Fit for purpose funds management and insurance services
The funds management and insurance industries in Australia are highly sophisticated; responsible for managing and protecting a large slice of private and corporate wealth. Funds management and insurance is a core focus for BDO. Our team has the skills and experience to provide solutions to your complex audit, taxation and advisory issues.
The funds management industry is one of the largest sectors in the country with accumulated superannuation savings of more than $1.3 trillion driving the sector’s success. Organisations are constantly challenged to stay up to date with complex regulatory obligations (including changes from the Cooper Review in 2010 and the Future of Financial Advice (FOFA) reforms). Being able to interpret the effect of these changes and receive a high level of technical support is vital for fund managers.
Meanwhile, the insurance industry is constantly exposed to external environmental factors such as floods, fire and other natural disasters that have become a way of life in Australia. Digital disruption, new ways of interacting with customers and changes to the regulatory environment have also had a significant impact on the industry. Organisations need advisers who understand these changes and can help leverage opportunities.
BDO offers funds management and insurance organisations a cohesive, multi-disciplinary team that combines industry, commercial and technical skills and experience. We tailor our services to meet the needs of financial services organisations to ensure you comply with regulations and help you achieve increased profitability and growth.
BDO has considerable depth of experience in the sector including a high level of expertise in the regulation of the insurance industry, particularly in the areas of general and health insurers within Australia. We also recognise that insurance is a global business and work closely with clients and colleagues across the international BDO network to provide an integrated approach for:
- External and internal audits
- Tax advice
- Risk management
- Digital consulting services
- Data analytics and insights.
Our industry professionals have specialist knowledge of Australian Financial Services Licences (AFSL) and Australian Prudential Regulation Authority (APRA) regulated entities requirements.
We also report on compliance with the general insurance prudential standards and the health insurance industry which requires compliance with solvency and liquidity prudential standards.
With the regulatory landscape constantly changing, you can be confident that our knowledge and advice reflects the latest developments in the industry.