ASSIGNMENT–INDIVIDUAL

Topic:
Your topic is:
“SHOULD A ROYAL COMMISSION BE HELD INTO THE AUSTRALIAN BANKING SYSTEM?”

Over the last few years, a number of issues relating to the behaviour of one or more Australian banks have received significant adverse publicity. Many customers have claimed that they have been unfairly treated by the banks
in relation to matters such as:
– high and/or untoward bank and credit card fees and charges;
– inappropriate financial planning advice by bank representatives, resulting in large monetary losses to individual customers, particularly to retirees;
– rejection or non-payment by the banks of life insurance claims;
– delays by the banks in reducing interest rates on bank loans following reductions in the official cash rate; and
– other perceived injustices negatively impacting on customers.

These issues have resulted in a number of customers, some of the media and at least one major political party calling for a Royal Commission into the banks, with some parties arguing that there are deeper systemic issues within the sector. Other sections of the population, media and the political process have argued against this action, claiming that the existing regulatory processes are sufficient to safeguard the banks’ customers.

You are required to examine the issues in contention, identify the arguments in favour of – and those against – a Royal Commission, and offer reasoned recommendations for what the Government should do.

Presentation and Lodgment

Further details on the presentation and lodgment requirements for the Assignment and penalties for late lodgment, along with the rubric for assessment purposes, are set out in the Subject Outline (SO), pages 7- 8.

You should follow the following typing conventions:

• Times New Roman font (at minimum , 12 pitch)
• 1.5 line spacing
• Top, bottom, left and right margins to be at least 2.5 cms from the edge of the page
• A4 paper; and
• Length – 2,500 words + / – 10%.

Research and Referencing

You should begin by seeking references relating to the topic and subject content via Google or another search engine. It is suggested that you familiarize yourself with the Australian banking system by reading appropriate chapters in the text-book. You will need to discover at least 6 other references. This should include at least one other book and one journal article. Search the web-sites suggested in the text and the SO.