In the public interest

So, what can the financial services industry learn from the library and information profession?

Well, I did wonder where it was all leading when all those Building Societies demutualised and became banks, putting themselves at the mercy of the market rather than holding to their founding principle, of mutuality. And I did wonder where it was all leading when individual traders could bring down an entire bank with dodgy dealings. And I wondered some more when a friend's son, looking for a 90% mortgage for his first home, was offered a mortgage at 120% of the value of the property which would have exposed him to a level of debt he couldn't repay and exposed the lender to a level of debt that couldn't be secured against the asset (fortunately the lad had the good sense to refuse the offer and go elsewhere).

And now we know where it was all leading - total meltdown of public trust in the financial services industry. Why? Because mutuality has been replaced by veniality, financial services practitioners have lost any sense of ethics in the tidal wave of individual and corporate greed, and the marketplace has become an unregulated casino. Mutuality, ethics and regulation might seem pretty dull - but they're the foundation stones of public trust and professional conduct.

That's why people trust library and information professionals: because we're a professional community which acts in the public interest and which is regulated through CILIP's Code of Conduct and Register of Practitioners. Mutuality, ethics and regulation are at the heart of our professional authority and credibility. There are siren voices which say these concepts are old-fashioned and should be left behind as we redefine our professionalism for the modern world. But the events of the last couple of weeks show just how wrong those siren voices are. If we're serious about being a profession then we need to treat seriously those foundation stones: mutual benefit, ethical conduct, regulated practice, in the public interest. That's the lesson the financial services industry needs to learn - and the library and information profession needs to remember.