Assignment First

  本篇幫寫論文-金融公司的道德規範講了富國銀行公司在消費者不知情的情況下開設了多個銀行賬戶。公司員工爲客戶開立了許多銀行賬戶。這是爲了滿足他們的銷售目標,並確保公司的銷售目標得到滿足。在這個過程中,客戶並不知道對他們的帳戶所做的開發。這是一個非常詳細和複雜的欺詐,最近被扣除。該公司被發現在當前時代面臨這些後果。

  Well Fargo Company opened a number of bank accounts without the knowledge of the consumers. The company employees opened many bank accounts for their customers. This was to meet their sales targets and to ensure that the company sales targets were met. In this process, the customers were not aware of the developments that were done to their accounts. This was a highly detailed and intricate fraud that was recently deducted. The company was found to face these consequences in the current times. Wells Fargo has used high-pressure sales tactics from 2010 onwards. This was not taken any action by the regulatory bodies for years. The internal review of the OCC stated that there was no significant follow up by the people. These issues of Well Fargo were found to have originated in 2005. This was basically not disclosed to the public and it remained under wraps within the company from 2005. This practice had followed creating a number of issues for the customers. 700 whistle-blower complaints had been received to notify the government. There was a lack in ethical mandates of the company that had caused the people to act in this way. Only recently has the OCC recommended 9 major changes to the banks to detect and address these scandals (Mims, 2017). The reason for the company to continue in the scandal was owing to the lack of implementation of the rules of the scandal. Lack of transparency, aggressive sales tactics by the people and the lack in accountability of these practices were the reason for the scandal. Added to this, the government did not take enough steps to ensure that these banks were regulated. This had led to the scandal to continue for many years. Similar to this, another bank is facing issues in the Australian markets.

  Credit Suisse Equities (Australia) Limited had paid a penalty $170,000 for the infringement notice from Markets Disciplinary Panel (MDP).

  The MDP states that the company had contravened 798H (1) of the Corporations Act 2001 (Cth). It did not comply to the Rule 5.6.1(1) of ASIC Market Integrity Rules. According to this Rule, it requires trading participants in the company to have relevant automated filters for automated order processing (AOP) systems. It was identified that in April 2016, a client of Credit Suisse erroneously entered orders in the options market contracts by using the AOP system resulted in incorrect limit price (Johnson, 2017). Related to this, a number of transactions had taken place these were found to be 96% below extreme trade range. MDP stated that the company could have prevented this issue if it had appropriate filters to meet the demands of the people. However, in this paradigm, it was stated that the company must have adhered to more monitoring to prevent such issues from arising. The company was fined.

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