Winners of Sixth Annual Ethics & Trust in Finance Prize Announced

CFA Institute, a strategic partner of the Ethics & Trust in Finance Prize, announces the winners of the 2018 competition. The award ceremony took place at the Banque de France with the keynote speech delivered by François Villeroy de Galhau, Governor of the Banque de France, and President, l’Autorité de contrôle prudentiel et de résolution (l’ACPR).

The Ethics & Trust in Finance Prize is committed to implementing ideas on how to promote trust and ethical behaviour across the professions within the finance sector, culminating in a competition inviting students and young finance professionals to submit a paper setting out innovative ideas to promote ethics and integrity in finance.

The winners of the Ethics & Trust in Finance Prize 2018 are:

• First prize: ‘When Banks do not Always Know Best’, by Babatunde Valentine Onabajo (United Kingdom)
• Second prize: ‘The Ethical Challenge of Systemic Financial Distrust’, by Bieber Friedemann (Germany) and Dr. Juri Viehoff (Germany)
• Third prize ex-aequo: ‘Hard Coding Ethics into Fintech’, by Brett Scott (South Africa)
• Third prize ex-aequo: ‘Ethical Leadership and Ethical Legacies’, by Bibi Mehtab Rose-Palan (Mauritius)

Josina Kamerling, Head of Regulatory Outreach (EMEA), CFA Institute, and co-president of the jury of the Ethics & Trust in Finance Prize, commented:

“Every year, we receive an ever-growing number of meritorious contributions from young finance professionals. From robots to regulation, the world of finance faces rapid change and the myriad challenges which come with it; understanding the principles of ethical codes and professional conduct is of paramount importance to the young professionals who operate within it. 

“Emphasising the tenets of professionalism through education - namely ethical codes and professional conduct in the investment management industry - is integral to the mission of CFA Institute and we are delighted to be able to support this competition with our partners.” 

The prize, formerly known as the Robin Cosgrove Prize, was set up by Carol Cosgrove-Sacks and the Observatoire de la Finance in Switzerland, in honour of her son Robin Cosgrove, a young investment banker who tragically died in an accident on Mont Blanc at the age of 31 in 2004.

Robin Cosgrove believed that the finance industry and all its participants bring benefits to society at large, and he was convinced that the finance sector should serve the common good as well as making profits. For him, trust was the essence of good banking but he feared that many young finance professionals were losing touch with the fundamentals. Robin set his life goal to promote better understanding of the critical importance of trust, ethics and personal and corporate integrity.

The seventh edition of the prize (2018–2019):

• Will promote greater awareness of the benefits of ethical approaches to finance, with the ultimate goal of contributing to a sustainable future of the professions, including banking, insurance and accountancy.
• The competition is open to students or young professionals interested in the topic, with an upper age limit of 35.
• Competitors from across the globe are invited to write papers on “Innovative Ideas for Ethics in Finance” with a word count of up of 5000 words in English or French.
• Entries for the 2019 competition can be submitted from Spring 2018 (date to be confirmed) and the final submission date is 31 January 2019.
• Nationals from any country are encouraged to apply.
• Papers from individuals or from small teams of two or three people are welcome.
• For further information on the prize visit http://www.ethicsinfinance.org/