First, do you have any idea what an ethical firms should have within its organization? According to what I have learned in the lecture, I have further improve my understanding on ethic codes as the latest lecture class gave me a better knowledge on code of ethics. These ethics code is to be performed by firm to be moral. I now realize that good ethics can be performed in various ways such as acting and promoting strong moral principles. In order to demonstrate good ethics within a firm, they should have strong moral principles such as sense of responsibility.
Imagine you are an employee working under a responsible employer in which this employer offers training course and medical examination to you solve your problems together with you and always check on the tools and equipment to ensure it will be used safely by you. Will you be happier to work under him? Will you be more productive? If it was me, I will definitely improve my job performance as I feel happier working under such conditions.
How do we know which firm is qualified to be labeled as ‘ethical’ firm? As long as they behave ethically? No… we do not know which firm is truly ethical and which is not. Some may seem ethical for us because they are hiding their dark side. How evil they are! Few months ago, The News reported that Co-operative Bank operation still claimed to be an ‘ethical’ bank despite its systematic customer defraud under the PPI scheme. The demand for PPI was already more than £20billion back to this august. Financial experts even mentioned that banks could face pay out up to £33billion due to latest financial scandal. What if the complains go up continuously? It must be cure! Banks might need to pay more for failure of handling PPI claims. it is not a surprise to me that co-operative bank had been fine £113,000 for mishandling PPI . Oh gosh, all the figures are so huge, banks should have treat this as a serious issue before it further worsen the GDP growth level.
The PPI scandal showed the financial industry failure
for self-regulation .How can Co-op bank still claim themself as ‘ethical’ after all these happened. The term ‘ethical’ is getting confuse in my head. .Don’t you feel the term ‘ethical’ sounds more disbelieving now? I am not sure if it was due to customer-led ethical policy of Co-op bank which launched in 1992, but all I know is this bank is definitely at risk! What do you think? Do you agree with me? Tell me what do you think :>
