Australain Financial System
client¡¨ provisions and prohibiting misleading or deceptive conduct / advise.
b) Contract Law or common law acts to set aside a contract if it was entered into under duress, undue influence or inducement due to a false statement.
4. List four (4) different forms of legislation which relate to the financial service industry.
Audit Requirements
Preparation of financial Statements
Company Incorporations
Taxation requirements
The Purpose of Business
(Ethical) Policies and Procedures
1. What are the advantages of an industry ¡§code of conduct¡¨?
Industry codes of conduct are rules that each business within an industry agree to and adhere to. These conducts can address;
„X Ethics
„X Quality
„X Social responsibilities
The advantages of self imposed code of conduct are as follows:
„X Potentially averts government intervention
„X A business industry is more sensitive to the needs of its employees/customers and so could prepare a more revelent set of rules than a government.
„X Improves and builds the publics perception and trust of the business industry.
„X Good PR and advertising for the business/industry.
2. List five (5) different types of institutions / professions which would need to keep certain records confidential. Besides each, describe one type of record that needs to be treated as confidential.
1) Medical profession ¡V medical records
2) Employment Agency ¡V employee personal information
3) Military ¡V sensitive military information
4) Accountants ¡V income tax documentation
5) Police Department ¡V internal records
3. Rodney Addles was working as an area manager in NSW for Affordable Furniture when he learned he was HIV positive. He informed his employers about his status and Affordable Furniture told Rodney that his conditions of employment would not be affected by his HIV status. Although there was no immediate reaction, later in conversations with senior management there was some discussion about all staff being informed of his condition and mention was made of using polystyrene cups for hygiene.
About twelve months after informing management of his condition, Rodney told his boss that he wished to move to Melbourne to be closer to his doctor and specialised medical treatment. Affordable Furniture agreed to a transfer but to a shop assistants position of $25,000, not to a comparable management position of $50,000.
Rodney felt the company¡¦s action was demeaning and discriminatory and took his complaint to the Equal Opportunity Tribunal.
Required:
(a) What was the ethical responsibility of Affordable Furniture in this case?
(b) Was Rodney being discriminated against?
Answer:
(a) Affordable Furniture has the ethical responsibility of the ¡§Duty of Care of employees¡¨ which means the employee should be treated with dignity fairness and decency. In all fairness and decency Rodney should be transferred and continue in his current management position
(b) Discrimination occurs where an individual or group are excluded from benefit or opportunity because of a characteristic unrelated to their ability to do the job.
Rodney is being discriminated against his illness and as long he meets the job criteria in his management position he should continue in this position.
4. List six (6) different types of discrimination which could be found in the work [next page]