UK financial services firms were fined a total of £392,303,087 in 2019 according to the FCA’s fine tracker. The wider reputational impacts on the companies found guilty of poor ethical conduct are unmeasured.
In times of economic uncertainty the chances of misconduct can increase - 13 per cent of respondents to EY’s latest Global Fraud Survey said they would justify securing deals with underhand cash payments in order to keep a struggling firm afloat.
Philosophers have been debating ethics for millenia. Are some people morally programmed to behave badly, or in fact, as Socrates argued, can virtue only be gained through a knowledge of what constitutes virtuous behaviour, i.e can ethics be taught?