After Barclays: Christian financial advisors call for mandatory banking code

The Association of Christian Financial Advisers is backing a mandatory code of conduct for the banking industry, putting ethics at the centre. ACFA welcomes the resignation of Barclay’s Chairman and says bankers must recall the founding Quaker principles of 'honesty, integrity and plain dealing'.

ACFA spokesman, Adian Vaughan, said: "ACFA supports the wish of Barclays Bank's Marcus Agius to have a 'root and branch' review of past business practices, to introduce a mandatory code of conduct and commends his decision to take responsibility by resigning.

"It’s been a dreadful period for the UK's 3rd largest bank, following the unprecedented fines of £290M in the US and the UK for market manipulation of interest rates in 2008. Pressure continues to be piled on the banks, from Lord Turner (head of the FSA) and politicians. Bob Diamond's testimony on Wednesday's Select Committee is eagerly awaited and there is a general 'baying for blood'.

"The City of London and the UK need a successful, well-run investment and high-street banking service that can facilitate growth and compete on a worldwide scale. LIBOR is a side-issue as the overall effects would have largely been neutral (marginal winners and losers).

"The big issues are collusion, an acceptance of 'doubtful practices' and a 'sales culture' that relegates trust below that of short-term profit / bonus maximisation.

"Business culture starts from the top and cascades downwards. Recovering a positive culture would be far better than excessive regulation that could drive wealth-generating banks overseas. Back to basics if you please."

ACFA is the UK network of Christian financial advisers and related professionals. It aims to be the voice of Christian financial advice and champions best practice in the UK. The ACFA website offers links to Christian financial advisers across the UK. See: www.christianfinancialadvisers.org.uk