Welcome to the first edition for 2012 of Financial Services Briefing, which brings together insights from our global financial services network.
Financial services organisations continue to face significant challenges in an increasingly volatile and complex business climate. This includes the:
- Global impact of the ongoing turmoil in the Eurozone – in this edition is our latest Eurozone forecast providing an outlook for financial services. With regulatory pressure on banks and insurers to comply with new capital standards while meeting domestic liquidity requirements, many financial institutions are looking to rescale their balance sheets. As a result, solvency is likely to continue to be an issue which will no doubt have flow on effects in Asia-Pacific. For example, we have seen European banks shrinking their operations in the region presenting high quality acquisition opportunities.
- Increasing regulatory reform agenda – we have recently seen the release of the long awaited proposed Foreign Account Tax Compliance Act (FATCA) regulations, impacting foreign financial institutions with US customers. There has also been continued progress more broadly including OTC derivatives.Our Capital and Regulation sections contain our latest insights on the regulatory reform agenda.
In these turbulent times finding the right balance between achieving growth targets, improving productivity and investing for the future is placing significant pressure on the profitability of banks, insurers and asset managers. Our Operational effectiveness, Growth and Risk sections include a variety of topical sector insights on issues top of mind for financial services professionals.
To assist you with accessing and sharing with your teams the publications, videos and webcasts profiled in the hard copy booklet (available to the right of screen), we have launched this dedicated online site. If you have any feedback or would like to discuss any of the topics in this edition in further detail, please contact me or your local Ernst & Young representative.
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Financial Services - Asia-Pacific
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