Research Handbook on Law and Ethics in Banking and Finance
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Research Handbook on Law and Ethics in Banking and Finance

Edited by Costanza A. Russo, Rosa M. Lastra and William Blair

The global financial crisis evidenced the corrosive effects of unethical behaviour upon the banking industry. The recurrence of misbehaviour in the financial sector, including fraud and manipulations of market indices, suggests the need to establish a banking culture that conforms to the highest standards of ethical and professional behaviour. This Research Handbook on Law and Ethics in Banking and Finance focuses on the role that law should play and the effectiveness of newly introduced regulations and supervisory actions as a driver for ethical conduct so as to reconnect the interests of bankers and financiers with the interests of society.
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Chapter 7: What should we do about the law of money, finance, banks and the like?

Philip R. Wood CBE

Abstract

To the ordinary members of the public, it may often be hard to see how the rule of law applies to money, finance and banks where the principles often seem so remote from ordinary rule of law principles. It is considered here that the ethical principles and the moral ideals embedded in the ideology of the rule of law are just as applicable to money and banks as any other realm of human conduct. They are just as relevant as any other case involving the relationship between the government and the governed. This must specially be the case where the situation is changing so quickly and where the quality of invisible property is accumulating at such speed.

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