Financial Services

Balancing act for the major banks with regulatory and economic headwinds

The Australian major banks (“the Majors”), like many other businesses, are dealing with substantial economic and regulatory headwinds.

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Unfortunately, there is an elephant in the cup this year but it will still be super

As a horse lover and a keen student of horse racing, as well as a believer in a strong financial system – it has been a tough year.

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Open Super is a new world of opportunity for funds

New regulatory regimes have granted people more control over their superannuation than ever before and opened up a new world of innovation for funds. Open Super is here.

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Fintech investment takes a breather as industry prepares for global expansion

Like the global fintech market, investment in the Australian fintech sector has taken a pause for the first half of 2019, as the industry prepares for the next phase of its development.

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The Consumer Data Right Bill: a more transparent future for your financial data

Open Banking empowers consumers to request their financial data is made available to accredited third parties such as utility providers, fintechs or other banks, leading to more transparent decision making.

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Libra (or Facebook crypto) – why should you care?

Libra aims to ’enable simple global currency and financial infrastructure that empowers billions of people’, supporting payments and ability to send money between people and countries

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Major banks confront challenging conditions: Australian Banks Half Year Analysis 2018-19

KPMG analysis finds that the Australian major banks (‘the majors’) have reported a continued decline in aggregate cash profits for the first half of 2019. KPMG’s Major Australian Banks Half…

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Super funds performing strongly but will shrink in number over next five years

Given all the coverage of the Royal Commission’s criticisms of the financial services sector, you might be forgiven for thinking the superannuation sector is in a bad way. Far from it.

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Winx: It’s going to be a Super Queen Elizabeth II!

On Day 2 of the Championships at Royal Randwick, the highlight of the Autumn Racing Carnival, will see the final race of Australia’s champion racehorse, Winx.

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Increasing regulation will lead to an acceleration in super fund mergers

In recent months there has been a lot of commentary – and regulatory exhortation – in the superannuation sector suggesting that a wave of fund mergers is imminent.

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KPMG comments on Protecting Your Superannuation Package Bill

The proposed changes now appear to strike a more reasonable balance for the industry. 

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The Consumer Data Right Bill – a positive sign for the development of open banking

The Consumer Data Right Bill was introduced into parliament this morning by the Treasurer. This should see current timelines observed for approval/implementation of Open Banking. Ian Pollari, Head of Banking…

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The winds of change are blowing in superannuation: renewed emphasis on governance, culture and accountability

Regardless of how, and in what form, the Report’s recommendations are implemented, they will undoubtedly have a significant impact on the structure of the superannuation industry for many years to come.

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