Recent Question/Assignment
Question
Cash Converters is the biggest payday lender in Australia; it is also a public company listed on the Australian Stock Exchange.
In November 2015, a class action was launched against Cash Converters for exploiting and trapping thousands of vulnerable low-income customers in a cycle of debt by charging extortionate interest rates up to 633% per annum and excessive fees on short-term loans.
Required
a) Please explain (i) how Cash Converters’ practice that prompted the class action was documented in its annual report; and (ii) whether the practice is unethical. You need to substantiate your answer in (ii) with appropriate ethical theories.
b) Please analyse the financial impacts of the practice on Cash Converters, share price included.
c) Please discuss the social responsibility and sustainability of a financial institution, in general and of Cash Converters, in particular.
Cash Converters is the biggest payday lender in Australia; it is also a public company listed on the Australian Stock Exchange.
In November 2015, a class action was launched against Cash Converters for exploiting and trapping thousands of vulnerable low-income customers in a cycle of debt by charging extortionate interest rates up to 633% per annum and excessive fees on short-term loans.
Required
a) Please explain (i) how Cash Converters’ practice that prompted the class action was documented in its annual report; and (ii) whether the practice is unethical. You need to substantiate your answer in (ii) with appropriate ethical theories.
b) Please analyse the financial impacts of the practice on Cash Converters, share price included.
c) Please discuss the social responsibility and sustainability of a financial institution, in general and of Cash Converters, in particular.
Looking for answers ?
Recent Questions
Assessment 2: (20%) Case Study Presentation Due Date weeks 10This assessment builds on your theoretical knowledge and tests your ability to apply this knowledge to practice.you are required to formulate...Assessment 2Assessment 2Report: 30%Word count: 1400 – 1600 wordsDue date: Sunday of Week 8DescriptionYou are playing the role of a community service worker supporting a young adult son who is 18 years...1500-1800 wordsInstructions From TutorPlease download the eTask3 spreadsheet from Canvas and save the eTask spread as an Excel file. The main content of the force method is taught in Lectures 6,7&8.eTask3.1 is a...ASSIGNMENT INSTRUCTIONSAssessment Practical assessmentAssessment code: 011Academic Year: 2023/2024Trimester: 2Module Title: Critical Perspectives on Cross-Border BusinessModule Code: MOD009194Level: 6Module...Information Systems Analysis & DesignAssignmentDue date: Week 5 Friday (5 Apr 2024) 11:59 pm AESTWeighting: 30%Length: 1,200 to 1,500 words (penalty will apply if the length is outside this limit)Assessment...Problem:University of Technology Sydney 48353: CONCRETE DESIGN Autumn 2024 - Assignment 2 (13 Marks)The figure illustrates the cross-section of a reinforced concrete column with a hexagonal shape (equal...Show All Questions