Ethics and governance in the European Financial centers

The SFBC (Swiss Federal Banking Commission) published recently its latest annual report.

The report underlines that in 2006, there were a number of widely publicised cases where attempts were made to test the ethical borders and that debate on this topic is entirely desirable: it reflects the sensitivity of the issue, encourages the necessary awareness and documents the extent of the potential loss of reputation – irrespective of any breach of supervisory or indeed criminal law. The Banking
Commission is monitoring this development closely. Ultimately, the Commission grants licences only to those who enjoy a good reputation and guarantee proper conduct of their business activities.
Those who overreach the borders of ethical conduct undermine trust in the financial centre. Yet trust is the greatest asset it has to offer. A climate of trust that has taken a long time to establish can be destroyed in an instant. It is based on personal integrity and expert solutions; and supervisory authorities also have a role to play.

See summary in English
See full report in French
See full report in German