Financial Services

Rebuilding trust in financial services after the Royal Commission

The Commission’s work has four clear observations: the connection between conduct and reward; the asymmetry of power and information between financial services entities and their customers; the effect of conflicts between duty and interest; and holding entities to account.

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Six questions our banks need to answer to regain trust

After today’s Banking Royal Commission’s final report it may seem as if it is impossible for banks to regain trust.

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Climate change: The effects have already arrived for insurers

Climate experts predict that this intensity of extreme weather events is likely to become the norm, with raging wildfires and heatwaves also increasing losses.

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It’s a super Melbourne Cup. Understanding transformation the key to finding the winner!

It’s that time of year again – the first Tuesday in November, when we run the Melbourne Cup! Once again, I have been tasked to find the followers of this blog the winner.

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Major Banks: Transitioning to a simpler, safer and more transparent model

KPMG Major Australian Banks Full Year Analysis 2017-18

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Australia striving for a spot in the global Fintech evolution

Over the past five years, the H2 Ventures and KPMG Fintech100 report has tracked the emergence and maturation of the startups looking to revolutionise the financial services sector.

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Life insurers demonstrate resilience under fire

The life insurance sector, like much of the financial services industry, is currently under great scrutiny. But the full picture, while not rosy, is a lot healthier than many might believe.  

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Superannuation rollover tax relief – let’s keep it going

One of the best recommendations in the Productivity Commission (PC) draft report on the superannuation industry was the backing the PC gave to making permanent the current temporary (until 1 July 2020) tax rollover relief for fund mergers and transfer events.

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Time is running out to get your superannuation house in order

For many employers, complying with complex superannuation rules is an enormous challenge and despite best intentions, there are occasional errors.

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Landmark Productivity Commission report must drive super industry overhaul

After 25 years, superannuation was due a landmark critical analysis – and the Productivity Commission’s draft report out yesterday certainly has not disappointed in that respect.It has spotlighted many important issues I would endorse.

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Two-speed super fund split to accelerate into major rationalisation over next ten years

The next decade will see a major rationalisation of Australia’s superannuation sector – with the number of funds in Australia being cut in half. But this is a natural evolution from the current market situation which is already seeing a two-speed divide between larger and smaller funds

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Removal of default insurance in super could damage the system for little benefit

KPMG is concerned the Budget announcements surrounding the removal of default insurance in super for people under the age of 25, plus inactive accounts and small balances will damage the overall system for relatively little benefit.

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Superannuation tax concessions: what’s behind the curtain

We do not anticipate much Budget night action in the super tax area – unlike the last two years. But it is worth thinking about Treasury’s recent release on the costs to the public purse of current ‘concessions’ .

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