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Ethics, Financial Services and Regulation
Why is financial services regulation alone insufficient to ensure ethical conduct in banking?
Regulations set minimum standards, but ethical conduct requires going beyond compliance to internalise values of honesty, fairness, and responsibility.
What does 'ethics' mean in contrast to mere legal compliance in banking?
Ethics is the intent to observe the spirit of the law.
What is the core distinction between legal compliance and ethical behaviour in banking?
Legal compliance means meeting the minimum requirements set by law, whereas ethical behaviour involves internalising values and acting rightly even when not legally compelled to do so.
What distinguishes a Code of Conduct from a Code of Ethics?
Code of Conduct is enforceable; Code of Ethics is followed voluntarily.
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