Industry

An obsessive focus on compliance following the royal commission is causing executives at financial institutions to take their eye off the ball when it comes to broader business strategy, which could have harmful effects on the financial services industry overall, a corporate law firm has said.

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The industry body has signed on customer-owned financial institution, Newcastle Permanent, as a partner.

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The Senate select committee on financial technology and regulatory technology is collecting further evidence before it tables its final report with recommendations for the sector in April.

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Financial services consultant and actuary Rice Warner has extended its in-house expertise on financial technology, with the hire of a new head of fintech and product data.

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Australia’s fintech industry has continued to grow through COVID-19, but headwinds loom for many fledgling companies.

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