Significant agenda of regulatory policy development in 2016
The country's financial services industry has a significant body of work to do in 2016 and beyond when it comes to regulatory policy development, according to Deloitte.
Deloitte's latest research on Asia-Pacific regulatory themes, found financial institutions in the region would continue to face a significant agenda of regulatory policy development and implementation challenges impacting business strategy.
Deloitte predicts regulatory trends in 2016 will, as in the past few years, be largely driven by international development, with the main challenges being resilience, culture and conduct, and technology.
The firm's lead partner of Deloitte Asia-Pacific centre for regulatory strategy, Kevin Nixon, said "implementing individual requirements, as well as adapting business strategy to regulatory initiatives, is best done with an understanding of policy intent and future reforms. Understanding this in a holistic context is vital".
"In Australia, financial institutions have a comprehensive local agenda to manage following the Government's recent adoption of nearly all recommendations of the Financial System Inquiry," he said. "While some of these are aligned with, and dependent on, global policy outcomes (such as mortgage risk weights), there is a significant local body of work through 2016 and beyond. "
Deloitte's Asia-Pacific enterprise risk services leader, Janson Yap, said "financial institutions in Asia Pacific are under increasing pressure to meet international regulatory timelines while managing varied local regulatory requirements".
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
