Sunday, October 03, 2010

If financial services want to be ethical here’s what they have to do

Some of the leaders of Britain's financial services industry recently wrote a letter saying that:
"If the only question is, “Is it legal and profitable?”, then all that matters is that what is done complies with the regulations in force and makes a profit for the seller and the institution they represent.

At its most extreme this philosophy undermines any concern for the best interests of the customer, and subordinates these entirely to the pure self-interest of the seller in maximising profit as an end in itself. It legitimates exploitation and in the end subverts the very basis of trust in the market on which all profitable activity depends."
These words are welcome, as far as they go. Tax Research UK has done an excellent job of deconstructing them.


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