• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Analyse specic areas of ethical practice within the current activities of nancial services.

Extracts from this document...


Transfer-Encoding: chunked I am a trainee journalist for ITV. My production has been seen by a financial services recruitment agency, Taylor Green. They were most impressed with the quality of my production. Taylor Green wants me to produce some materials for them. I will analyse specific areas of ethical practice within the current activities of financial service providers and the consequences of non-compliance. All businesses that operate in the financial services industry has a duty of care towards their customers. They must make sure they are completely honest when selling products to their customers. They need to make sure they provide all details of products, what it is, how it works the benefits and also the risks; they cannot force products upon the customers. They should also not be supporting any business that is working in an unethical way. For instance, dealing with arms exporters and tobacco manufactures. In places where tobacco is made, many of the conditions are poor and the employers treat their staff unfairly and therefore is unethical. An example of unethical practice was when financial institutions like bank and building societies mis-sold payment protection insurance (PPI). ...read more.


If any customer invests their money into the Co-operative bank, they will only invest that money businesses that also only operate in an ethical manor. All businesses and individuals have a social responsibility in regards to the paying of tax. No business or person should avoid or evade the payment of taxes as it is unethical. Tax avoidance is the use of legal methods to modify an individual's financial situation in order to lower the amount of income tax owed. An example of tax avoidance in the UK is Starbucks. Starbucks were manipulating their financial data to show that they had losses. Corporation tax is only payable if you make profits, therefore Starbucks didn?t have to pay any corporation tax. Starbucks were still opening new coffee shops and so it was questionable how they did this when making losses. They had to appear in front of the parliamentary committee yet didn?t declare they were avoiding tax. Although they were not officially charged, the publicity impacted their reputation and customers stopped buying coffee from them. ...read more.


An example of this is with HSBC. They were fined almost $2billion for failing to stop criminals using its banking systems to launder money. Industrial democracy is another important factor; businesses should always treat their staff ethically. Nadia Eweida is an example where she was treated unethically. She worked for British Airways (BA) and was prohibited to wear a silver cross on a necklace. When she refused to conceal the cross she was fired. She went to UK courts to fight her cause for unfair dismissal, she lost. She then went to EU courts and won her case and BA had to compensate her worth £26,000. An example of unethical treatment is when H&M amongst 36 other businesses failed to pay their staff the minimum wage. They were fined a total of £51,000 and also must pay the affected staff the £177,000 they were underpaid. H&M owner Hennes & Mauritz failed to pay £2,604.87 to 540 workers and the average underpayment for those affected was £4.82. In conclusion, I have now given examples of where there has been a lack of unethical practice and lack of duty of care. I personally believe that there are many authorities in place that are working well to control businesses and to ensure everyone is treated fairly. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level Case Studies and Analysis section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level Case Studies and Analysis essays

  1. Tesco Marketing Activities

    They would have been left with boxes of chocolates which they could not sell which would probably pass there sell by date and be dumped. Therefore Tesco would have been out lots of money and wasted time on a product which would not sell.

  2. (P4) Describe the Functional Activities and the Independencies of Tesco Plc and Coleraine Borough ...

    Typically this is done through the form of electronic exchange rather than physical, therefore it cuts out unneeded expenses, especially if the business is to transport these documents to various countries worldwide. Meetings can be arranged virtually rather than physically, this means teams from various countries can meet and discuss

  1. Tescos - types of stores, services offered and the people who worked there.

    Customer Service Tesco works hard to meet every customer's needs and expectations, they provide a good customer service as they treat customers in a very friendly way and they have very friendly staff so they make sure that every customer feels welcome and help customers with anything they need whether

  2. This report is to share own customer-experience towards a service product Starbucks Coffee

    Many of my classmates and friends were posted their status in Facebook that they were doing assignments at Starbucks. These have encouraged me to visit Starbuck Coffee. After many times, my lifestyles changed to be like them. 2.1.3 Personal Factors A consumer?s decisions are also influenced by personal characteristics.

  1. Evaluate the implications for financial service providers to adapt to evolving current factors and ...

    made redundant, and unemployment levels go up which means lots of people are not in a position to save or obtain a mortgages. In contrast, during a boom period, more people can afford to take out a mortgage because there are more people in employment, are earning more and have higher disposable income.

  2. Explain the importance of ethical practice in the nancial services industry.

    They shouldn?t provide to those who pollute the air, sea or land as it is unethical. Positively, the emergence of the Co-operative Bank has increased ethical practice by being the first leader in ethical investment and only working with those who are ethical.

  1. Analyse the consequences of current factors and trends on financial services.

    I do not expect the aging population to change. Nature of work will also impact financial services. During a recession the unemployment levels increase because businesses are not doing well and not a large demand on goods and services which results in people becoming redundant.

  2. Explain the distinctive features of two selected savings, investment and other nancial services that ...

    the interest and phones which makes using this saver very each for them to use. Unlike premium bonds you can earn interest on the money to put in to save which is guaranteed whereas premium bonds are not guaranteed, they can also withdraw their money whenever they want so its 100% secure.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work