Ethical aspects of financial activity
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Abstract
Recently there have been several scandals, especially in the field of financial activity, that have alarmed savers, and particularly the holders of small savings accounts, who observe how their resources decline and run the risk of being unfairly treated by the powers in finance.
In this study an attempt is made to classify the most notorious events of recent years, and at the same time to describe the infrequent initiatives aimed at limiting actions that are more or less fraudulent. Among others, we reflect phenomena such as: inside information in financial markets; fiscal advisors acting in their own interests; the losses suffered by high risk investment funds; tax havens and the difficulties of fiscal harmony in the EU; «dubious» behaviour on the part of financial institutions; privileges enjoyed by people in high positions in the banking system; laundering of money; outrageous clauses included by banking institutions; speculation in financial markets; auditor’s reports. As far as correcting measures are concerned, we set out the following: the reform of the financial markets; the «Aldama» white paper; consumer and user organisations; measures for solvency; ethical and solidarity funds.
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