The financial services industry will continue to feel the impact of regulation in the year ahead, a new report has claimed.
Deloitte Asia Pacific's Centre for Regulatory Strategy has predicted that financial institutions across the Asia Pacific region will continue to face regulatory policy development and implementation strategies in 2016.
“APAC financial institutions will continue to face elevated implementation challenges within an ongoing policy environment that has significant strategic implications,” Deloitte Asia Pacific Centre for Regulatory Strategy lead partner Kevin Nixon said.
Nixon identified the "moving pieces" that will pose a challenge for financial institutions in 2016, including changing capital requirements and the "ever-constant pressure" for companies to demonstrate good conduct and culture.
Locally, Nixon said company's wouldd continue to face challenges in the wake of the FSI.
“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. 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."
