Why 'transparency' is not enough

Transparency is generally perceived as a “good thing” – ask any financial services professional and they will almost certainly nod in agreement. However, try asking them for a clear definition of the word and you may receive slightly more varied responses. While not wishing to provoke a profound debate on the subtleties of one word, it is a subject that remains high on the agenda of regulators and financial institutions alike. A quick piece of online research will show that, in terms of finance, the term is associated with “openness, communication and accountability” – yet while these...