Ethics in Finance and the Regulation of the Financial Sector
As part of our commitment to ‘alternative narratives’ we are pleased to return to a topic introduced in 2013 by
Professor David Mayes, Prof of Banking and Financial Institutions, Director Europe Institute and NZ Governance Centre,
University of Auckland.
Even before the global financial crisis people had a pretty cynical view of ethical standards in finance, assisted by
the collapse of the deposit-taking finance company sector. Now they probably view the Alex cartoon in the New Zealand
Herald as summing up the behaviour of investment banks, at least. This is in striking contrast to what they do with
their money. Most people are happy to lend their money at low rates of interest to banks without any security or hold
over how they use that money. They behave as if they have made a deposit in Harry Potter's Gringotts Bank and it is
being held for them completely safely in a well locked vault.
The presentation will generate discussion into how the financial system can be better regulated and will review where
regulation in New Zealand has got to compared with the rest of the advanced countries. It is essential to consider
Australia in particular as the strength of our financial system depends on what happens there. It is also worth
considering why things were so much better (if they were) years ago, such as in the 'free banking' period in Scotland in
the nineteenth century.
It will help with our planning if you register here.
ends