Forward Focus - August 2010
Insurance and wealth management
Welcome to the August edition of Forward Focus
The recent months have seen substantial developments in a number of areas set to impact the insurance and wealth management industry.
Firstly, the Financial Adviser Regulation is aiming to change the standard of excellence in the wealth management space. The ‘winners’ will likely be those who recognise that the sustainable performance standard for market conduct is not ‘minimum compliance’, but rather ‘best practice’. And those organisations who view the upgrade to best practice as an opportunity to drive value throughout the business will be the ones who reap the rewards. In this edition we dig in behind the Financial Adviser regulations to highlight two separate, but related, critical issues that business leaders should focus on as they reinvigorate their businesses, regain consumer confidence and position sustainably for future growth.
In the accounting space, the IASB released a long awaited Exposure Draft for IFRS 4, which will be shaping the future of insurance reporting and will determine what businesses may look like to their investors. We look at what the new standard means for your business.
We also highlight the topical issues of detecting fraud in the insurance sector, and the business implications from further developments in the GST rate rise.
If you have any questions or want to discuss these topics further, please feel free to contact me or one of the financial services team. As always, we welcome your feedback and suggestions for other topics you would like us to cover.
I look forward to your feedback.