Research into the work of UK estate agents reveals a love‐hate attitude on the part of the public and profound ethical ambivalences. Dr Clarke is a member of the Department of Sociology, Social Policy and Social Work Studies, The University of Liverpool, POB 147, Liverpool L69 3BX. This article draws on his study Slippery Customers: Estate Agents, The Public and Regulation, Blackstone Press 1994, co‐authored with D. Smith and M. McConville.

Increasing frauds in insurance and mortgage‐lending illustrate the dilemma for companies between tackling fraud in the public interest and retaining customer confidence and competitive position.

Most large frauds develop only gradually and incidentally. When things fall apart it is politic to call it anything but fraud. The author is a member of the Department of Sociology, University of Liverpool, POB 147, Liverpool L69 3BX.

How much real impact on business behaviour is achieved by ethical debate and discussion? The author contends that little ethical change will come about unless it is the subject of regulation and institutions, as instanced in equal opportunities, corporate governance and the quality of financial services. Dr Clarke is a member of the Department of Sociology, University of Liverpool, P.O. Box 147, Liverpool L69 3BX.