Can a bank be responsible?

As our impact becomes increasingly difficult to ignore, more and more of us are taking steps to be responsible custodians of the planet we call home. Whether it’s through recycling, rejecting single-use plastic, or even riding to work instead of driving, there are many things we can be doing to help ensure we all live a more sustainable life.

But what about those things outside our immediate control? Is it possible to hold the businesses and organisations we support to the same high standards that we demand of ourselves?

Well, here’s some great news - there are many global bodies doing that very thing including financial institutions.

The Responsible Investment Association Australasia

In finance and banking, the Responsible Investment Association Australasia (RIAA) is the peak body representing responsible and ethical investors across Australia and New Zealand.

With a network of over 240 members, the RIAA’s mission is to promote and support responsible investment, doing their part to help achieve a sustainable society, environment and economy. See www.responsibleinvestment.org for more information.

Firefighters Mutual Bank is a member of RIAA and supports its work

Questions to ask your bank

Consumers are becoming more interested in responsible and ethical issues

Essentially it’s a case of what the bank does with your money as savings, and where the money comes from - your loans.

Here are some simple questions to consider:

1. Is your bank investing in the fossil fuel industry?
2. Does your bank lend funds to any business or organisation that participates in the manufacture or distribution of alcohol, armaments, pornography, uranium or tobacco?
3. Do they finance – directly or indirectly – military activities, deforestation, prisons and correctional facilities, slavery in its many forms or activities that cause gross environmental damage?
4. Does your bank sponsor political candidates or organisations?

If the answer to any of these questions is "yes", you can send a strong message by shifting your accounts to a financial institution that acts in a more responsible manner.

But it’s not only about where your bank invests its money. Do they give back to the community? Send a simple email asking what percentage of profits are used to invest in social, and environmental programmes. 

Striving to be responsible

At a time when consumers are demanding more from their financial institutions, RIAA’s Certification provides consumers and industry alike with a quality mark of Australia standard for responsible investing products and advice.

Learn more about Firefighters Mutual Bank's responsible investment products