The fallout from the Banking crisis and subsequent scandals, including the Barclays LIBOR fixing scandal has sent shock waves throughout the whole financial services industry and the repercussions will be felt for many years to come. One of the effects is the lack of trust and suspicion felt by consumers throughout the world, in the whole of the industry. The actions of a few will affect everyone in this industry and the people who have a genuine need for help: where will they turn to? How can they trust that the people turning the cogs have their best interests at heart?
For hundreds, if not thousands of years, scandal and corruption have played a part in business throughout the whole world. With the dawn of globalisation we have seen this occur on a much larger scale, culminating in a corrupt culture at some of the banks, and indeed other industries. On the other side of the coin, we are seeing a focus on ‘Corporate Responsibility’, with the majority of companies embracing a culture of responsibility and encouraging a positive impact through their activities with consumers, employees, the wider community and the environment.
Yes, these companies look to operate as profitable businesses, but not based on making profits at all cost. They want to be sustainable, solid companies which will be around for years to come; which can provide secure employment and enhance the environment around them, whilst still providing valuable services or products to the consumer. And this applies just as much to the Financial Services Industry.
At FMB we deal, day in day out, with a whole range of companies in this industry and on the whole we see good people trying to do the best they can for our clients. The fund managers are responsible and ethical and know they are privileged to be ‘looking after’ our client’s money. The product providers we choose are looking for the best outcomes at the lowest cost and we are selecting these people based on our need to deliver a responsible, ethical and professional service to our clients.
Some of the banks have lost sight of what’s important to their customers, especially over the last few years. Perhaps their customers have a focus of their own. Perhaps it’s not all about the money…