08 Mar

We were pleased to be supporting the Lord Mayor’s Business of Trust Theme this year.  We, and the other members of the Financial Services Group of Livery Companies, were sponsors of a report:

Get Smart About Scandals: Past Lessons For Future Finance

By Professor Tim Connell and Bob McDowall, Sponsored by Cardano Foundation, Long Finance (March 2018), 102 pages.

The report informs you of the basic tricks that fraudsters, conmen, and the incompetent have used, over many centuries and explores:

  • Scandals: How To Identify Them – And How To Stop Them
  • Vehicles For Fraudulent Behaviour
  • Corrupt Practices And Procedures
  • Bubble, Booms And Busts
  • The Good Guys: Scandals And How To Avoid Them
  • The Future Direction And Dynamics Of Financial Scandals

The report also offers recommendations based on policy, procedures, structures, and training, that are linked to the Lord Mayor’s “Business Of Trust” initiative, which resulted in the mnemonic ‘CIVIC’

  • Competence and skills – doing what you do well;
  • Integrity – being honest, straightforward and reliable;
  • Value to society – recognising and meeting wider societal needs;
  • Interests of others – respecting the interests of customers, employees and investors;
  • Clear communication – being transparent, responsive and accountable.

The report was launched at the Lord Mayor’s Annual Gresham Event on Thursday, 8 March 2018 at Guidhall – video, recording, and transcript.  We also co-hosted a discussion event with Long Finance’s Distributed Futures team on 7 March.

Related Links

The Business Of Trust – Better Business Trusted By Society“, City of London Corporation, 2018.
The City of London Corporation’s initiative “The Business Of Trust seeks to improve the trustworthiness of the UK financial and professional services sector to create a lasting legacy of better business trusted by society.

To complete the “Business of Trust” Survey, please click here.

Michael Mainelli