Loughborough University
Leicestershire, UK
LE11 3TU
+44 (0)1509 263171
Loughborough University

School of Business and Economics


Conference on Professional and Ethical Standards in Banking

May 20th – 21st 2016

Loughborough University, East Midlands, UK

Organised by Centre for Post-Crisis Finance and Centre for Professional Work and Society, Loughborough University

with support from the Bank of England and the Chartered Bankers Institute (a workshop on professional education will be held on the day prior to the conference, in London, 19th May)

Submission deadline for research papers: 21st March 2016

The 'Professional and Ethical Standards in Banking Conference', held May 2016, investigated the ways in which members from the banking sector and academics within finance and economics could work collaboratively on helping the sector to redefine its practices. Watch the conference recap video

Conference overview

The eight years since the onset of the global financial crisis have revealed many examples of banks and their employees falling below expected standards of behaviour.

Examples include:

  • The provision of loans to high-risk borrowers without properly taking into account ability to repay;
  • Conflicts of interest in the selling of sub-prime and structured credit securities; 
  • Mis-selling to customers of inappropriate or unneeded financial  products (most notably of payment protection insurance by UK banks); 
  • The manipulation of the LIBOR interest rate, of the 4pm foreign exchange fix and other market benchmarks; 
  • The selling of interest rate and other hedges to customers without fully informing them of the potential financial consequences including high costs of withdrawal.

Some also regard the high levels of remuneration of many senior banking executives as an ethical concern, especially if this remuneration is paid even when the business performs poorly or many customers are dissatisfied with the services and product they have been sold.

The challenge of ensuring high standards of behaviour in banking has become a central policy issue. In the UK the Banking Standards Review under former Financial Times editor Richard Lambert has led to the creation of a banking standards board with the remit of promoting both higher standards of behaviour and promoting better professional education.

The Bank of England has conducted a review of market behaviour (The Fair and Effective Markets Review) which also highlights the role of corporate governance, corporate culture and individual responsibility in ensuring markets work to the benefit of final customers.

The organisers of this conference invite theoretical, empirical, and policy and practically orientated research papers relevant to these key issues. We will welcome papers using any relevant research methods, including theoretical economic modelling, behavioural economics and finance, case studies, econometric investigations, interviews and questionnaire based research, or philosophical or ethical investigations.

Keynote speaker

The keynote address will be by Professor Ed Kane of Boston College's Carroll School of Management, USA.

Kane is Professor of Finance at BC. From 1972 to 1992 he held the Everett D. Reese Chair of Banking and Monetary Economics at Ohio State University. A founding member of the Shadow Financial Regulatory Committee, Kane rejoined the organization in 2005. He served for 12 years as a trustee and member of the finance committee of Teachers Insurance.

Currently, he consults for the World Bank and is a senior fellow in the Federal Deposit Insurance Corporation’s Center for Financial Research. Previously, Kane has consulted for numerous agencies, including the IMF, components of the Federal Reserve System, and three foreign central banks. He consulted as well for the Congressional Budget Office, the Joint Economic Committee, and the Office of Technology Assessment of the U.S. Congress.

He is a past president and fellow of the American Finance Association and a former Guggenheim fellow. He also served as president of the International Atlantic Economic Society and the North American Economics and Finance Association. Kane is a longtime research associate of the National Bureau of Economic Research. He has authored three books and co-authored or co-edited several more. He has published widely in professional journals and currently serves on seven editorial boards. 

Event Programme - Day 1

Friday 20th May

Sessions in Room HE.0.10, ground floor, Clyde Williams Building





Welcome to Loughborough

Professor Tom Jackson, Associate Dean Research, School of Business and Economics, Loughborough University


Session 1: Overview of Issues

Professional and Ethical Standards in Banking: A Review of the Scholarly Literature and the Policy Responses

Professor Alistair Milne, Loughborough University and Professor Andy Mullineux, University of Birmingham


Break and Refreshments



Session 2: Tools and Metrics

Chair: Dr Donald Hislop, Loughborough University

Developments in Sustainability Accounting: The trade-offs in “Conduct Costs” Reporting

Calvin Benedict, CCP Research Foundation

Accounting for Risk Culture

Dr Simon Ashby, University of Plymouth

Discussant: Dr Alper Kara, Loughborough University


Session 3: Panel 1

Chair: Dr Constanza Russo, Queen Mary

Promoting Better Standards of Behaviour

Alison Cottrell, Banking Standards Board

Stephen Pegge, Lloyds Banking Group

Roger McCormick, CCP Research Foundation





Session 4: Stakeholder Perceptions

Chair: Dr Donald Hislop, Loughborough University

Findings from investor engagement with the UK banking sector on conduct and culture

Paul Cox, Nest Employment Savings Trust (NEST)

Trust and perceived Professionalism in UK Financial Services

Professor Jim Devlin, University of Nottingham

Discussant: Professor Claudia Girardone, University of Essex


Break and Refreshments



Session 5: Panel 2


Chair: Professor David Llewellyn, Loughborough University

Regulation, Governance and Culture Change in Banks

Professor John Mellor, University of Leicester

David Blunt, FCA

Peter Hahn, Henry Grunfelf Professor of Banking, ifs University College

Peter Swabey FCIS, ICSA:The Governance Institute


Session 6: Keynote

Chair: Professor David Llewellyn

Ethics Versus Ethos In US and UK Megabanking

Professor Ed Kane, Boston College

Conference dinner at Yew Lodge Hotel, Kegworth, 18.30-20:45 (participants who are not staying for the saturday will be able to take the last train to London around 21.30).

Over the course of the dinner, Professor David Llewellyn (Loughborough University( will make a few observations on culture, ethics and the banking industry. 

Event Programme - Day 2

Saturday 21st May 2016

Sessions in room BE.0.53, Sir Richard Morris Building


Session 7

Chair: Professor Ed Kane, Boston College

Should private opt-out collective redress actions be introduced in the UK for the resolution of widespread consumer financial services claims?

Shazia Afghan, Queen Mary

A practitioner’s perspective on banking ligitation

Dr David McIlroy, Forum Chambers and SOAS, University of London

Corporate Governance of Banks

Deepa G. Driver, Henley Business School


Break and Refreshments



Session 8


Chair: Con Keating, Brighton Rock Group

Ethical standards and cultural assimilation in financial services

Dr John Thanassoulis, University of Warwick

Discussant (TBC): Professor Alistair Milne, Loughborough University

Ethics and Banking

Professor E. Philip Davis, Brunel University and NIESR

Discussant: Alan Brener, Queen Mary


Session 9: Panel 3


Chair: Con Keating, Brighton Rock Group

Incentives, ethics and culture in financial institutions

Professor Richard Werner, University of Southampton

Professor David Vines, University of Oxford

Paul Dembinski, Observatoire de la Finance





Session 10

Bonus Caps, Deferrals, and Bankers’ Risk-Taking

Professor Jussi Keppo, National University of Singapore

Discussant: Dr Ka Kei Chen, University of Westminster

Bank culture and lending behaviour: Evidence from syndicated loans

Dr Louis Nguyen, University of St. Andrews

Discussant: Professor Kent Matthews, Cardiff University

Scientific committee
Associated London event 19th May: Professional Education in Banking

Our conference sponsors the Chartered Bankers Institute are running an associated event on the 19th May focused on Professional Education in Banking.

This event will include a range of panel discussions with industry experts from both the banking industry and the academic world.

It will be covering the following topics:
• What do bankers need to learn? A practitioner’s perspective.
• What do bankers need to learn? An academic perspective.
• Bringing academics and practitioners together.
• Approaches to teaching Ethics, Culture and Conduct.
• Apprenticeships - the changing educational environment.

Further details can be found here.

All those interested in the issues addressed at our conference in Loughborough are all also welcome to attend the associated event in London without charge (subject to capacity). Enquiries and booking can be made with Julie Vass at the Chartered Bankers Institute (email Julie.vass@charteredbanker.com ).

Paper submission details

The submission deadline has passed and there will be an edited book volume created after the conference. 

Acceptance decisions on the applications will be made by the end of March 2016.

For any inquiry, please email Professor Alistair Milne.

Conference Materials

Please find the following papers/presentations for the conference:


Friday 20th May

Session 1: Overview of Issues 9.05-9.40

Professional and Ethical Standards in Banking: The Relevance of the Scholarly Literature to Practitioner and Policy Initiatives

Alistair Milne (Loughborough University) and Andy Mullineux (University of Birmingham)

Presentation - Milne and Mullineux


Session 2: Tools and Metrics 10.00-11.00

Developments in Sustainability Accounting: The trade-offs in "Conduct Costs" Reporting

Calvin Benedict (CCP Research Foundation)

Paper - Benedict

Presentation - Benedict


Accounting for Risk Culture

Simon Ashby (University of Plymouth)

Paper - Ashby

Presentation - Ashby


Sesson 5: Panel 2 15.00-16.00

Regulation, Governance and Culture Change in Banks

Lack of governance modulesPeter Swabey (FCIS, ICSA: The Governance Institute)


Session 6: Keynote 16.00-17.00

Ethics Versus Ethos In US and UK Megabanking

Ed Kane (Boston College)

Paper - Kane

Presentation - Kane


Saturday 20th May

Session 7 9.00-10.30

Should private opt-out collective redress actions be introduced in the UK for the resolution of widespread consumer financial services claims?

Shazia Afghan (Queen Mary)

Presentation - Afghan

A practitioner's perspective on banking litigation

David McIlroy (Forum Chambers and SOAS, University of London)

Presentation - McIllroy

Session 8 10.50-12.20

Ethical standards and cultural assimilation in financial services

John Thanassoulis (University of Warwick)

Presentation - Thanassoulis

Discussant - Milne


Ethics and Banking

Philip Davis (Brunel University and NIESR)

Paper - Davis

Presentation - Davis


Session 9: Panel 3 12.20-13.20

Incentives, Ethics and Culture in Financial Institutions

Paul Dembinski (Observatoire de la France)

Panellist - Dembinski

David Vines (University of Oxford)

Panellist - Vines


Session 10 14.00-15.30

Bonus Caps, Deferrals, and Banker's Risk-Taking

Jussi Keppo (National University of Singapore)

Presentation - Keppo

Discussant - Chen


Bank culture and lending behaviour: Evidence from syndicated loans

Louis Nguyen (University of St. Andrews)

Presentation - Nguyen

Discussion - Matthews

Download or request a brochure »

Inspire magazine online edition Issue 12 »

SBE Research blog screenshot Discover our School's Research Blog »