Answer To: BULAW 5915 Corporate Law Semester 2 2020 Written Assignment Total maximum marks: 100, weighted to...
Hartirath answered on Sep 24 2021
Misconduct
Misconduct
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Contents
Introduction 3
Solution1 4
Solution 2 6
Solution 3 8
Solution 4 10
Solution 5 10
Solution 6 11
References 12
Introduction
The Royal Bank, Bank Pensions or Financial Services business Misconduct Commission, also recognized as Royal Commission of Banks and Royal Hain Commission, is a Royal Commission established by Government of Australia under the Royal Commission Act 1902 on December 14, 2017, to investigate or report misconduct in financial services, pension moreover banking industries. The establishment of the committee depends on the media revelation of the culture of greed in various economic institutions in Australia. A subsequent parliamentary investigation suggested the Royal Commission, pointing out the lack of rigid intervention by applicable government departments, or later evidence that economic institutions participated in money laundering activities against drug cartels, turned a blind eye to terrorist financing, or avoided statutory reports Liability and misconduct in foreign exchange transactions (Brown and Minor, 2015). The former High Court Justice of Australia, Mr. Kenneth Madison Hayne AC·QC, was the sole commissioner or submitted an interim status to the Governor of Australia on September 28, 2018. The report was submitted by the government to the Parliament the same day.
Solution1
Opposition leader Bill Shorten supports the establishment of RC; However, the spokesperson for the opposition Ministry of Finance, Chris Bowen, stated that the Labour Party does not agree with the expressions of hopes and reference that the government and consumers Groups and groups affected by consumers to negotiate (Athanassopoulou, 2006). At the same time, the Green Party tried to expand the committee's expressions of reference. The ABA and a few of its members, which firstly opposed the requirement for the establishment of RC, supported the expressions of reference; supported the terms of reference; However, Anna, the chief executive of the association · Anna Bligh warned: The committee may raise interest rates (Brown and Minor, 2015).
Misconduct based on financial services, pensions, and banking led to recommendations and arguments for appointing the Royal Commission to conduct the case (Mahadew, 2016). Due to multiple misconducts in these industries, the federal government was forced to appoint a royal commission for this case. The misconduct was found to be related to housing, care, and education loan regulations as well as credit cards and other insurance-related products. These misconducts affected ordinary citizens of the country, which put pressure on the federal government to appoint a royal commission to appoint the case. There are also some issues related to the financial consulting industry, such as the cost of failing to provide clients with financial consulting and the improper behavior of the consultant. The committee invites individuals or entities to use online forms for public submissions and specifies those who need further help via phone or email (McCahery and de Roode, 2018). The main purpose of submitting materials is to find out the nature of the supposed misconduct, the aspects leading to misconduct, moreover, the steps taken to solve the complaint as well as the outcome of the protest. The main role of the committee is not to solve person complaints, has not yet understood the systemic failures that may lead to complaints (Brown and Minor, 2015).
The RC conducted seven rounds of public hearings within 67 days, convened around 129 witnesses, or reviewed more than 10,000 public opinions (O'Brien, 2019). The main issues involved personal financial management, pensions, and small business financing.
The commissioner identified the following topics:
1. A few characteristics of Australian banking business: background documents
2. A few characteristics of Australian mortgage brokerage business: background documents
3. A few features of Australian auto financing: background documents
4. Daily customer credit-an overview of the Australian laws regulating customers housing, credit cards moreover car loans
Solution 2
Both the government and the financial services department opposed the call for the establishment of a royal commission to cover up misconduct within their departments (Brown and Minor, 2015). Some of those opposed to the Royal Commission include Malcolm Turnbull, Barnaby Joyce, Kelly O'Dwyane, Scott Morrison, and others related to the government and the financial sector. People associated with government departments defended themselves by saying that the main reason for opposing the Royal Commission was to help customers, not to make their lives busier (Singleton and Reveley, 2020). The main reason for opposing the Royal Commission is to cover up wrongdoing in finance and banking. The last report of the Royal Commission affected the vast majority of the population. The Royal Commission sheds light on the schemes that these industries have developed to avoid scams to collect additional payments from customers.
Of course, the problem of Royal Commission is not mainly related to the failure to pass a rate cut. This is just to illustrate how each headline that affects the bank sparked debate (Sternberg, 2013). The initial call was driven by a Senate investigation two years ago, which suggested that the RC investigate the CBA’s financial planning department’s “forgery and dishonest concealment of material facts” (Brown and Minor,...