ICG’s media coverage has grown significantly this year. The following is the fourth ICG article this calendar year to appear in Australia’s leading business newspaper, The Australian Financial Review. Its AFR Boss magazine is Australia’s leading glossy on leadership and management in Australia. ICG’s Financial Services Practice Leader, David Moloney, features in a major two-page spread in the wake of the Financial Services Royal Commission. The piece was written by Boss editor Sally Patten and appears in the February 2019, Volume 19 issue.
In the article, David responds to questions on how the banks can and should continue to invest in their futures while being swamped with a compliance burden, one which CBA recently reported as consuming 75% of all investment spend. He also talks to the toll the Royal Commission has been on junior bank staff who are ill-equipped to deal with the public backlash.
David also highlighted his views on the Royal Commission:
- it has only really focused on the tail of detriment, what he calls the ‘first regulatory era’
- he then refers to the second era being the enhanced competition and transparency from open banking
- the third era is when regulators will shift their focus to betterment using tools from behavioural economics and robo advice.
Boss magazine is not published online, however, the article was re-published in the AFR at the following link (which may require a subscription to view here