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The first round of public hearings for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was held from 13-23 March.
The year-long inquiry into the Banking and Financial Services sector began on 12 February with the first hearing of The Royal Commission, and the second set for 13-23 March. The Financial Services team at Grant Thornton has been researching all the available information, listening to the hearings and most importantly, speaking with our clients.
As part of the three-year plan for the implementation of prudential policies following the completion of the transition from PHIAC to APRA, APRA announced in February 2018 a package of proposed measures designed to improve resilience and governance in the private health insurance sector.
The announcement of a Royal Commission into Banking & Financial Services today caught many commentators by surprise.
‘Culture eats strategy’ has become accepted business wisdom. But is it possible for dynamic companies to maintain their unique culture and appeal as they expand and avoid the growing pains that affect so many firms?
The digitisation of the economy has had a profound impact on the banking sector. Online banking – which as recently as the 1990s was still a niche dominated by tech early adopters — is now at the heart of modern banking.
The Corporate governance report 2017 provides practical recommendations for boards to consider when working with leadership teams in order to successfully develop a strong corporate culture.
As businesses continue to navigate the influx of Government reform, there’s also a lot of change coming from the ATO. Customer-Owned Banking Institutions – also known as mutual banks and credit unions – are the current focus.
Last week APRA released its revisions to APG 223, in order to bring the document closer to the requirements set out by ASIC in its guide to responsible lending.
The feeling in financial services is that the industry dodged a bullet this year, but good news was still hard to find.
While IFRS 9’s mandatory effective date of 1 January 2018 seems a long time into the future, ADI’s should consider evaluating the implications of the new Standard now.