288 words.

3 minutes reading.

Ethical principles and codes in the financial services industry hold a crucial role, serving as a bridge between our human nature of survival and our divine capacity for creation. As Kant (1781) posits, human beings are inherently inclined towards the unworthy aspects of life. He further argues that while free volition and morality can influence social life, they are not constitutive. These principles, rooted in the pursuit of the common good, form the basis of codes of conduct, ethical principles, and behaviours that enable us to coexist harmoniously within the social system. In many instances, these principles are also the foundation for creating coercive laws; the question is where they come from. (P.355)

Ethical principles and codes result from profound reflections on how to logically solve iterative issues in social life in a process of enlightenment guided by reason. This is derived from people’s choices regarding what they have available at the moment and what they consider will give them the best outcome. Van Velthoven, B.,R.W. (2023)

Kant (1781) elucidates that reason is the driving force that aligns all the ends guided by our inclinations into one ultimate end: happiness. In the context of financial services, this happiness could be interpreted as more profitable businesses, more satisfied customers, and strong synergies, the kind of win-win deals that are the hallmark of ethical decision-making. (P.379).

Understanding behaviours, principles, volition, and reason per se is insufficient knowledge in our current society. However, they form the bedrock of the codes and laws that govern social life, including the financial service industry. These elements must be placed at the system’s axial line, aiming to achieve success for all stakeholders. This is the essence of what Immanuel Kant defined as happiness.

References.

Kant, I (1781). The Critique of Pure Reason. [Translated by J.M.D. Meiklejohn] Duke Classics. Retrieved from: Search Results for the critique of pure reason (sirsidynix.net.au)

van Velthoven, B.,R.W. (2023///Winter). The greeks and the rational: The discovery of practical reason. Erasmus Journal for Philosophy and Economics, 16(2), 1-6. doi:https://doi.org/10.23941/ejpe.v16i2.805