Just because something is legal does not mean that it is also ethical. The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (also known as the Banking Royal Commission) has highlighted the need for the Australian business and financial services industry to apply ethical conduct and ethical decision-making when dealing with, and on behalf of clients.

"Kenneth Hayne has done a powerful job in sharply clarifying the legal duties that financial service providers owe their customers and that identified breaches of those duties - such as charging people for perhaps a billion dollars or so of services they never received amid their insurance, superannuation or financial advice - should be more vigorously penalised". He said: 'There is no doubt that money was taken from clients. Nor is there any basis for doubting that, when taken, the taker did not intend to return it to the client' (from https://www.afr.com/policy/those-who-act-for-customers-must-do-so-20190204-h1atl1, viewed 30 January 2020.

Requirement: Based on the quote above, write a business report that outlines ethical conduct, the Banking Royal Commission considerations, and demonstrate by example, the application of ethical behaviour and ethical decision-making in the Australian workplace context as it relates charging for services that are not received. Make recommendations about embedding ethical behaviour and ethical decisionmaking in the Australian business and financial services industry, to ensure that clients receive what they pay for.

Please use this format and insert your content under each heading (please also refer to your ACADEMIC FOUNDATIONS learnings for correct research, expression, and formatting):

Title Page Table of Contents Executive Summary 1.0 Introduction2.0 What is ethical conduct in the Australian business and financial services industry? 3.0 Why did the Banking Royal Commission happen? 4.0 How to apply ethical behaviour in business when charging for services - one workplace example 5.0 How to make ethical decisions in business when charging for services - one workplace example6.0 Conclusion 7.0 Recommendations Reference List

Subject Guide:BUMGT101A/ACBUS102A Management Fundamentals

TAFE NSW - Higher EducationPage | 27

You must do the following:

Read the Business Reports Helpsheet on Moodle and take note of everything you learn in Academic Foundations, on research, referencing and report writing. Generally, section 1.0 - Introduction should guide the reader on how you are going to approach the topic.It should provide a brief overview of the key areas you are going to cover and your main recommendations. The discussion section 2.0 through to 5.0 should integrate your research and ideas into key arguments and cover the report requirements. The conclusion and recommendation sections - 6.0 and 7.0 should comment on the implications of your findings for industry practice and make recommendations that are consistent with the information you have presented in the report. The report should be about 1500 words in length, and minimum of 1350 words and maximum of 1650 words, excluding Title page and Reference List and professionally presented. You must prepare the report in Arial font, 12 point, 1 line spacing. The report should be written using academic conventions and include at least 6 in-text citations. At least 8 academic references should be consulted in your research. Appropriate sources of reference material are:

Prescribed textbook (Robbins 4th Ed) Government website/s Academic journal/s Industry association website/s or article/s

Additional (optional) references may be cited from any reliable source.