Regulation Education Of Financial Advisors -Myassignmenthelp.Com

Question: Discuss About The Regulation Education Of Financial Advisors? Answer: Introduction A royal commission will be launched by the Australian Government into the finance sector after reporting hundreds of cases regarding scam, over-charging and fraud of ATM and bank fees. The decision came as a relief after fraudulent transactions was held responsible for situating the whole banking sector in a menacing territory. Speculations have been going on for long, however, the decision has been implemented to elevate the banks from the abyss of forgery and cheat that had plagued it year after year. The settlement came in the wake of a series of scandals stretching over the last ten years which constantly pointed towards the flawed and incompetent structure within the banks. The Commonwealth Bank has created a gulf in public trust and confidence towards it after it failed to protect money laundering and terrorism subsidizing. The issues came to the forefront after evidences supported drawing of millions of dollars from Australia by foreign criminal syndicates that included renowned drug traffickers. Previously Maurice Blackburn Lawyers were hold responsible for conducting a brief inquiry into the internal on-goings of the banks to which Commonwealth fully agreed to co-operate according to the sources. Opposition sources have allegedly commented that the step is completely irrelevant and an extravagant step on the part of the government which will cause unnecessary distractions without solving the immediate problem at hand. They have opined that the decision can hint at the uncertainty hovering over the financial system of Australia and has the potential to jolt the confidence of offshore investors. The intervention however is promising of extracting valid answers for the loss of hundreds of millions of dollars from the common mass and other punishable offence like forging signatures, overcharging and generating fake and s investment accounts. Financial analysts have predicted that the unethical methods and delays in paying licit claims will be made crystal clear after the Royal Commissions intervention. Although the action will costs but it will be effective in detecting the disappearance of million dollars of money, as Jeff Morris, the financial planner of CBA in Sydney, hopes. On the other hand, the Royal Commission is surely a challenging and bold step which could further tumble down the economy. But again there is the all pervasive question regarding the resolution of a conflict that has tangled millions of public money. On the positive side, one can rely on the deep inquiry that the Commission has promised to conduct which would place the banks under some serious scrutiny. According to mass opinion it is a imperative considering the current circumstances even though at the expense of the reputation of Australian banking sector. An alternative to the conflicting situation could have been a tight security from the Australian Government, setting up of a competent panel and to resolve the issue internally so as to avoid the intervention in full glare. It is true that the scenario has taken a dramatic shape in the absence of frameworks and policies within the nations strongest baking group as the opposition contends, but right what could have been the other way of seeking justice The Financial Review The governments decision to bring in the Royal Commission within the Commonwealth Bank has been applauded by Prime Minister Malcolm Turnbull who is hopeful that it would save the banking sector from falling into the pit of treachery and fraud. The inquiry will supposedly dig into the depth of damages caused to the common mass by some of the prestigious and eminent institutions of Australia, hopefully by February 2019. The Royal Commission has been however, given tenure of 12 months to report the government with its findings. During the last decade there has been enormous amount of political pressure and corruption which brought uncertainty for the country. According to Turnbull, the step was regrettable yet necessary to extract information regarding discrepancies going on in the financial service sector. The Royal Commission involvement is bound to be free from political influences or individual interests. The commission is the only reliable option right now for the people who are waiting for a compensation fund from the banks who have abused public money and trust. The Liberal National Party supporters therefore have reasons enough to stand in unity to support the intercession of Royal Commission. Irrespective of negativities the Commission is sure to go to the roots of the issue and conduct a systematic inquiry into the series of misconducts which involves public money laundering and creation of duplicate accounts. The political environment is surely not in favor of the Commission. People have reasons enough to belief that the bold decision will bear strength to bring forth the corrupted institutions of power documents and witnesses. It is perhaps for the first time that a reputed profit-earning company is being subject to this massive amount of speculation and scrutiny. The case is an astounding exposure of the Frankenstein nature of high technology. It is true that that the Commission will be headed by and highly-estimated judicial officers there are sufficient reasons to support the judiciousness of the opposition. The decision will hamper Australias relation to other countries. There are possibilities for the foreigners to lose faith from Australian finance sector and will be discouraged from investing here. There already have been rounds of opposed decision which have stated that although the fresh inquiry will bring an answer from the small and large scale banks, yet it would be expensive a move. Arguments have been going on regarding the audacity of the move elaborating in detail clouds hovering over the final judgment of the Commission and its accuracy in bringing forth effective solution to the crisis. The same would also be responsible for casting the entire banking and financial sector in a negative light which will tremendously affect Australian economy and growth at a global level. It would positively generate further chaos within the commoners who fail to understand the intricacies of a banking operation. Why invest on the Commission that will be bound to deplete resources and management time? Was there not other solutions to reinstate public confidence in the banks which also happen to be the highest taxpayers in Australia? References Kaczynski, D., Salmona, M., Smith, T. (2014). Qualitative research in finance. Australian Journal of Management, 39(1), 127-135. Matthews, A. (2016). The financial services industry: Whistleblowing and calls for a royal commission. Precedent (Sydney, NSW), (136), 35. McIlroy, J. (2017). Bank inquiry aimed at heading off royal commission. Green Left Weekly, (1151), 2. McIlroy, J. (2017). Re-nationalise the commonwealth bank. Green Left Weekly, (1149), 11. Rogers, D., Lee, C. L., Yan, D. (2015). The politics of foreign investment in Australian housing: Chinese investors, translocal sales agents and local resistance. Housing Studies, 30(5), 730-748. Schlagwein, D., Thorogood, A., Willcocks, L. P. (2014). How Commonwealth Bank of Australia Gained Benefits Using a Standards-Based, Multi-Provider Cloud Model. MIS Quarterly Executive, 13(4). Steen, A., McGrath, D., Wong, A. (2016). Market Failure, Regulation and Education of Financial Advisors. Australasian Accounting Business Finance Journal, 10(1), 3. Xiang, D., Worthington, A. C., Higgs, H. (2015). Discouraged finance seekers: An analysis of Australian small and medium-sized enterprises. International Small Business Journal, 33(7), 689-707.