Learning Objectives:

  • Understand the ethical principles and professional standards in banking.

  • Apply ethical decision-making models to banking dilemmas.

  • Recognise the root causes of ethical failures.

5.1 Professional Ethics in Banking

The UCD module covers “ethical practice in financial regulation” and “the meaning and significance of ethics and culture” . The Keele module introduces students to “the importance of ethics and trust that is at the core of the financial services sector” . The University of Chester module covers “the comparison of a range of ethical theories and ethical decision-taking models” .

Key principles:

  • Integrity: Acting honestly and transparently.

  • Fairness: Treating customers fairly.

  • Confidentiality: Protecting customer information.

  • Professionalism: Maintaining the highest standards of conduct.

5.2 Ethical Decision-Making Models

The Macquarie University module covers “the theories and principles/standards that are applied to address” contemporary ethical issues . The University of Chester module requires students to compare “a range of ethical theories and ethical decision-taking models” . Key ethical theories include:

  • Consequentialist (Utilitarianism): The ethical choice produces the greatest good for the greatest number.

  • Deontological (Duty-based ethics): Ethics are based on rules and duties, regardless of consequences.

  • Virtue Ethics: Focuses on the character of the individual.

5.3 Root Causes of Ethical Failures

The UCD module explores “the root causes of ethical failure, and potential governance antidotes which may prevent regulatory contraventions” . The University of Chester module requires students to demonstrate “a critical understanding of the key principles of ethical and professional behaviour in the banking environment” . Common causes include misaligned incentives, weak governance, and poor organisational culture.

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