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Global Financial Crisis and the Financial System: The Case of Australia and China

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Highlight the regulatory changes following the recent financial misconduct discovered in Australia. In particular, critically assess the role of the BankingRoyal Commission in dealing with the reported financial misconduct. In your response, you are required to briefly outline the origin, composition, and function of the Banking Royal Commission....

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Question Preview:

Highlight the regulatory changes following the recent financial misconduct discovered in Australia. In particular, critically assess the role of the BankingRoyal Commission in dealing with the reported financial misconduct. In your response, you are required to briefly outline the origin, composition, and function of the Banking Royal Commission.

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Introduction

The Great Recession was being seen in the United States in 2007 due to financial crises. The financial crises have appeared in 2007-2008 in the USA and this financial crisis is also known by the name of “The Global Financial Crises”. The situation came into the picture when the crises took place in the subprime mortgage market in USA and further, it had developed as international banking crises with the disintegrate of the investment bank Lehman Brothers on 15th September 2008. Highlight the regulatory changes in the recent financial misconducts discovered in Australia. It is analyzed that the recent financial sectors are performing misconducts in Australia in following concerned areas as: •Banks corrupt behaviors •Banks are given immoral financial advices •Banks are earning profit from the people •Banks are given rewards to staff for channeling fund into own products •The legal insurance claims are refused by the banks •Banks control the rig exchange markets and interest rates •Banks flaunt the legislation for an anti-money •Banks are busy in fee gouging In the past six years from June 2011 to June 2017, 140 people were guilty for crimes in the finance sector industries. The industry had to pay out $32 million as civil penalties. It is found that the financial sectors are denied $1.69 million to the alliances and $1 million to the labors in the past year. To control above-said misconducts by the financial service industry, it is formed a royal commission for monitoring and controlling activities of the financial sector industries to prevent Australia from the financial crisis in future (Chau D., Clark E., 2018).

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