Ethical Banks

London7766551

colsten said:

It appears Triodos might be invested in a rather scandalous bank. There go their ethics.

https://www.brusselstimes.com/opinion/120168/european-banks-implicated-in-cambodias-microcredit-scandal/

Typical 

OP have you considered a local credit union?

EarthBoy

The problem with ethical banks is that we all have a different opinion of what ethical means. What one person finds unethical, another might find perfectly acceptable. 

gsmh

EarthBoy said:

The problem with ethical banks is that we all have a different opinion of what ethical means. What one person finds unethical, another might find perfectly acceptable. 

It's easy to trot out a glib comment like this and feel absolved from any need to try, but I think most people would have a pretty good idea about what is ethical and most of these ideas would be the same. I really don't think there is as much doubt about what ethical means as you seem to think.

The Co-operative Bank's ethical policy would be a good example. As I've said before, there will be skeletons in the closet, examples of bad management, anecdotal evidence of poor treatment of some customers and so on, but I'd rather bank with an organisation that is broadly ethical than one which is just one big skeleton.

https://www.co-operativebank.co.uk/values-and-ethics/ethical-banking

RG2015

"I think most people would have a pretty good idea about what is ethical"

What about NatWest? One of those banks participating in nefarious activities.

gsmh

RG2015 said:

"I think most people would have a pretty good idea about what is ethical"

What about NatWest? One of those banks participating in nefarious activities.

You've helped me make another point. Virtue signalling is easy. Banks like NatWest/RBS have a massive history of unethical practises. To do the odd thing which appeals to public sentiment wouldn't appeal to me - like people applauding the NHS then flouting social distancing recommendations. For a bank to be ethical it needs to be deep-rooted and not just a few bolt-ons.

RG2015

gsmh said:

RG2015 said:

"I think most people would have a pretty good idea about what is ethical"

What about NatWest? One of those banks participating in nefarious activities.

You've helped me make another point. Virtue signalling is easy. Banks like NatWest/RBS have a massive history of unethical practises. To do the odd thing which appeals to public sentiment wouldn't appeal to me - like people applauding the NHS then flouting social distancing recommendations. For a bank to be ethical it needs to be deep-rooted and not just a few bolt-ons.

A massive history of unethical practices. Perhaps but I am more interested in the present.

You appear to have carried out some research on this. Do you have any current examples of unethical practices?

Zanderman

gsmh said:

EarthBoy said:

The problem with ethical banks is that we all have a different opinion of what ethical means. What one person finds unethical, another might find perfectly acceptable. 

It's easy to trot out a glib comment like this and feel absolved from any need to try, but I think most people would have a pretty good idea about what is ethical and most of these ideas would be the same. I really don't think there is as much doubt about what ethical means as you seem to think.

I've been trying not to get drawn into this thread, but feel a need to just make a couple of points.

'Ethical' is certainly worth looking for if you want it - but some on this thread just dismiss it as unattainable and therefore pointless to strive for.  That is a very defeatist attitude. Change doesn't happen if everyone says there's no point in trying.

At least those striving to be more ethical  - Triodos and others - are trying. 
Perfection is difficult.  Especially ethical perfection.  And errors and misjudgements will be made.  But failing to be perfect isn't a reason to dismiss the aspiration.  

gsmh's post on this thread have been talked down by some on here - completely unnecessarily. If someone wants to bank as ethically as possible why shoot them down? 

Personally I'm a great admirer of Triodos - they're not perfect but they do demonstrate that things could be done differently. There's no need to diss that.

gsmh

RG2015 said:

A massive history of unethical practices. Perhaps but I am more interested in the present.
You appear to have carried out some research on this. Do you have any current examples of unethical practices?

You might like to look through the references in the link below. I'm not sure how you would back NatWest in preference to, say, Triodos or The Co-operative Bank on ethical grounds. It's all about trying to do better.

https://www.ethicalconsumer.org/company-profile/natwest

RG2015

"gsmh's post on this thread have been talked down by some on here - completely unnecessarily. If someone wants to bank as ethically as possible why shoot them down? "

I applaud gsmh's endeavours and admire their steadfastness in the face of many disparaging posts.

However, to talk of most banks being involved in nefarious activities does somewhat invite the disdainful responses.

The OP specifically asked about green credentials and fossil fuels. Describing support for oil giants as nefarious is a bit strong.

RG2015

gsmh said:

RG2015 said:

A massive history of unethical practices. Perhaps but I am more interested in the present.
You appear to have carried out some research on this. Do you have any current examples of unethical practices?

You might like to look through the references in the link below. I'm not sure how you would back NatWest in preference to, say, Triodos or The Co-operative Bank on ethical grounds. It's all about trying to do better.

https://www.ethicalconsumer.org/company-profile/natwest

Thanks for the link but unfortunately, the ethicalconsumer.org does not allow me to read their content without subscribing.