Sanjeena Singh 595465_22972_FNSINC514+Ethics+Case+Studies+(1)
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FNSINC514 Ethics Case Studies
Ethics Case Studies
Student’s name: Sanjeena Singh
For your assessment to be marked you must complete and upload all tasks and
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. Your assessment tasks must be uploaded in an electronic format i.e. Word, Excel, PDF or Scan. A maximum of five (5) attachments (maximum 20MB each) can be uploaded for this assessment. Please see the step-
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I understand that plagiarism is a form of cheating. It is taking and using someone else's thoughts, writings or inventions and representing them as my own. I also understand that Plagiarism is a serious act and may result in a student’s exclusion from a module or a course. Checklist of attachments:
☐
Task 1 – Case Study 1 questions
☐
Task 2 – Case Study 2 questions
Please indicate style of course undertaken: ☐
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Virtual Class If you have queries relating specifically to your assessment please log an ‘Assessment Query’ under the HELP tab on your Members Area dashboard and a Student Support officer will respond. Alternatively, if you have an administration query please go to ‘Admin Query’. For example: I am having trouble with uploading my assessments and require assistance – can you please help me with this? If you need to speak to someone during office hours, please contact us by: Phone: +61 (03) 9391 3643 / +61 (0)8 9344 4088 OR Email: info@aamctraining.edu.au V1
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FNSINC514 Ethics Case Studies
CREDIT TRANSFER
You may be able to claim credit transfer for a unit/s of competency that you have previously completed with AAMC
Training or another RTO. If you have been awarded a record of result or statement of attainment for any of the units
detailed below then please go to the Credit Transfer tab in your Learning Centre and follow the prompts.
This assessment relates to the following units of competency:
FNSINC514 Apply ethical frameworks and principles to make and act upon decisions
The unit of competency FNSINC411 Conduct work according to professional practices in the financial services industry
requires all aspects of your job role in financial services to be completed to professional and legislative standards. You have met some of the requirements of FNSINC411 by completing the tasks in this unit/module to a Satisfactory
standard.
Please refer to AAMC Training’s full Recognition Policy for further details.
Case Study 1 Scenario
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’ statements. MFAA
“Our Mission – To help our members be recognised as trusted professionals and be the client’s first choice” FBAA
“Our purpose is to assist our members to develop as business professionals and be skilled and successful finance brokers, by providing advocacy, education and support services.” AFCA
“Our vision is to be a world class ombudsman service, by:
raising standards and minimising complaints
meeting diverse community needs; and
being trusted by all.” They currently have three brokers that work in the business – Bill Mason is the most recent to the business. Michael and Samantha have recently completed an internal audit of files and noticed a breach by Bill Mason. It appears a systematic issue was established for not advising commission charged in the credit proposal. Michael noted that all of Bill’s applications had this critical item missing. Bill’s response seemed flippant and Samantha is very concerned about the ethical ramifications as it calls into question the integrity of the company and all those who work there. Michael is handling the risk and legal ramifications; meanwhile when Samantha spoke to Bill about his attitude to this
serious breach, Bill said “Most of my clients are not Aussies – mainly Greeks, Paki's and Lebbo’s. My payment is none of their business, spending time going through that irrelevant information will only cause problems and take up more time, they would think I was overpaid and might want a cut! Plus, Aussies don't bother reading anyway, those who do read it would probably not understand the fine print or how much time the loan takes!” V1
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FNSINC514 Ethics Case Studies
Samantha is horrified to hear the negative biases Bill is revealing and also very concerned because – under new requirements of Regulatory Guide 79 - Breach Reporting by AFS licensees and credit licensees (Sept 2021) – she will need to investigate and possibly inform ASIC of these infringements. Bill definitely needs refresher training on ethical behaviour and the standards of ethics that a finance and mortgage broker needs to adhere to, along with addressing his appalling biases. Samantha will utilise internal documents such as Finance Broking’s Code of Ethics (see below) and their Vision Statement.
Finance Broking – Code of Ethics
Work in the customer’s best interest
We are committed to a culture of acting in the customer’s best interest, every time. We ask questions and
listen intently, so we fully understand our customer’s needs and objectives.
Transparency
We do all that is possible to ensure our clients are fully informed about why we make the loan
recommendations we do, and how we get paid.
Governance and culture
We will always act in accordance with applicable laws and cooperate with any regulatory bodies. We see
our role as constantly adapting, leading and shaping best practice in the industry.
Manage conflicts of interest
Conflicts can happen from time to time. When any conflict of interest exists, we will disclose them to our
customer and always give priority to their needs.
Committed professionals
To deliver outstanding results for our clients, we invest in ourselves and our business.
You can have confidence we maintain, develop and apply a high level of knowledge and skills to meet all
required industry standards and qualifications.
Quality
We will do everything possible to ensure records of clients are retained, maintained and kept in a form that
is complete, accurate and safe.
V1
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FNSINC514 Ethics Case Studies
Case Study 1 – Questions 1.
Highlight two ethical problems in the above scenario.
1.
Stereotyping 2.
Breach of compliance due to not disclosing commission 2.
What two principles from Finance Broking’s Code of Conduct have not been upheld by Bill in this scenario? Explain your response.
1.
Transparency – Bill breached this principle as he did not inform the client of the commissions he would receive as a result of their finance approval
2.
Work in the customers best interest – Bill acted in his best interest and not of the clients when he withheld mandatory information relating to their finance. 3.
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 of the required answers – you are to complete the rest.
Bill has these common mistaken beliefs causing him to generalise
generations, roles and cultural attitudes
Impact of his mistaken beliefs
How could his mistaken beliefs impact Bill’s broking role
Millennials are job hoppers
Bill assumes that it will be difficult to collect reliable income information and doesn’t follow up on Millennial appointments in a timely manner. Bill may lose valuable business due to his inactivity with the younger generation
‘Baby Boomers’ (those born between 1946–1964) don’t want to engage with technology.
Bill assumes that older people will not
be able to complete digital requirements Bill may cause inconvenience to clients who want to complete documents digitally and may lose valuable business due to his assumptions ‘Millennials’ (those born between 1981 – 1996) are addicted to technology.
Bill assumes all millennials are very experienced with technology and wont need any assistance with digital documents Bill may miss settlement dates which could impact clients due to his inability of offering assistance Men always control the finances
Bill assumes only the males need to be informed of things regarding the finance application Bill may lose credibility and business
with women due to his biased behaviour with men Australians have a relaxed attitude Bill may act a certain way towards a client rather than keeping it professional at all times Bill may offend a client if he does not keep it professional at all times V1
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FNSINC514 Ethics Case Studies
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.
Bill has these common mistaken beliefs causing him to generalise generations, roles and cultural attitudes
Impact of his mistaken beliefs
How could his mistaken beliefs impact Bill’s broking role
Men always make more money than women Bill may dismiss the women’s income
and not to his due diligence when checking financials
Bill could lose a deal or place the clients with a less suited lender if not checking both applicants financials diligently due to his assumptions 4.
Samantha is very concerned about Bill breaching regulation regarding commission/s. Research both the Mortgage and Finance Association of Australia’s (
MFAA
) Code of Practice and the Finance Brokers Association of Australia’s (
FBAA
) Code of Conduct.
List the relevant responsibilities Bill should have adhered to regarding commission and include the clause number if they have it listed.
https://www.mfaa.com.au/about-us/membership-framework/code-of-practice
https://os-data-2.s3-ap-southeast-2.amazonaws.com/fbaa-com-au/bundle2/code-of-conduct-final-2017.pdf
MFAA responsibility
SECTION 9. FEES AND COMMISSIONS DISCLOSURE 9. 1 If a commission or other benefit will or may be paid by or to a Broker for, or in connection with, provision of Credit to a customer, the Broker must always disclose to the Customer that fact and: (a) the name of the person by whom the commission or other benefit is payable; and (b) the name of the person to whom the commission or other benefit is payable; and
(c) the amount of the commission or other benefit, if ascertainable; (d) if the exact amount of the commission or other benefit is not ascertainable, the basis of or formula for such commission or other benefit; and (e) such other disclosure as is required by law.
FBAA responsibility
3.1 General
3.1.4 Comply with its obligations to the Client, including:
(c) Disclose in writing the source of any fees, trailing commission, other remuneration or benefit to be received by the Finance Broker and at such time and in such detail as may be required by law in the lawful jurisdiction of both the Finance Broker and Client. (d) Disclose in writing, the payment of any fees, trailing commission, other remuneration or benefit to any referrer, subcontractor or third party where such third party gives advice relating to the proposed transaction or otherwise assists or induces the Client to enter into the transaction and at such time and in such detail as may be required by law in the lawful jurisdiction of both the Finance Broker and Client.
3.1.7 Comply with the provisions of the Competition and Consumer Act 2010, Corporations Act 2001, Australian Securities and Investments Commission Act 2001, the National Consumer Credit
Protection Act and any other Finance Broker specific legislation and any amendments thereto.
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. V1
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FNSINC514 Ethics Case Studies
List a minimum of five ways Bill has breached the Vision Statement and Code of Ethics
.
List a minimum of five ways Bill has breached the Vision Statement and Code of Ethics
.
Vision Statement “
“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.”
1.
Bill breached the vision statement as he was not professional when stereotyping clients 2.
Bill breached the vision statement as he was not ethical when withholding informaton from clients 3.
Bill breached code of ethics as he was not transparent with the commissions he would be earning 4.
Bill breached code of ethics as he did not act in the customers best interest 5.
Bill breached the code of ethics as did not manage the conflict of interest caused by his negligence. 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.
“Breaking News! The Financial Review reports:
ACL licensees Michael Jones and Samantha Jones of Finance Broking, along with mortgage broker employee Bill Mason are being investigated by ASIC due to ongoing significant breaches in relation to RG 78- Breach reporting by AFS licensees and credit licensees (Sept 2021). Initial reports indicate an ongoing failure to produce and hold accurate credit contracts. Concerningly none of Mr Mason’s clients were informed of any commission/s he would initially be paid, or the ongoing commissions accumulated over the course of the credit contracts. Ms Jones issued a statement “Finance Broking are diligently cooperating with ASIC investigators to ensure all breaches are rectified and processes put in place to ensure compliance in the future. We take the matter
very seriously and do not accept any of the breaches had any malicious intention.”
Negative impacts on Finance Broking P/L
1
The businesses reputation has been tarnished 2
The stakeholders of the business would start having concerns 3
Loss of business 7. a) Explain one possible negative impact to each listed stakeholder.
Stakeholders
Possible outcomes
V1
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