BAFN200: Principles of Finance Assignment Help
Discuss the effects on National Australia Bank following the report from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry should be the focus for this essay. Michael, the product development manager for Apex Pharmaceuticals (AP) joined the firm about 7 years ago. With a bachelor’s degree in chemistry and an MBA from Peter Faber Business School, Michael has been fairly successful in his professional career. Prior to working at AP, Michael was responsible for the launching of three highly successful drugs at another mid-sized pharmaceutical company. It did not take long for the head-hunters to find him and shortly thereafter AP made him an offer that was too good to refuse. AP is a fairly large pharmaceutical company that has a number of patented drugs under its belt. With a number of the firm’s patents expiring in the next three years, there has been some pressure to expand its production lines. Michael has been asked to make recommendations for new investment to the Board, specifically regarding a new drug recently developed by AP’s Research Department.
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Ethics in Finance
The banking system in Australia is being dominated majorly by four banks which include Commonwealth Bank of Australia, National Australian Bank, Australia and New Zealand bank group and Westpac Banking Corporation. The National Australian Bank is the biggest loser in the individual form by the royal commission The royal commission had shifted the focus of the National Australian Bank to the information collation and also providing evidence as the response to the enquiry of investigation in spite of focusing on the building of trust by the investors and the customers again with the bank. The two watch dogs of Australia which are APRA and ASIC have also joined the forces in order to monitor the lending practices of banks especially in assessment of the repayment capacity of the borrower to repay interest and principal amount. (Christian Schneeberger, 2019)
National Australian Bank had announced that CEO will be receiving the exit payment amounting to $1 million in relation to the notice of 26 weeks but the deferral awards which are unvested will be forfeited. The bank was founding the new CEO and chairman at the global level as they have given resignations after the enquiry of the royal commission.
National Australian Bank had decided to extend their protections in relation to the code of banking practice to the businesses of small level also which are having a level of borrowings less than $5 million which had been increased from the previous level which was agreed at a level of $3 million. This step is being taken to promote and protect the consumers ethically which are having low level of business.
The recommendations of the royal commission to the National Australian Bank will help in ensuring that the consumers are having a better environment which will help in development of the society in the ethically accepted behavior. (NAB, 2019)
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It had affected the National Australian Bank to make changes in its policies in order to make compensation to the customers when they are treated in a wrong manner. They have also given recommendation to the bank to make payment to the customers in case of their accountability when the customers have faced ethical issues related to trust and confidentiality.
The royal commission had lead to the fulfillment of ethical responsibilities by the National Australian Bank and it had helped the bank in developing a better and transparent industry of financial services which concentrates on doing right for the customers. The royal commission had helped in implementation of ethical principle in the National Australian Bank as the bank will not be charging the default interest on the famers which are adversely affected by drought or other calamities. (Daniel Ziffer, 2019)
Thus the National Australian Bank have started programs in order to restore the trust of the customers. Thus the bank had started concentrates on operations which will help in developing accountability and governance in the system. The operations of bank are now emphasizing on bringing the customers back to the bank, improving the level of discipline, improving level of accountability, addressing issues in a ethical manner, and also achieving the desired level of culture.
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