The article talks about how MPs found that twice as much money is being stolen from bank accounts than what is reported by banks themselves. This is a business ethical issue as concealing information about stolen funds is ethically unjust to the public.
Banks for hundreds if not thousands of years have been the primary place for society to store their savings. The easy to understand interest rates given and security of major banking firms make it the primary place for the public to invest their money. However, after this scandal it highlights that the customer’s money isn’t necessarily safe and it is not ethical for the banks to hide this information.
With gold spiralling to a new low in the past four years and the instable economy making shares, and bonds risky, leaves society clueless to where to store their earnings if the banks can’t be trusted. Banks operate under the assumption of trust and loyalty so for this to be breached highlights a major flaw in the firms.
Some may argue that by hiding this information and regaining the money back by other means reflects on no difference to the customers of the bank. In the end of the day they will be earning the expected rate, and their sum of money is considered to be “safe”. To me ignorance is not bliss in this scenario because the values of the bank should be transparency, trust and loyalty. By being unethical in hiding the information they challenge these values and depict to the public that what is happening to customer’s money may not be what is expected.
Banks should step up and take the ethical route in dispensing correct information.
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