AbstractConflicts of interest, related party transactions and other ethical dilemmas are common in financial services and present challenges for corporate law, regulation and selfregulation in Australia and the UK. Deregulation encourages conglomeration, reduced competition and increased complexity, opacity, and regulatory arbitrage.
The global financial crisis and the Hayne Royal Commission have demonstrated
shortcomings in the organisational culture of financial services conglomerates. This thesis addresses these problems and the role that culture and governance play in the management of these dilemmas. It makes some recommendations for reform of the law and practice.
These recommendations include the production of a clear, regulatory instrument, clearly explaining the obligations of persons engaging in potential conflict of interest and related party transaction situations. They also include the production and/or reinforcement of appropriate internal procedures for managing ethical dilemmas and calls for further conglomeration in financial services to be prohibited, with fringe operations being sold off by these financial service conglomerates.
|Date of Award
|1 Dec 2022
|John Farrar (Supervisor), Simone Kelly (Supervisor) & Louise Parsons (Supervisor)