Which of the rationalisations for unethical behaviour do you think the banks are likely to have employed to justify their misconduct prior to the Royal Commission? Justify your answer using theories from the readings and facts from the case.

QUESTION

https://www.reuters.com/article/us-australia-banks-timeline/timeline-the-misconduct-uncovered-by-australias-year-long-banking-inquiry-idUSKCN1NY0E9

1. Which of the rationalisations for unethical behaviour do you think the banks are likely to have employed to justify their misconduct prior to the Royal Commission? Justify your answer using theories from the readings and facts from the case.

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Note: Rationalisations are given.

2. Which view of ethical behaviour would best help banks improve their ethical practice and reputation? (i.e. four views of ethical behaviour : Utilitarianism, moral rights, justice, or individualism). Justify your answer using theories and facts from the case.

ANSWER

Unethical Behavior in Banks and Improving Ethical Practice: A Case Analysis

Introduction

Ethical behavior within the banking industry is crucial for maintaining trust and confidence among customers and the wider public. However, prior to the Royal Commission, several instances of misconduct and unethical behavior were uncovered within banks. This essay will analyze the rationalizations employed by banks to justify their misconduct and explore which view of ethical behavior—utilitarianism, moral rights, justice, or individualism—would best help banks improve their ethical practice and reputation. The analysis will draw upon theories from the readings and facts from the case.

Part 1: Rationalizations for Unethical Behavior by Banks

Banks may have employed various rationalizations to justify their unethical behavior prior to the Royal Commission. One common rationalization is the “everyone does it” justification, where banks may argue that their competitors were engaging in similar unethical practices, leading them to believe that such behavior was acceptable within the industry. This rationalization can be linked to the social influence theory, which suggests that individuals tend to conform to the behaviors of others in their social environment.

Another rationalization often employed by banks is the “necessity” justification. Banks may argue that their unethical actions were necessary for the survival and profitability of their institutions, thus prioritizing self-interest over ethical considerations. This rationalization aligns with the egoism theory, which emphasizes self-interest as the primary motivator of behavior.

Part 2: Choosing the View of Ethical Behavior for Banks’ Improvement

Among the four views of ethical behavior—utilitarianism, moral rights, justice, and individualism—the utilitarian perspective would best help banks improve their ethical practice and reputation. Utilitarianism focuses on maximizing overall happiness or utility for the greatest number of people. By adopting a utilitarian approach, banks would prioritize the well-being of their customers and the public over short-term gains.

Utilitarianism would require banks to consider the potential consequences of their actions and assess whether they lead to the greatest overall happiness. This view would discourage banks from engaging in exploitative practices, misrepresenting financial products, or neglecting customer needs. Instead, banks would need to prioritize transparency, fairness, and responsible lending practices to ensure the well-being of their customers.

Moreover, by adopting a utilitarian perspective, banks could rebuild trust and reputation among stakeholders. Demonstrating a commitment to ethical behavior and serving the best interests of their customers would enhance long-term customer loyalty and attract new clientele. Additionally, banks would benefit from positive public perception, regulatory compliance, and a more sustainable and stable financial system.

Conclusion

The unethical behavior exhibited by banks prior to the Royal Commission can be attributed to rationalizations such as the “everyone does it” justification and the “necessity” justification. To improve their ethical practice and reputation, banks should adopt a utilitarian view of ethical behavior. By prioritizing the well-being of their customers and society as a whole, banks can rebuild trust, enhance their reputation, and contribute to a more ethical and sustainable financial industry.

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