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PPI: UK financial institutions should have 'ethical banking practices'

UK financial institutions should have ethical banking practices, according to a new survey.

The Ethical Investment Research Service (EIRIS) has released a new survey which revealed that 73 per cent of the British public think that banks should have ethical lending policies in place.

These frameworks would prevent them from dealing with companies involved in controversial practices such as arms manufacturing or those with poor records on the environment and human rights.

Stephen Hine, head of responsible development at the EIRIS, claimed that banks which already have such policies can attract customers.

He said: "The growth of the Co-operative bank and banks of that sort, which have had ethical policies in place for some time is illustration that those people have attracted more custom by having their ethical or sustainable stamps."

Mr Hine added that it is "incumbent" for banks to adopt more ethical and sustainable investing and lending practices.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers ADNFCR-2776-ID-800226252-ADNFCR

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