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An oath to do good and not to harm your rivals? It's a tall order for bankers, who have tended to prefer the more straight-forward, less ethically-challenging business of making mounds of moolah.

But the idea has been floated at Holyrood's 'future of Scottish finance' inquiry, being carried out by the economy, energy and tourism committee. It comes from two leading asset managers in Edinburgh; Angus Tulloch and David Gait. They're at First State Investments, and have waded into the debate about the future of Scotland's banking with some provocative ideas. No wonder they're being made in a personal capacity.

The idea of following medics down the Hippocratic-style oath follows on other ideas to remove the short-termism from investing. They suggest delaying voting rights for 12 months after buying shares, and delaying the right to receive a dividend by the same length of time.

Short-term tax

Bonuses should have a minimum three-year incentive, getting investors to think more as owners. End monthly investment performance data, and the regulatory requirement for quarterly results. Six monthly should be sufficient, they say.

How about capital gains taxes specifically levied on short-term investors. India has such a 10% tax on foreign investors realising profits within one year (though apparently the loophole is that one pretends to be a company in Mauritius).

They'd like to discourage short selling, and stock lending in order to achieve it. And they think a way should be found for minority shareholders to have more power in the boardroom - perhaps drawing some directors from a panel of approved independently-minded people.

Sober analysis

So what about the asset managers' oath? Here's the draft, and they're looking for suggestions for improvements:

"I swear to fulfil, to the best of my ability and judgement, this covenant:

"I will treat my clients at all time as I would wish to be treated.

"I will not allow the pursuit of personal gain to cloud my fiduciary role.

"I will strive to achieve, through hard work, sober analysis and sound judgement, the best risk-adjusted returns possible for my clients.

"I will not, however, pursue these returns to the extent that my actions will knowingly harm others.

"I will remember that a share in a business brings with it responsibilities as well as rights.

"I will not forget, in my search for returns, that the primary risk faced by my clients is losing their capital.

"I will not succumb to irrational exuberance in good times, nor to unjustified gloom in bad times.

"I will present a balanced viewpoint, highlighting risks as well as potential returns.

"I will recognise that my role within society is to allocate capital where it can be used most productively for the future benefit of all.

"I will not be ashamed to admit my mistakes and will strive to learn from them, as well as those of others.

"I will share my experiences, both good and bad, with my peers and work together with them to earn the respect of those outside the investment profession.

"I will play my part in promoting financial education as it benefits wider society.

"Finally, I will recall at all times the stricture that 'those who stand for nothing fall for anything'."

MSPs on the future of Scottish finance inquiry have come up against a significant constitutional hurdle. For obvious reasons, they'd like to hear from the people at the top of the regulatory agencies; the Treasury, the Financial Services Authority and the Bank of England.

But for constitutional reasons, none of those agencies want to be seen to be accountable to the Scottish Parliament. So the compromise seems to be a series of meetings, in London next Tuesday, at which members of the economy, energy and tourism committee will meet: Mervyn King, governor of the Bank of England; Lord Adair Turner, chairman of the FSA, and Lord Myners, the financial services minister at the Treasury.

But it will all be behind closed doors, without public hearings. That accountability is for the Treasury select committee at Westminster, whose members the MSPs are also to meet.