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The cost of distrust in the financial sector

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Even though global investment confidence has increased, concerns about unsound moral practices are being voiced within the finance industry.

According to CFA Institute’s 2014 global market sentiment survey, 63% of 137 Singapore respondents cited the lack of an ethical culture within firms as the top factor contributing to the lack of reliance in the finance industry.

Poor government enforcements and market disruptions were highlighted as the other two most common reasons for the lack of trust within local firms, coming in at 13% and 7% respectively.

About half (49%) of respondents also identified the need for an improved culture within local firms to help improve investor trust and confidence in the coming year.

The survey, which canvassed 119,817 global CFA Institute members, also highlighted this culture must be established and encouraged by top level executives and management.

On a more positive note however, investment confidence in the global economy has increased, with 59% of local investment professionals predicting an expansion of the global economy.

With regards to the performance of the local economy, slightly less than half (47%) of Singapore respondents foresee an expansion.

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