FNSINC514 - Ethics Case Studies Assignment

Assignment Task

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Case Study

Michael and Samantha Jones have operated and owned ‘Finance Broking Pty Ltd’ business for the last five years as an ACL holder.

Their vision statement has always been: “We simplify the complexity of reaching financial goals and take pride in providing professional and ethical services to our clients. We view their success as our success.”

Michael and Samantha thought long and hard about how they wanted the people in their business to behave and tried to capture that in their vision statement after they did some research into some of the industry leaders’ statement

Questions

1. One ethical problem in the scenario is that Bill, a finance, and mortgage broker, has revealed negative biases towards certain groups of people. These biases could potentially lead to discrimination and unequal treatment in the provision of services.

2. Another ethical problem is that Samantha, as a supervisor, faces a potential conflict of interest between her duty to report Bill's discriminatory behaviour to ASIC and her loyalty to her employer.

3. What two principles from Finance Broking’s Code of Conduct have not been upheld by Bill in this scenario?

4. Complete the table below on how the listed misconceptions could impact Bill’s thinking and affect Bill’s role as a broker and then add one further misconception Bill could have considering the scenario in (b).

a) In the first column are some possible biases that could have influenced Bill’s thinking. The first example in red gives you guidance on the depth

b) Now think about another bias you believe Bill could have that would govern his behaviours and attitudes. Add it in below, along with explaining the impact and how it could impact his role.

5. Samantha is going to utilise Finance Broking’s Vision Statement and Code of Ethics to evaluate the situation Bill has put the company in.

6. List a minimum of three ways that the Finance Broking’s reputation would be negatively impacted if The Financial Review released the following report to the public

7. a) Explain one possible negative impact to each listed stakeholder.

b) List three communication tools/technology you would you use to ease concerns about risks or outcomes to the stakeholders you identified in question 7a) above.

8. Look at the 5A’s of Ethical Decision-Making Framework below to help you analyse the ethical dilemma Samantha and Michael’s are facing. The Finance Broking – Code of Ethics has also been placed below in case you wish to refer to it to provide a foundation for your response

9 a) Samantha and Michael have analysed their options using the 5A’s framework and feel they may need specialist assistance to make sure they take the right steps.

b. Select the three most appropriate questions you could ask yourself in order to decide whether you could proceed with the plan independently or if you required support?

• Do I have the skills required to handle this on my own?
• Is there someone else that could offer further insight?
• Can I just chalk it up to experience and do nothing?
• Should I close down the business?
• Are there legal aspects that I need to address?

10. Explain two strategies or processes Bill could use for overcoming these biases and changing his attitude.

11. Using your answers from Q8 the 5A’s Ethical Decision-Making Framework, answer the following from Samantha and Michael’s perspective.

12. a) Think about what Bill might say to excuse his non-compliance in relation to not explaining his commissions to his clients.

b) From your two answers in question 13a, what would you say to Bill in return if you were Samantha or Michael?

13 a) From Bill’s point of view do you think the issue has been resolved? Answer Yes, No or Maybe, and explain your reasoning.

14. Imagine you were a mortgage broker at Finance Broking, do you agree with the outcomes in relation to:

a) How Samantha and Michael handled the ethical and compliance issue?

15. Thinking back over the Case Study, how could you potentially avoid ethical situations or improve on the response?

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