BUSL 204 - Marketing ethics and risk management in finance - Essay Writing Assessment Answer

 Marketing ethics and risk management in finance Essay Writing Assessment 

Assessment Task:

Question: Marketing ethics and risk management in finance 

‘Hey, listen up everyone! Don's [Nguyen] done it again! He's got an 86-year-old woman to sign up for $1.6 million and he's charging her 2 per cent upfront – $32,000!' This is for a boiler-plate financial plan produced in an hour. 'Where does he find these little old ladies?! Ring the bell!’ 

– CBA Manager, as reported in the Sydney Morning Herald. 

This quote is from the case of disgraced former Commonwealth Bank of Australia (CBA) financial planner Don Nguyen, whose actions were one trigger for the Royal Commission on Misconduct in Banking and Financial Services. With reference to this – or other – relevant cases from the Royal Commission, critically assess under what circumstance a client consents to purchase a financial planning product, and what risk management practices the CBA should implement to ensure clients only purchase products to which they give genuine consent. Your essay should begin by outlining the main ethical perspectives on what constitutes consent in marketing. Then, considering relevant objections, critically evaluate which perspective is most convincing in your case(s). Finally, use the COSO framework for enterprise risk management to analyse issues CBA should consider and address in managing financial planners to meet this standard. Your essay should conclude with a statement of the most significant ethical and/or risk-management issues the CBA faces in light of your analysis, and propose management practices to address these issues.

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