Much of what occurred in the Global Crisis was, in the exquisite phrasing of the eminent socio-legal scholar Professor Doreen McBarnet, ‘perfectly legal.’ There is common agreement among policymakers and practitioners that the crisis demonstrated an ethical failure. The ethics program of research explores the reasons for this and how it can be addressed. It evaluates the purpose and efficacy of codes of conduct at both corporate and professional level. It assesses the extent to which regulatory agencies can embed higher standards of ethics through the use of pro-active strategies.