Question

My question :

1 . Could you explain  two unethical issue in Singapore? , providing insight how this issue has a negative impact on 3 stakeholders associated with Human resource recruiting company + how the issue has a positive impact on these 3 stakeholders.

Answer 1

Two unethical issues in Singapore in context of the financial industry is as follows;

a) Insurance churning where churning refers to an action where financial professionals do buy and selling of products for the sole purpose of earning commission for themselves and no clear benefits for their clients. For example, an insurance agent is aggressively trying to sell a policy to a potential client to replace his existing policy is referred as churning.

b) Unethical co-broking behavior comprises of co-broking which happens when two real estate agents come together to help an owner sell his property at best possible price. A co-broke deal means the seller's agent gets less commission compared to a non co-broke sale. It is a reasonable tradeoff that agents accept because it is not easy for agents to be able to find the best offer for their clients without working with other agents.

In the areas of insurance, property, and stockbroking, the financial sector is littered with conflict of interest issues. These issues if not tackled can hinder or cause harm to the financial sector.

When it comes to the insurance or brokage industry in Singapore, conflict of interest is very common. An agent makes his earning only when he helps his clients buy, sell or rent properties.

Four obstacles to the stakeholder's management balance are Knowledge of internal factors, Unit of analysis refers to an individual efficiency, expectations and skill set which is required to impact internal customers.