you would steal your friend's cellphone. However, what would you do if you discovered a smartphone on the bus, especially a high-end model that you had been saving up to purchase for yourself? A temptation to keep it could exist. Maybe, but you are aware that it is not yours and that it is worth at least £1,000, so the idea of keeping it ought to make you uneasy. In light of this, you make the decision to give it to the driver, whom you can rely on to give it to the bus company's lost property office. Consequently, acting morally and rightly would seem simple. Why then are there so many documented business scenarios where ostensibly morally upright persons are accused of acting unethically? • Is it as a result of their decision? • Is it because they believe that some circumstances call for the application of ethics while others do not? • Is it because they didn't believe their actions violated morality? • Or maybe they just believed they could get away with it? Could it be that it combines all of these ideas and deeds, as well as potentially some others? There is also the problem of why ethical behavior, particularly in the financial services industry, has become such a hot topic. Ethics must have always been significant if they are as important as people currently claim. That's a resounding "yes" in response. Ethics have always been significant. The financial services industry suffered a significant loss of trust as a result of the collective failure of those working in the industry to maintain the value of ethical behavior at the forefront of their thoughts and actions. Unfortunately, trust is much simpler to destroy than to rebuild. As Dr. Mark Carney once quipped, "Trust arrives on foot, but leaves in a Ferrari." (Bank of England Governor, 2013–20).
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