The response the Co-operative Bank has received to its ethics poll, which asked customers what was important to them, demonstrates the importance and demand for values in the banking sector.
The launch of the survey followed the bank raising £1.5 billion capital last year after discovering a black hole in its balance sheet. This led to hedge fund taking a stake in the bank and some questioning whether or not the Co-operative Bank could hold on to its ethical credentials. A review blamed governance for the bank’s troubles.
The bank maintained that its ethics are in its constitution. The poll and commitment to updating its policy supports its claims that it will remain loyal to its ethical roots.
Over 73,000 customers and colleagues responded to the Co-op’s poll, which will be used to review the bank’s ethical policy. The most recent poll sought to gauge the opinions of customers in regards to its five current pillars – human rights, international development, animal welfare, environment and economic and social development in Britain – that make up the current ethical framework.
Customers were also quizzed on three new areas – responsible banking, transparency and treating customers fairly.
Niall Booker, chief executive of the Co-operative Bank, said, “I’m delighted that we’ve had such a strong response from our customers and colleagues. It just shows how much importance people place on our values and ethics as we continue to transform the bank and rebuild trust in the banking sector.
“Values and ethics sit at the very heart of the Co-operative Bank and are what makes us different from other banks. The results of this poll will now help us focus our activity in a way that reflects our customers’ views”
The bank will now work with the Institute of Public Policy Research to analyse the responses given in the poll and develop a new ethical policy. The new policy will build on the Co-op Bank’s existing one and incorporate the views of its customers.
Prior to launching the survey, Booker noted that trust in the banking sector overall was at a low and that a “trusted, effective and fair” sector was needed to address this and other social issues. By involving customers in its ethical policy it hopes to bridge some of this gap.
Photo: The Co-operative via Flickr
Like our Facebook Page
Eco-Friendly Decisions That Will Enhance Your Quality of Life
List of Fantastic Places for Green Consumers to Settle in South Carolina
6 Amazing Eco-Friendly Bedroom Design Ideas for Sustainable Homeowners
5 Great Ways to be a More Environmentally-Friendly Cannabis User
Amazing Approaches to Cycling for Promoting a Greener Lifestyle
Understanding The True Environmental Impact of Dentistry
Incredibly Important Benefits of Effective Ethically Made Anti-Virus Face Masks
Best Natural and Eco-Friendly Ways to Treat Dog Ailments
Green Entrepreneurs Find Creative Ways to Balance Ethical Goals with their Retirement Objectives
The Surprising Environmental Benefits of Using an Organic Mattress
From Store to Door with Minimal Impact: How Companies Are Eco-Friendly Innovators
A Guide to Investing In Renewable Energy Stocks in 2021
Creative Ideas to Practice Eco-friendlier Consumerism
Hawkers Launch a Truly Innovative Eco-Friendly Sunglass Line
Everything You Need to Know Before You Start Using Renewable Energy in 2021
The Curtis Institute of Music Makes Facilities More Energy Efficient
What Can Ecotourists Learn from Visiting Chernobyl?
5 Essentials for Promising Eco-Friendly Businesses to Thrive in a New Economy
Charity Organizations Who Are Taking Steps to Become More Environmentally Friendly
Mastering the Art of Trading Bitcoins Profitably and Sustainably
- Editors Choice12 months ago
10 Green Companies With Amazing Environmental Initiatives
- Features12 months ago
5 Sustainable Home Improvement Ideas To Improve Your Home’s Value
- Energy12 months ago
10 Amazing Energy Saving Hacks for Spring
- Invest11 months ago
4 Super Simple Solutions To Create The Perfect Eco-Friendly Home