Explain Ethics And Ethical Considerations In Banking (Coursework Sample)

Ethics in Banking
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Ethics in Banks
Introduction
Ethical consideration or ethical code of conduct is imperative in businesses more so in financial institutions such as banks. It largely influences the extent of performance of the bank. Ethics in banking involves treating all the customers in the best way possible. It entails expressing the best behavior at work and avoiding all the inappropriate behaviors. Success in any business is dependent on the public’s confidence and trust. Public confidence and trust is brought about by ethical behavior at the work place. Therefore, ethical code of conduct is very important in the banking system.
Ethical Considerations
In the banking area, ethical behaviors involve working with integrity, diligence and competence as well as with respect. It is required that the stakeholders in the bank mainly the staff to observe ethical behaviors at all times. Additionally, ethical behavior entails the staff to act on the interest of clients rather their own personal interest. It involves prioritizing the client in respect to work. Working under ethical code of conduct also involves accruing to the set rules at all times, such as the rules and regulations governing capital market. Moral judgments are to be made to understand the wrong and right in a banking system.
Still on the ethical considerations, it is necessary that the staff in bankers keep and observe confidentiality as far as the information about a client is concerned. This includes any former, current or prospective clients. The staff is required to observe confidentiality at all times. However, there are exemptions where it is not necessary for the staff to uphold confidentiality of the clients’ information. For instance, when the information pertains illegal activities, when the law requires the disclosure of the information and when the client agrees and permits the disclosure of their information. Moreover, when the staff in ...