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financial services briefing - oceania - EY - Australia

Global steel capacity vs. supply vs. demand

Global steel capacity vs supply vs demand

Insurance giant chooses integrated Asia-Pacific FSO teams

Our reputation as the most globally integrated professional services provider is earning success in Asia-Pacific. It was one of the reasons why insurance giant Prudential appointed an integrated global Financial Services Organization (FSO) team including Asia-Pacific colleagues from Hong Kong and Singapore to assist in its response to the US Foreign Accounts Tax Compliance Act (FATCA).

How to address FATCA is an issue facing many clients and targets across Asia-Pacific and globally. It's a new legislation that requires affected financial institutions to identify their customers and prove whether or not they are US citizens. Our joint Advisory and Tax approach to helping clients comply with FATCA, along with our ability to provide an integrated global team, was an important factor in winning the assignment with Prudential, which has operations in 10 markets across Asia-Pacific.

"By teaming across Tax and Advisory in Singapore and Hong Kong, as well as with our FSOs in EMEIA and Americas, we were able to demonstrate to Prudential how our integrated global network matched their global needs," says Asean Advisory Partner Graham Handy.

Welcome to the first edition for 2012 of Financial Services Briefing, which brings together insights from our global financial services network.

We start the first quarter of the year where we left off in 2011, with continuing uncertainty in an ever more complex economic, regulatory and business environment. In a world of increasing globalisation, the difficulties currently facing countries in the Eurozone, though far away in distance, will no doubt have knock-on effects for financial services organisations in Australia. It is clear that improving productivity in this prolonged period of market volatility is of paramount importance.

In this edition of Financial Services Briefing, we again provide you with a number of publications, videos and webcasts organised for your convenience by the themes defining the industry - operational effectiveness, growth, capital, risk and regulation.

This includes our latest Eurozone forecast and the outlook for financial services; our recently released Global Consumer Insurance Survey including regional and country perspectives for Asia-Pacific, India and Japan; our Viewpoint series for asset managers with our thoughts on topical issues such as fund distribution strategies; and our Knowledge@Wharton video series covering the latest issues and trends facing banks. Of note from a regulatory perspective are updates on FATCA and OTC derivatives.

To assist you in sharing the insights contained in this edition with your teams, we have launched this online site. This provides you with quick and easy access to any publication, video or webcast.

We always appreciate your feedback. Please let us know what you think of our new Financial Services Briefing site. If you would like to discuss any of the topics in this edition in further detail, please contact me or your local EY representative.

Keith Pogson
Andrew Price
Managing Partner
Financial Services - Oceania
Phone: +61 2 9248 5946

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