The World Bank reveals that as of 2017, 98.9% of Australian adults had at least one bank account – one of the highest rates in the world.
On top of that, Australia’s banking sector is highly regulated – and could become even more so post Royal Commission into Misconduct in the Superannuation, Banking and Financial Services industry.
We have a significant and growing presence in the banking sector. While most consumers are familiar with the Big 4 banks, we primarily work with mid-sized banks on strengthening their presence in the marketplace and ensuring good governance.
Partner - Audit & Assurance
Teachers Mutual Bank Limited is considered one of the most ethical companies in the world. Listen to Steve James, CEO of Teachers Mutual Bank Limited, talk about contributing factors to the company’s significant growth and their approach to responding to changes in the market.
Our position has meant that we have been able to take a helicopter view of the Royal Commission into the financial services sector – hosting roundtables with the sector throughout to debate and prepare for the future of the banking sector. You can see all of our Royal Commission thought leadership here.
In addition, we’ve conducted Australia’s first independent research of the customer-owned banking entities to not only reveal the size of the sector, but the impact that would be felt by smaller banking entities should the Royal Commission recommend additional regulations or C-suite leaders. Learn more about the case for proportionate regulation and the cost of compliance here.
The Banking Executive Accountability Regime (BEAR) set out in Part IIAA of the Banking Act 1959, was introduced in February 2018 and commenced on 1 July 2018 for large authorised deposit-taking institutions (ADIs) and is due to commence on 1 July 2019 for medium and small ADIs. The regime establishes accountability obligations for ADIs and their senior executives and directors. It also establishes deferred remuneration, key personnel and notification obligations for ADIs.
Strong links to industry
We’ve been hosting our annual Bankers’ Boot Camp for 18 years. Travelling from Brisbane, Sydney, Melbourne and Perth – we help unpack market trends, regulatory and legislative changes impacting the corporate lending environment. Each year we host over 500 bankers who reveal to us what sectors hold the most potential for investment in the coming years.