Ethics and governance in the European Financial centers

Some people may disagree with my choice not to condone ethical issues: these people want to save brands' reputation.

That is the reason why the common attitude is not to tighten up the ship because of the reputation.

Self regulation of a profession (bankers, auditors) is agreement between fellow professionals to deny or hush up issues.

The consequence is that the root causes of these issues are never corrected and therefore the reputational risk is going on and even growing as dishonest professional are definitely not repudiated and may feel supported in their drifts.

This phenomenon is particularly visible and critical in small centers like Luxembourg, the Isle of Mans or Jersey.

Such small centers are particularly vulnerable in a world of transparency and communication.