Since the financial crisis of 2008, there has been heightened distrust of banks in general. Prior to 2008, it was also accepted that banks and large organisations in general were viewed with some suspicion by the general public but this has increased in recent years. This distrust of large companies has been reinforced following a range of 'scandals' (e.g. insurance sales, foreign exchange, LIBOR fixing) and inability of audit processes to identify problems.

Explain how the application of business ethics in the banking industry may help resolve the perceived lack of public trust and critically assess the ability of the industry to introduce such appropriate processes and standards