Role of Ethical Values and Human Dignity in Economic Decisions

Running head: ECONOMICS
Economics
Name of the student
Name of the university
Author note

ECONOMICS
Link: ABC News. (2019). Banking royal commission report at a glance. [online] Available
at: https://www.abc.net.au/news/2019-02-04/banking-royal-commission-report-at-a-glance/
10777188 [Accessed 2 May 2019].
The Royal Commission into Misconduct in the Banking, Superannuation and Financial
Services Industry in light of the role of ethical values and human dignity in economic
decisions.
Introduction
Superannuation and financial services industry are also termed Banking Royal Commission
which have established in the year 2017. Many factors have contributed to misconduct in the
financial service industry in Australia. It have been found that in some of the cases, the
boards of the companies of superannuation funds have collectively engaged in unethical
behaviour to match to some of the employees. Ethical values signify what is worthwhile and
important in nature. Ethical values are important since they help us to grow and develop.
Discussion
The news article states that there is a high chance that the banks might be facing criminal
charges after the publication of report by royal commission. The article states that some of
the banks in Australia can face criminal charges for charging fees foor no service The issues
stated in the article are that some of the banks are found to engage in unethical behaviour,
farmers have complained about the treatment hey receive from banks and the banks are also
charging fees for no service.

ECONOMICS
Concepts
The Australian Securities and Investment Commission are known to become the primary
conduct regulator overseeing superannuation. The Royal Commission into Misconduct in the
Banking, financial services industry and superannuation had established in December 2017
by the Australian government who persuaded the Royal Commission Act 1902. The article
(ABC News. 2019. Banking royal commission report at a glance) also stated that farmers
have complained of being ill treated from the bank members. The farmers were also the
campaigners which lobbied for the royal commission. After all these took place the
government then agreed for creating a scheme related to farm debt which will be assisting the
borrowers in order to overcome financial difficulties.
Critique
The banks have known to face prosecutions over the misconduct recently. The
banking royal commission known to have called for compensation. The commission was also
known to overhaul the financial regulators. The commission Kenneth Hayne in his final
reports offered more than 76 recommendations that the Federal Government will implement.
The royal commission known to have heard cases of customers being charged for the services
which they had never received. The final report have also stated that the scandal will cost the
wealth managers and an amount of $850 will have to be compensated by the banks (O'brien
2019) Some of the scandalous cases which are involved are that people were being charged
with exorbitant fees even after they had died.
The Commissioner had made 76 recommendations for how the problems can be fixed.
Bankers in the report were not been named, however Kenneth Hayne had laid out the
potential for more than 20 prosecutions which involved the major banks. (ABC News. 2019).