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.
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.
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.
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.
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.
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.
Our Advantages
Plagiarism Free Papers
All our papers are original and written from scratch. We will email you a plagiarism report alongside your completed paper once done.
Free Revisions
All papers are submitted ahead of time. We do this to allow you time to point out any area you would need revision on, and help you for free.
Title-page
A title page preceeds all your paper content. Here, you put all your personal information and this we give out for free.
Bibliography
Without a reference/bibliography page, any academic paper is incomplete and doesnt qualify for grading. We also offer this for free.
Originality & Security
At Homework Valley, we take confidentiality seriously and all your personal information is stored safely and do not share it with third parties for any reasons whatsoever. Our work is original and we send plagiarism reports alongside every paper.
24/7 Customer Support
Our agents are online 24/7. Feel free to contact us through email or talk to our live agents.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Our Services
We work around the clock to see best customer experience.
Pricing
Our prices are pocket friendly and you can do partial payments. When that is not enough, we have a free enquiry service.
Communication
Admission help & Client-Writer Contact
When you need to elaborate something further to your writer, we provide that button.
Deadlines
Paper Submission
We take deadlines seriously and our papers are submitted ahead of time. We are happy to assist you in case of any adjustments needed.
Reviews
Customer Feedback
Your feedback, good or bad is of great concern to us and we take it very seriously. We are, therefore, constantly adjusting our policies to ensure best customer/writer experience.