Singing, dancing and ethical banking

Tanya Pein (Co-Chair of the EIA)

Yes… singing, dancing and ethical banking really can go together. Don’t take my word for it – invest 2 minutes in watching this video. http://www.youtube.com/watch?v=Q2tyLQPzzzs

I hope you enjoyed watching that. The situation continues – just today, HSBC was fined £1.2 billion in the US for laundering money from drug traffickers and flouting sanctions. The bank Standard Chartered, headquartered in London was fined £415 million today for breaching sanctions with Iran. http://www.guardian.co.uk/business/2012/dec/11/banking-libor-fine-hsbc

You think that will clear up the UK banking sector? The Serious Fraud Office also announced today that it had arrested three British men in its criminal investigation into the rigging of the benchmark interest rate, Libor. Barclays was fined £290m by the FSA a few months ago for manipulation of Libor. The Royal Bank of Scotland is expected to be fined a large multi-million pound sum by the FSA in the next few days for the same issue.

You think that the problem is too big for you to make a difference? That would be understandable. But happily, it’s not true. Your taking action on this issue definitely makes a difference. As does forwarding this article to other people, so that the message is passed around your network. It’s easy to take part – and the rapidly growing campaign Move Your Money has plenty of useful practical guidance. http://www.moveyourmoney.org.uk/

You don’t have time? Yes, we’re in the pre-Christmas rush. But there’ll be free time for most of us over the break – and moving even just one account to the sustainable banking sector is a great way to start the year in 2013.

Your personal finances are complicated, and you can’t face moving everything? That’s understandable too, but it doesn’t have to be an obstacle: every single account moved or opened in the sustainable banking sector is a step forward.

Back to singing and dancing! This is the season of celebration, and looking ahead to a fresh start in the new year. 10 million people in the US have already moved their money into more sustainable financial institutions. It would be a great cause for celebration if most people in the UK had at least one account at an ethical and socially useful bank or building society. Let’s all raise our glasses to that – cheers!

Tanya Pein
Investment specialist, advising charities and individuals, at In2 Consulting