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FOREX: forget semantics, this is corruption at the heart of the City

Written by Robert Barrington on Wednesday, 20 May 2015

Among the spate of City scandals and fines it has been tempting for the anti-corruption community to debate the semantics: is this corruption, or just an ethical failure? 


 

Among the spate of City scandals and fines it has been tempting for the anti-corruption community to debate the semantics: is this corruption, or just an ethical failure? 

The FOREX scandal stands out by any measure.  Although it does fall within TI’s definition of ‘the abuse of entrusted power for private gain’ we can forget the semantics on this one: there is no hiding the fact that it’s out and out corruption at the heart of some of the City’s key institutions.

It will come as no surprise that TI-UK welcomes the punishments.  But there’s a key ingredient we also need to see.  Individuals need to be held to account.

This means not just those directly involved but also senior managers who may have connived or been complicit in this corrupt behaviour.

The banks in this and other scandals need to demonstrate to society how they will ensure this will not happen again – and a good starting point is cooperating with the authorities to ensure that complicit individuals up to board level if necessary, are held to account. 

Ultimately such scandals damage the reputation of the UK and of the City.  The corruption that has been revealed contributes to a society based on fraud and greed rather than the fair and just society that the Prime Minister aspires to.  Those who care about the a fair and just society, or about the reputation of the UK and the City, should be first in line to  make sure there is no impunity for corrupt individuals in the UK, however wealthy or well-connected. 

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Read 2404 times Last modified on Wednesday, 11 November 2015 10:07
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Robert Barrington

Robert is TI-UK's Executive Director. You can view his full bio here, and tweet him @TIukED.

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