Part 1.

1. Outline your own personal ethics and explain how your personal ethics add values in
your professional career. (reception)

2. In the context of providing financial services, determine the legal requirements for your
organisational ethics and provide three workplace situations where you are required to
make ethical decisions.

3. Outline the work ethics related to the financial industry and explain the difference
between work ethics and personal ethics.

4. In your own words explain what are cognitive biases?

5. Discuss how psychological tendencies and decision-making biases impact on for making
ethical decisions.

6. Determine the past ethical dilemmas has been reported for the financial industry.

7. As a team manager in a financial company outline at least five strategies to prevent

individuals from involving into the unethical decisions.

8. Explain how positive work ethics add values into a business.

Special tips:

 Utilise the relevant and reliable websites to collect the credible information.

 Ensure you provide website references to your responses that has been used to collect
the information for your assessment tasks.

Part 2.

Apply ethical frameworks in own role

Case Study

The issues of ethics have become one of the major concerns for consumers,
businesses, and shareholders worldwide. The aftermath of the global financial crisis
revealed many scandals in the financial services industry such as bribery and
corruption, forged documents, failure to verify customers' living expenses before
lending money, and mis-selling of securities. Thus, the consumers in Australia had
been left questioned on the integrity of the industry. Due to this, the Banking Royal
Commission was formed to examine if any of the banks or financial institutions'
conduct amount to misconduct. As predicted, the final report of the Royal
Commission reported a significant number of wrongdoings, and this caused public
outrage. Hence, this demonstrated that ethics played an important role in
operating the business because trust between the financial entity and
customers is significant.

Please complete the following tasks:

Prior to set up effective strategies to apply ethical frameworks for the following tasks,
you might require conducting more research to understand the unethical behaviours
discovered in the financial sector.

1. Determine the major factors for the unethical practices in the financial services
sector?

2. As a financial services provider, identify the situations that require you to make
complex ethical decision.

3. Outline the process that could be applied to make an ethical decision when
providing financial services to your clients.

4. Explain how you would sources and provide access for the ethical frameworks to
the relevant team.

5. Describe the Anti-hawking provision and explain why anti-Hawking legislation is

being introduced?

6. Identify the consequences for the unethical behaviours that leads to the
breaches.

7. Describe the marketing consent for the financial products and services and
explain why you are required the marketing consent from the client.

8. To build strong trust, what information would you like to provide to your clients for
their privacy concern.

Special tips:

 Utilise the relevant and reliable websites to collect the credible information.

 Ensure you provide website references to your responses that has been used to
collect the information for your assessment tasks.

Part 3.
Identify and apply protections, policies and procedures that apply to ethical
decision making

Scenario
Assume you are new appointed manager for a team that provides financial services for the
financial products included investments, superannuation, retirement accounts to corporate,
institutional and retail customers. The team requires to collect investor’s personal and
financial data to invest and manage their assets. As a manger you are required to ensure
that your organisation operates lawfully and maintains its respect among its peers and
potential clients or customers.
As strong ethical culture that helps honest, ethical people engage in ethical behaviour will
foster the trust of investors, lead to robust global capital markets, and ultimately benefit
society. You are responsible to observe and support the team to develop a “culture of
integrity” that permeates all levels of operations and promotes the ethical principles of
stewardship of investor assets and working in the best interests of clients, above and beyond
strict compliance with the law.

Please complete the following tasks:

To provide relevant and sufficient information for the tasks, you are required to consider the
organisational policies and procedures.
You can use the provided website link below to find the relevant laws, legislations for the
financial industry to develop guidelines that could be applied in making ethical decisions.
https://business.gov.au/planning/industry-information/financial-and-insurance-services-industry

Task 1

Identify and outline the legislations and code of practice that apply to the financial and
insurance services industry.

Task 2

Provide effective recommendations and instructions for the following workplace situations
where the team members required to follow the organisational policies and procedures to
boost the investors interest.

Ensure you also provide examples for the legislative standards and initiatives and Identify
sources of advice and guidance that can be used to apply ethical frameworks in the
workplace.
 Workplace Situation Recommendations / Instructions
a) Five new employees are appointed, and
they are starting work in your team from
next week.
b) Team member leaving his/her
workstation without logging off the
computer more often.
c) Team member disclosing information for
the client’s superannuation balance and
bank details to an unauthorised employee.
d) A team member yelled on the old, aged
client and advised him to call the social
security department as client wants to
enquire about the aged care facilities.
e) An administrative officer advised to the
client to open a new superannuation
account and invest super funds into the
shares and term deposit funds.
f) Two team members argued each other
and denied to complete customers request
on time.
g) An employee’s work performance going
down constantly.
h) An employee follows all the policies and
procedures and performing well.

i) Few team members often late in

attending meetings and trainings.

j) Team members using the workplace

resources for their own persona reasons.

k) A team member shouted and refused to

edit and send the letter to a client.

l) Workplace Health and Safety induction.

m) A client called and expressed her

concern that she did not receive her regular
pension income into her bank account, and
she have noticed that the big amount of
fees for ongoing services has been charged
from her account.

Special tips:

 Utilise the relevant and reliable websites to collect the credible information.
 Ensure you provide website references to your responses that has been used to collect
the information for your assessment tasks.