MAA250 – Ethics and Financial ServicesPart C – overview What are the key areas of this section to...

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MAA250 – Ethics and Financial ServicesPart C – overview What are the key areas of this section to consider? Communicate from a stakeholder impact perspective What is the link between rewards and punishments for eaches of Codes, regulation, legislation and expected professional conduct and corporate governance?What behaviours have been rewarded and punished in the past and their impact? Civil eaches versus criminal prosecutions and unconscionable  conduct? Who have been responsible for these eaches and failings? What recommendations have been suggested to date?What further recommendations do you foresee that the Commissioner may make and why? Role of government, regulators and the right to self-regulate? What impact will these proposed changes / recommendations / punishments have on the sector? What impact do the severity of punishments have on future behaviour and banking / executive / corporate governance practices? 1Deakin University CRICOS Provider Code: 00113BPart D – overview  What are the key areas of this section to consider? Global citizenship / awareness / of the profession to be examined / evaluated and comparedHave their been similar failings in the banking sector overseasRole of government and legislation overseasWhat role does the Australian government play in our banking sector, in comparison to overseas and global markets ? What role do the regulators (i.e. ASIC, APRA, ASX Corporate Governance principles) play in our banking sector? Impact of de-regulation (e.g. USA) and repeated failings as the lead up to the GFC?Likely impact of culture – does it make any difference? 2Deakin University CRICOS Provider Code: 00113B MAA250 – Ethics and Financial ServicesPart C – overview What are the key areas of this section to consider? Communicate from a stakeholder impact perspective What is the link between rewards and punishments for eaches of Codes, regulation, legislation and expected professional conduct and corporate governance?What behaviours have been rewarded and punished in the past and their impact? Civil eaches versus criminal prosecutions and unconscionable  conduct? Who have been responsible for these eaches and failings? What recommendations have been suggested to date?What further recommendations do you foresee that the Commissioner may make and why? Role of government, regulators and the right to self-regulate? What impact will these proposed changes / recommendations / punishments have on the sector? What impact do the severity of punishments have on future behaviour and banking / executive / corporate governance practices? 1Deakin University CRICOS Provider Code: 00113BPart D – overview  What are the key areas of this section to consider? Global citizenship / awareness / of the profession to be examined / evaluated and comparedHave their been similar failings in the banking sector overseasRole of government and legislation overseasWhat role does the Australian government play in our banking sector, in comparison to overseas and global markets ? What role do the regulators (i.e. ASIC, APRA, ASX Corporate Governance principles) play in our banking sector? Impact of de-regulation (e.g. USA) and repeated failings as the lead up to the GFC?Likely impact of culture – does it make any difference? 2Deakin University CRICOS Provider Code: 00113B

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PART C:
Since the commencement of Australian Royal Commission, it is providing rewards as well as punishment to the banks and financial service organizations on the basis of its performance. As reported in Telegraph, the share price of Commonwealth bank and AMP has dropped drastically since the commencement of the commission since a lot of misconduct has come to the surface, which is actually beneficial for the stakeholders to assess the actual situation. 
Australian Royal Commission, has set up a list of conduct of ethics, regulation, legislation, professional conduct and corporate governance, violating them will be regarded as a breach and punishments will be given to those as well as organizations following them will be rewarded along. So, rewards and punishments will depend on the following of commission’s guidelines. 
As reported in news.com.au the CEO of AMP which is a financial service company of Australia had to resign because of Australian Royal Commission which found out that actually the company was doing nothing for the clients and was charging only by lying to corporate regulator. As a result of this resignation share price fell drastically. But till now there has been no report of reward by the commission to any bank or financial institutions.
A civil breach is just breach of contract that is all the necessary conditions of the contract has not been fulfilled where as criminal breach is cheating and fraud or using someone else’s property. Unconscionable conduct is also a conduct done without any good conscience and only someone’s damage is caused. Australian Royal Commission has made the rule that banks as well as financial organizations have to face court proceedings for both civil and criminal breach as well as for any unconscionable conduct (Sarah Danckert, 2018). Mainly the directors of the company, Chief Officers of the company mainly CEO and CFO are responsible for the breaches. Sometime even staffs working at higher posts are often also involved in the breaches.

MAA250 – Ethics and Financial Services Part C – overview What are the key areas of this section to consider? Communicate from a stakeholder impact perspective What is the link between rewards and...

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