The Royal Commission into Misconduct in the Banking, Superannuation, and Financial Services Industry completed its Final Report on 1st of February 2019. Commissioner Kenneth Hayne in his Final Report has recommended extensive changes (76 recommendations) to the banking, superannuation, and financial services sector after uncovering a list of ethical misconduct. You are required to research publications (e.g.: The Commissioner’s Final Report, newspapers, magazines, scholarly journal articles etc.) on the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and write an ESSAY based on your findings. This essay needs to focus on ethical misconduct uncovered by the Royal Commission within the banking and financial services sector and address the following points:

Select ONE key recommendation made in relation to ‘Banking’ OR ‘Financial Advice’ based on the Commissioner’s Final Report and discuss the ethical misconduct underlying this recommendation. To do so, you are required to select ONE firm/entity in the banking or financial services sector which was affected by this recommendation and specifically address the following:

a) Provide an overview of the firm/entity’s background.

b) Discuss extensively the key recommendation you chose and the ethical misconduct of the firm/entity underlying this recommendation.

c) Why do you think the firm/entity’s conduct was unethical? and explain which of the ethical principles are most relevant to this ethical misconduct.

d) Identify the key stakeholders affected and discuss how these stakeholders are affected by this ethical misconduct.