Mutuals Newsletter – July 2018 | KPMG | AU
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Mutuals Newsletter – July 2018

Mutuals Newsletter – July 2018

Financial services and the banking sector are undergoing a profound level of focus with strategic, regulatory and operational issues at the core. In this newsletter we provide insight into the challenges and opportunities facing Australia's mutual banks, building societies and credit unions.

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National Sector Leader, Mutual Banks

KPMG Australia

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In this issue we focus on three hot topics:

  • APRA EFS reporting standards: Following the finalisation of the EFS reporting standards in March 2018, we examine the key changes from the January 2017 Discussion Paper and the data quality requirements that entities are expected to apply.
  • APRA's Prudential Inquiry report: APRA released their Prudential Inquiry report on 1 May 2018. We outline the implications for APRA regulated institutions.
  • Open Banking: In May 2018 the Australian Government made the decision to implement Open Banking with the regime to be deployed in Australia in just 12 months. We discuss what this means for the Australian banking industry and how banks can prepare.

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