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Desklib is an online library that provides study material with solved assignments, essays, dissertations, and more. The financial services industry in Australia includes accounting, banking, credit management, insurance, finance planning, lending services, conveyancing, and mercantile management. Legislation in the financial services industry includes the Financial Transaction Reports Act, Anti-Money Laundering and Counter-Terrorism Financing Act, Financial Services Reform Act, and Superannuation Industry (Supervision) Act. Sustainability strategy and policy are documents that address sustainability issues in an organization. The four types of reports used in the financial services industry are financial, budget, annual, and audit reports. Feedback to employees can be formal, informal, or anonymous. SMART is an abbreviation for Specific, Measurable, Attainable, Realistic, and Timely, which is used to guide the allocation of tasks. Seeking advice for training needs can be done from supervisors, managers, colleagues, human resources departments, and internal trainers.

Running head: ETHICS
Ethics
Name of the Student
Name of the University
Author Note

1ETHICS
Table of Contents
Answer 1..........................................................................................................................................2
Answer 2..........................................................................................................................................3
Answer 3..........................................................................................................................................3
Answer 4..........................................................................................................................................4
Answer 5..........................................................................................................................................5
Answer 6..........................................................................................................................................5
Answer 7..........................................................................................................................................6
Answer 8..........................................................................................................................................7
References........................................................................................................................................8
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2ETHICS
Answer 1.
The main sectors of the financial services industry in Australia include:
 Accounting- The Australian Accounting industry encompasses of companies
who are involved in the delivery of accounting, auditing and bookkeeping
services . These facilities provided by these businesses cover all capacities of
taxation, financial reporting and audit.
 Banking- Australia has a well developed banking sector.It is dominated by three
major banks that include the Commonwealth Bank.Westpac bank and ANZ
bank1 .
 Credit management-. Credit management is the determination of a borrower’s
probability of refunding a loan. Credit management agencies examine a potential
borrowers history of repayment of other loans and available assets to determine
how much of a risk of defaulting on (not repaying) a loan.
 Insurance-Australian insurance market is a sophisticated and well regulated
market that has a mix of strong domestic and international competitors.
 Finance planning-The FPA develops certification program and develops
professional, compliance and ethical standards.
 Lending services- the Australian Lending Centre offers a full assortment of
lending products with modest rates and supple repayment terms for every
consumer2.
 Finance and mortgage broking- The Finance Brokers association of Australia
monitors legislation and creates registration to controllers, commonwealth
government sections and members of state for both national and state.
 Conveyancing – Conveyancing services are responsible for transferring legal
title of ownership on real estate properties
 Mercantile management – Management of loans between business entities or
organisations as opposed to individuals
1 AML/CTF Act | Australian Transaction Reports And Analysis Centre (AUSTRAC) (2018) Austrac.gov.au
<http://www.austrac.gov.au/businesses/legislation/amlctf-act>.
2 Backing AustraliAan Fintech (2018) Fintech.treasury.gov.au <http://fintech.treasury.gov.au/>
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3ETHICS
Answer 2
The role of a legislation in financial services industry in Australia is to supervise
financial markets and enforce regulations when necessary.The most relevant acts that
contain legislation are as follows:
 Financial Transaction Reports Act 1988 –The FTR administered and enforced
laws of tax including other laws related to other Commonwealth, state and
territory legislation.It entails the recording of certain dealings that involves
obligations3.
 Anti-Money Laundering and counter-Terrorism Financing Act 2006
(AML/CTF Act)- This Act provides a wide coverage of matters covering the
sectors of finance, gambling, precious metal dealers and other experts or
dealings that offer facilities sheltered by the Act.It is a part of a lawmaking
platform which counters money laundering and terrorism financing within
Australia4.
 Financial Services Reform Act- This is a federal legislation act that modifies
the way the community interrelates with suppliers of financial products and other
associated services. The act makes significant ammendments to the
corporations Act5
3 AML/CTF Act | Australian Transaction Reports And Analysis Centre (AUSTRAC) (2018) Austrac.gov.au
http://www.austrac.gov.au/businesses/legislation/amlctf-act
4 Anti-Money Laundering And Counter-Terrorism Financing Act 2006 (2018) Legislation.gov.au
<https://www.legislation.gov.au
5 The Financial Services Reform Act (2018) The Sydney Morning Herald
<https://www.smh.com.au/business/small-business/the-financial-services-reform-act
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4ETHICS
 Superannuation Industry (Supervision) Act-This act was formulated in 1993 to
regulate the newly established super industry while creating an operative
framework for superannuation funds6.
Answer 3
Sustainability strategy and Sustainability policy are documents similar in nature,
but differ mainly in the amount of detail included. Many organisations decide to use only
one of the documents, while others use both. In the instance of an organisation using
both typically the principles section of the policy will go into great detail to explain how
the organisation plans to implement its plans. In the instance of a company using only
one of the two documents the entire document tends to be much larger and much more
detailed included in areas that include any actual description of the plans
implementation, monitoring and reporting.
A sustainability policy is a document prepared by an organisation which
discourses issues on sustainability that have an impact on the organisation during its
daily operations. The document intends to address how the company plans to deal with
these issues. The policy should include the following information about sustainability:
o The vision of the company
o Organisation Principles
o Important issues
o Objectives and reporting
o The ability and responsibility of organisations to act.7
6 Hurwood, James, What Is The SIS (Superannuation Industry (Supervision) Act)? | Canstar (2018)
Canstar https://www.canstar.com.au/superannuation/what-is-the-sis-act
7 Environmental Sustainability Policy - Australian Government Department Of Human Services (2018)
Humanservices.gov.au https://www.humanservices.gov.au/organisations/about-us/publications-and-
resources/environmental-sustainability-policy
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5ETHICS
Answer 4
The four types of reports used in the financial services industry are as follows:
Financial Report- The information on these reports is intended to help uses of
financial statements including shareholders, investors to better understand the
circumstances in which a financial reporting is required and the information it contains
and the differences between various types of financial reports
Budget report- A budget report is a report that is prepared to know the estimated costs
and revenues of a business enterprise and is prepared in accordance with the relevant
accounting standards.
Annual reports- An annual report contains a comprehensive report on a company’s
activities throughout a year. It presents a detailed description and a clear indication
about the activities of the company as well as financial performance.
Audit report- An audit report is a report that consists of the written and informed
opinion of an auditor in view of the financials of an entity8.
Answer 5
Feedback to employees is one of the best ways to assist them in performing their job
duties to the best of their abilities The types of feedback include:
 Formal feedback-This feedback is provided through formal channels and is a
planned, official , defined feedback . It gives the opportunity to subordinates
working in the lower levels of an organization to check its progress update
regarding important assessment s and work out the issues accordingly.
8 Financial Reporting In Australia - Austrade (2018) Austrade.gov.au
<https://www.austrade.gov.au/International/Invest/Guide-to-investing/Running-a-business/Understanding-
Australian-business-regulation/Financial-reporting-in-Australia
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6ETHICS
 Informal feedback- This feedback is provided by family, friends and colleagues
and is provided through informal discussions and chats that result when people
talk to each other informally9.
 Anonymous-Some organisations also have an anonymous system set up so
that employees can present feedback through an anonymous method such as a
feedback drop box or an escalation department that allows the employee to
speak to parties senior to their immediate supervisor.
Answer 6
There are four proven methods of addressing employees taking responsibility for
working team environments:
 Completing own tasks to a high standard- The employer must himself adhere to
a high quality of working standard and quality.
 Completing own tasks within required timeframes-The employees must complete
their own tasks within the required time limit and frame their work levels
accordingly.
 Treating other team members with respect at all times- The members must treat
other team members with respect and deal professionally with them10
 Following company policy and procedure at all times- The employees should
adhere to company policy and procedure and follow them at all times so that the
business dealings can be done in a fair and comprehensive manner.
Answer 7
SMART is a reminder abbreviation, that givesa certain set of standards to guide
in the framing of allocating tasks, for example in matters related to project management,
9 How To Give Good Feedback (2018) wikiHow <https://www.wikihow.com/Give-Good-Feedback
10 Employee Accountability In The Workplace (2018) Time and Attendance Tracking Software |
TimeWellScheduled <https://timewellscheduled.com/employee-accountability-in-the-workplace
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7ETHICS
employee-performance management and individual progress.The acronym for SMART
are as follows:
Specific: Specific goals or tasks have a much greater chance of successful completion
than general tasks or goals..
Measurable: Those tasks that clearly specify the criteria on which success is
determined. Detailed criteria must be clearly communicated to the team member when
the responsibility is assigned.
Attainable: it is important for the task to be attainable. If the project member has a
detailed explanation of how to achieve the goal, it is more likely that the project would
be a success.
Realistic: The task must be something that the project team member is both willing and
be able to complete.
Timely: The task should contain specific start and end dates, as well as measurable
milestones, so that the ensuring progress towards the completion of the task can be
successfully determined.
Example-
In the case of an employee of an establishment who is dealing with a client who
wants a newly originated loan for a large corporation to settle in a just two days the time
limit is too great. The first priority is to use his or her customer service skills to explain
that such a short time frame is not possible, but settling the loan in a reasonable
timeframe is possible11. In this case the timeline should be set within reasonable limits
and a framework should be set in place which would indicate that the right action was
progressing. When time or resources would not be available, adjustments will made.
11 Setting SMART Goals (2018) j6 design http://www.j6design.com.au/setting-smart-goals
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8ETHICS
Answer 8
The five people or departments that we can seek advice in relation to training needs
are:
 Supervisors
 Managers
 Colleagues
 Human Resources Departments
 Internal Trainers
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9ETHICS
References:
AML/CTF Act | Australian Transaction Reports And Analysis Centre (AUSTRAC) (2018)
Austrac.gov.au http://www.austrac.gov.au/businesses/legislation/amlctf-act
AML/CTF Act | Australian Transaction Reports And Analysis Centre (AUSTRAC) (2018)
Austrac.gov.au http://www.austrac.gov.au/businesses/legislation/amlctf-act
Anti-Money Laundering And Counter-Terrorism Financing Act 2006 (2018)
Legislation.gov.au <https://www.legislation.gov.au
Backing Australian Fintech (2018) Fintech.treasury.gov.au http://fintech.treasury.gov.au/
Employee Accountability In The Workplace (2018) Time and Attendance Tracking
Software | TimeWellScheduled <https://timewellscheduled.com/employee-
accountability-in-the-workplace
Environmental Sustainability Policy - Australian Government Department Of Human
Services (2018) Humanservices.gov.au
https://www.humanservices.gov.au/organisations/about-us/publications-and-resources/
environmental-sustainability-policy
Financial Reporting In Australia - Austrade (2018) Austrade.gov.au
<https://www.austrade.gov.au/International/Invest/Guide-to-investing/Running-a-
business/Understanding-Australian-business-regulation/Financial-reporting-in-Australia
How To Give Good Feedback (2018) wikiHow <https://www.wikihow.com/Give-Good-
Feedback
Hurwood, James, What Is The SIS (Superannuation Industry (Supervision) Act)? |
Canstar (2018) Canstar https://www.canstar.com.au/superannuation/what-is-the-sis-act/
Setting SMART Goals (2018) j6 design http://www.j6design.com.au/setting-smart-goals
The Financial Services Reform Act (2018) The Sydney Morning Herald
<https://www.smh.com.au/business/small-business/the-financial-services-reform-act
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