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Financial services leaders to 'clamp down on corruption'
The issues of corruption in the financial industry has received considerable interest since the onset of the economic crisis.
Businesses in the sector are under increased scrutiny to improve standards and a parliamentary committee has recently presented the government with a number of recommendations for reform.
However, a survey by Ernst & Young has revealed a significant anti-corruption effort is being made by the industry itself.
It found 75 per cent of financial companies have a clear code of conduct and anti-bribery policy in place, compared to just 57 per cent across the economy as a whole, FT Adviser reports.
Meanwhile, 69 per cent of employees in the industry said there are clear penalties in place for bad practices.
Tim Muzio of Odgers Interim welcomed the news and claimed it shows financial services are working hard to deal with corruption, although it will take time to be fully stamped out, if ever.
"Financial services is a vastly complex industry compared to others and experience tells us that human nature will always find ways to bend the rules," he stated.
"As long as businesses stay firm and show transparency to its employees from the day they start with the organisation then it will go a long way. So far, based on what is in place within the industry it should be commended for its efforts."
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