Remarkable Journeys with Jess Fox: Conversations with our clients, people and community. Listen now.
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Founded in 1966, Teachers Mutual Bank Limited is one of the largest mutual banks in Australia, with over 198,000 members and assets of over $7 billion.
Many of us that work in the sector talk about the post-Royal Commission world. It’s a pivotal moment that has shaken Australia’s trust and confidence in our financial services sector.
On 25 March 2019, APRA proposed updating its prudential standard on credit risk with an update to APS 220 Credit Risk Management to capture the full credit life cycle.
Eleven months on from the first round of hearings for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Commissioner Hayne’s final report has been released.
In December 2018 APRA released a suite of prudential reforms to support its long standing priority of improving member outcomes.
As we head into the final hearings of the year-long Royal Commission, what have we learnt? What are those in the sector taking from the Royal Commission so far and how has it impacted customer behaviour? With an interim report providing no draft recommendations, there is still much speculation. However, there have been glimpses of what is to come and how financial services providers can prepare for 2019.
For the first time ever, we asked customer-owned institutions to provide real data on the cost of compliance in anticipation of potential regulatory change once the Hayne Royal Commission delivers its final report in February 2019.
Every year, we spend time interviewing our clients to better understand their business and the trends most impacting on them.
For a change, the focus of the recent Royal Commission hearings has been on superannuation and how funds' structures and governance arrangements may lead to poor retirement outcomes for members.
Darren Scammell, Financial Services Leader in Victoria, spoke to Sky News about our latest publication and the need to match any additional regulation off the bank of the Royal Commission to the different risk profiles of our small and big banks.
A recent roundtable we held with some of our clients to discuss the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry highlighted key themes and concerns emerging as a result of the hearings.
In the current tax environment, it is no longer sufficient to have your tax agent sign-off on your annual tax returns. Rather, it is now an expectation that businesses, especially large businesses, have in place proper tax control frameworks to demonstrate that tax risks are identified and managed within the organisation. That is tax governance.
