FS on the Radar

Teachers Mutual Bank

Industry leader Madeleine Mattera

National Head of Financial Services

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Financial services firms operate under complex and evolving regulation

Global optimism is fragile and the geopolitical landscape is volatile. The financial services sector still has work to do to regain the trust of individuals, public authorities, and private companies, particularly in the wake of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in 2018-2019. As such, we were hardly surprised when clients in the financial services sector around the nation told us that their number one concern was risk and regulation. You can learn more about the challenges facing our clients here.

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Banking

Many of our banking sector clients are customer-owned institutions – and through our work with the Customer Owned Banking Association (COBA) on the ‘case for proportionate regulation’ we have a unique insight into the business, economic and regulatory trends influencing the banking sector now, and into the future.

From risk assessment, through to audit, taxation governance, corporate governance, navigating the competitive landscape and growth strategy – we are partnering with clients to navigate the complex banking regulatory environment.

Our clients include Teachers Mutual Bank, Unity Bank, Gateway Bank, Police Bank, Illawarra Credit Union, State Bank of India, Union Bank of India, Taiwan Cooperative Bank.

Learn more about our experience in the banking sector

The digital age and the emergence of Fintech

How you save, borrow and invest already looks very different to how it did five years ago. Five years from now it will look different again as technology continues to open up a wealth of opportunity for people to bank how they want, when they want.

Our team is working alongside exciting disruptors in the fintech space. For instance, we worked with volt bank to set up the right systems and documentation to become Australia’s first ADI (Authorised Deposit Taking Institution) – the first new retail-focussed bank licenced since the early 2000’s and a taste of a new generation of digital first banks  or “neobanks” we’re likely to see more of.

Learn more about our work in the fintech space

Private Health Insurance

Private Health Insurance (PHIs) is an important complement to Australia’s public health system. As of July 2018, 46% of Australians held private health insurance covering hospital treatment – and with the vast majority of premiums going back to members in the form of medical care, PHI helps to reduce the burden on the public healthcare system.

PHIs are now regulated by APRA – making each one of them a financial institution as well as critical participants in the health industry.

We work with PHI’s to help them stay on top of their complex reporting requirements whilst still supporting their growth, and ensure robust processes around risk and regulation using our Risk Maturity Framework.

We are operating in a very challenging regulatory environment, one which places pressure on Boards and senior management alike. We have extensive experience working in highly regulated industries with complex reporting requirements and are across the latest prudential policy updates. Our combination of health and aged care, not-for-profit and wider financial services knowledge gives us a unique perspective on the private health industry.

Our clients include Peoplecare Health Limited, ACA Health Benefits Fund, Westfund, Nurses & Midwives Health, and Queensland Teachers’ Union Health Fund.

Learn more about Private Health Insurance

Superannuation

Australia’s population is ageing. Fifteen percent of the population was 65 or older in 2017, and this is expected to increase to 22 percent of the population by 2057. Even with the retirement age shifting upwards, the importance of superannuation to secure comfortable retirements for all Australians cannot be undersold.

Our clients include Catholic Superannuation Fund, Australian Super, Host Plus, REST Superannuation, Tidswell Superannuation, First State Super and IAG & NRMA Superannuation.

Learn more about our work in superannuation here

Asset management

Asset management is the way in which companies that either own assets or are responsible for a set of assets ensure that they are kept in good working order, including maintenance, budgeting and planning.

We not only provide audit and tax services to Asset Management organisations, with a focus on risk and compliance, but we also work with organisations to advise on the management of their individual assets.

Our Asset Management clients include IFM Investors, PEP, Adamantem, Aurora Funds Management Nikko Asset Management Australia, Rubicon Asset Management, IBA Retail Asset Management and Investec Asset Management.

Learn more about our work in asset management here

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