I’m starting to think that maybe there are a number of different kinds of “ethical policy” being discussed here. I agree with many of the comments about us not knowing what happens “behind closed doors in these big firms”, and I agree that many policies are there to make you feel “a little bit warm and fuzzy inside” and are used as “a marketing gimmick”.
These policies are completely pointless and undermine the good work that business that do operate ethically are involved in. I’m not taken in by that sort of thing any more than anyone else, and I am looking for evidence.
What I am suggesting is an ethical policy where we would be “looking at behaviours and approaches” to actively evaluate that an organisation does what it says it is doing. This would be much the same as an organisations accounts being audited to make sure they are telling the truth about their finances.
A number of companies already do this, and set themselves targets that are independently verified as being met. In the case of a bank it might be that we don’t want them investing our money in a particular way. That could be verified beyond being just words on a page.
It’s an entirely different thing if we don’t want Monzo to be accountable in a particular way, and just want it to ensure it works within the law.