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Does Professionalism in Financial Services Have a Future?

In: Ethical Discourse in Finance

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  • Charles W. Munn

Abstract

The purpose of this chapter is to examine how the concept of ‘professionalism’ in modern day financial services in the UK is understood and practised. It examines how computerisation, competition, remuneration strategies, Big Bang and misplaced regulation have all contributed to a reduction in professional standards. It goes on to examine how structural changes in the provision of financial services and the dash for profit growth have led to a reduction in ‘professional services’ and how they have been replaced by a sales culture. It further reflects on how these changes have altered the trust relationship between customers and providers. Finally it reflects on how professional bodies might assist in the restoration of professional standards and trust in the provision of financial services.

Suggested Citation

  • Charles W. Munn, 2021. "Does Professionalism in Financial Services Have a Future?," Palgrave Studies in Impact Finance, in: Marizah Minhat & Nazam Dzolkarnaini (ed.), Ethical Discourse in Finance, chapter 0, pages 21-38, Palgrave Macmillan.
    • Handle: RePEc:pal:psifcp:978-3-030-81596-7_2
    DOI: 10.1007/978-3-030-81596-7_2
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