Exploiting and trapping vulnerable low-income customers
Assignment is an individual report on the following topic:
It was reported in November 2015 in the press that Cash Converters, a public company listed on the Australian Stock Exchange was accused of exploiting and trapping vulnerable low-income customers in a cycle of debt by charging extortionate interest rates up to 633% per annum.
Your assignment is to provide:
(i) Why are we concerned about exploitation of needy and vulnerable by corporations?
(ii) Identify ethical issues surrounding Cash Converters’ alleged practices and discuss the role of professional accountants in this problem via ethical standards for accountants. How would you deal with this situation if you were an accountant dealing with loans to customers at Cash Converters?
(iii) Who is (are) the corporations supposed to serve? Why? Assessment of assignment will take into account:
• Critical analysis
• Relevance of your answer to the question
• Evidence of wide reading on the topic
• Clarity of expression
• Reasonableness of conclusions
• Coherence in the development of arguments
• Use of appropriate evidence
• Overall presentation including, grammar, spelling, punctuation, referencing.