Goldman Sachs

The allegations about Goldman Sachs, now involving the SEC and FSA, bring into focus the requirement for financial services firms and key individuals to be 'fit and proper'. While a good deal of effort is expended on evaluating 'fitness', is enough attention given to being 'proper'? What does proper mean and how can it be effectively assessed? This is a key challenged addressed by The Ethical Space. David Jackman, while at FSA, led work on assessing competence as part of fitness, and also started to raise the importance of ethical behaviour and standing - emerging as a key factor underlying the financial crisis. Now more is needed to build on this area. A new banking charter may be a start.