Data remediation activities in financial services will never cease. The best that can be achieved is significantly reducing the frequency and scope of remediations over time. This paper is a brief discussion of the triggers, execution and controls associated with data remediation events and can be applied to superannuation, wealth management, banking and insurance.
Read MoreMany data remediation programs are only started after an issue being brought to light by a customer or group of customers: often upon investigation, this gives rise to a slew of other issues that may have been impacting thousands of customers across several years.
Read MoreIn a letter sent to registerable superannuation entity (RSE) licensees on 10 April 2019, APRA and ASIC reinforced the importance of oversight to ensure fees charged to members are correct and in their best interest. This included a range of issues and ‘approaches for actions’ to address the oversight.
Read MoreTom Seel is the product lead at QMV and has been involved with Investigate since its inception. He is passionate about data and data-centric projects having been involved in numerous data migration and data remediation projects throughout the superannuation industry.
Read MoreQMV is extremely honored to have our data quality technology, Investigate named as a finalist for Compliance Innovator of the Year at the 2019 Fintech Business Awards. The nomination is very timely given the findings of the royal commission and the appetite for raising benchmarks across the industry.
Read MoreThe Hayne Royal Commission’s superannuation related recommendations are first and foremost focused on promoting changes to the ways in which superannuation trustees deal with conflicts of interest and raising the standard of care which trustees adopt in managing members retirement savings. It is unsurprising that these two themes are often considered to fuse together in the form a fiduciary's best interest duty.
Read MoreThe long-awaited Productivity Commission report on its three-year inquiry into competition and efficiency in superannuation has made a curious finding and recommendation that "because super funds are legally obliged to act in members' best interests, the fees they charge should not exceed cost recovery levels."
Read MoreWhile the Royal Commission spotlight has focused heavily on the major banks, the non-bank owned mass of the superannuation industry must also adjust to the climate of change with a resolve for improvement.
Read MoreQMV recently hosted a panel of insurance and superannuation leaders to discuss the path forward post the royal commission. The purpose of the event was to share initiatives and ideas that will drive an industry-wide transformation around people, process and technology.
Read MoreThe Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has thrown some light onto the superannuation sector’s conduct while left alone in the dark with the retirement savings of Australians.
Read MoreThe scale of Australia’s $2.7 trillion superannuation industry carries a gravity like attraction to the prospect of lucrative commercial gain for service providers such as administrators, investment managers, custodians, financial advisor groups, and insurers.
Read MoreThe risks of managing other people's money have been laid bare over the course of the ongoing Royal Commission into Misconduct in the Banking, Superannuation and Financial Services. Taking a closer look at the internal control environment is a sensible place to start rebuilding trust.
Read MoreThe phrase “Offence sells tickets, but defence wins championships” has been used by many great coaches across the sporting landscape. In recent times, this concept has spread from the sporting field into the white-collar world.
Read MoreThe path to rebuilding trust with Australians starts now for leaders in the Australian financial services industry. The shift from rhetoric to solutions needs to be swift. In his 2015 book looking back at the global financial crisis title Other People’s Money, Financial Times journalist John Kay quoted American writer Upton Sinclair, to the effect that: “It is difficult to get a man to understand something, when his salary depends on his not understanding it.”
Read MoreQMV has moved into new Sydney offices situated on Clarence Street. Our permanent base in Sydney is fast approaching twelve months and we sincerely thank QMV's valued clients and friends for their backing.
Read MoreQMV has appointed Wendy Colaço as principal consultant to lead QMV's Sydney office and provide consulting services to QMV clients. Wendy is a highly driven and energetic professional who joins the team at a period of significant growth.
Read MoreData recently released by APRA provides a high-level picture of the trends in operational expenditure by most large superannuation funds in Australia.
QMV’s analysis of the data shows that since 2004, with the growing scale of assets within the superannuation system means…
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