Topic: Financial Sector, Responsibilities and Ethics

Prepare 1500-wordsessay requiring critical assessment of the activities and subsequent collapse of Wonga

(Wonga.com, also known as Wonga, is a British payday loan provider of “short-term, high-cost credit” that was founded in 2006 and has operations in the United Kingdom, Spain, Poland and South Africa.)

Course work Assessment

This should include:

1. Analysis of the role of appropriate Regulators within the scandal such as FCA, Pensions Regulator and Bank of England: should the situation have been prevented from happening?

2. Apply the CII Ethical Dilemma Resolution model to assess the ethics of the scenario and review the Social and Ethical implications of the specific case reviewed

3. Suggest recommendations as to what could be done in the future to ensure that Corporate Managers uphold the highest standards of integrity and ethics in all business matters.

Assessment criteria State what Unit Learning Outcomes are being covered by the assessment
  1. Explain the roles and responsibilities of the key regulators within the financial services industry and their promotion of ethical, fair and compliance driven behaviour between firms, advisers and customers
  2. Analyse how the rules and principles set out in regulation, are Outcome applied in practice in order to meet the financial needs of the consumer  
  3. Demonstrate an ability to apply the range of skills and competences required when advising clients in order to demonstrate the application of professional standards and behaviour  

FSRE Coursework Marking Criteria

70%+ = 1stClass

·  Student demonstrates a substantial range of knowledge and understanding of the UK Financial System and the Ethical and Regulatory implications of the case being examined.

·  CII Ethical Dilemma model has been applied in great detail to the scenario, drawing out specific observations around the Ethics of the case reviewed

·  Student has accessed a broad range of research and in great depth, pulling from a huge variety of sources including academic literature, regulatory presentations and up to date press sources

·  Student presents a strong critical analysis of the case, with a wide-ranging discussion of the issues involved, presented in a well-structured and reasoned manner

·  A comprehensive review of possible future recommendations has been undertaken, including comment on ethical and regulatory changes required

·  Essay is well presented, with accurate referencing and appropriate bibliography.

60-69% = 2:1

·  Student demonstrates a good knowledge and understanding of the UK Financial System and the Ethical and Regulatory implications of the case being examined

·  CII Ethical Dilemma model has been applied in good detail to the scenario, drawing out general observations around the Ethics of the case reviewed

·  Student has accessed a good range of research and in some depth, pulling from a variety of sources including academic literature, regulatory presentations and press releases

·  Student presents a good critical analysis of the case, with a varied discussion of the issues involved, presented in a logical manner

·  A sound review of the possible future recommendations has been undertaken, including comment on ethical and regulatory changes required

·  Essay is structured clearly, with good referencing and appropriate bibliography.

50-59% = 2:2

·  Student demonstrates some knowledge and understanding of the UK Financial System and the Ethical and Regulatory implications of the case being examined

·  CII Ethical Dilemma model has been applied with some detail to the scenario, drawing out some accurate observations around the Ethics of the case reviewed

·  Student has shown some evidence of a range and depth of research, using a variety of sources including academic literature and press releases

·  Student presents some evidence of critical analysis but with a limited discussion of the issues involved

·  Some evidence demonstrated of possible future recommendations, but with limited commentary on the ethical and regulatory changes required

·  Essay is adequately structured, with appropriate referencing and bibliography.

40-49% = 3rd

·  Student demonstrates a limited knowledge of the UK Financial System and the Ethical and Regulatory implications of the case being examined

·  CII Ethical Dilemma model has been attempted but applied with limited detail to the scenario, drawing out minimal observations around the ethics of the case being reviewed

·  Little evidence of any breadth or depth of research, with very limited sources being used

·  Limited evidence of critical analysis, leads to a very minimal discussion of the issues involved

·  Narrow range of knowledge evidenced with regard to future recommendations and minimal commentary on the ethical or regulatory changes required

·  Poor structure, contributing to lack of coherent argument. Limited referencing.

<40% = Fail

·  No real demonstration of knowledge of the UK Financial System or the Ethical and Regulatory implications of the case being examined

·  CII Ethical Dilemma model is clearly not understood with minimal application to the scenario, leading to limited or no observations re the ethics of the case being reviewed

·  Limited evidence of any breadth or depth of research from relevant sources

·  Minimal or no evidence of critical analysis of the case, leading to a limited or no real

discussion around the issues involved

·  Narrow or zero commentary around future recommendations or the ethical,

regulatory changes required

·  Weak presentation and structure leading to inappropriate argument.

Minimal/inappropriate referencing.

Suggested Reading and Links: Wonga

These links are intended to help you as you research Wonga:
BBC (2014) ‘Wonga chased debt with fake lawyers.’ BBC News. Business. [Online] 25th June.

[Accessed on 19th August 2019] https://www.bbc.com/news/business-28015456

Collinson, P. and Jones, R. (2018) ‘Wonga collapses into administration.’ The Guardian. [Online] 30th August. [Accessed on 19th August 2019] https://www.theguardian.com/business/2018/aug/30/wonga-collapses-into-administration

Dunkley, E. (2016) ‘Payday lenders still active after UK watchdog’s crackdown.’ Financial Times. [Online] 4th December. [Accessed on 6th January 2020] https://www.ft.com/content/db25ea2e-b7b9-11e6-961e-a1acd97f622d

FCA (2019) High-cost credit and consumer credit. Financial Conduct Authority. [Online] [Accessed on 6th January 2020] https://www.fca.org.uk/firms/high-cost-credit-consumer- credit 

Financial Times (2018) ‘Wonga: decline and fall.’ Financial Times. [Online] 28th August. [Accessed on 19th August 2019] https://www.ft.com/content/b1c7686a-aace-11e8-89a1- e5de165fa619

Hale, T. (2018) ‘How do you solve a problem like Wonga loans?’ Financial Times. [Online] 21st September. [Accessed on 19th August 2019] http://ftalphaville.ft.com/2018/09/21/1537528728000/How-do-you-solve-a-problem-like- Wonga-loans-/

House of Commons Business, Innovation and Skills (2013) Payday Loans: Seventh Report of Session 2013–14. [Online] [Accessed on 6th January 2020] https://publications.parliament.uk/pa/cm201314/cmselect/cmbis/789/789.pdf

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