Monocle Podcasts

In this podcast we are joined by Jaco Smit, one of our Directors, regarding the importance of customer complaint management in the financial sector. We also discuss the impact of social media and how the Conduct Standard for Banks aims to embed a proactive, customer-focused complaint framework within South African banks.

In 2018, Snap, the company that operates the social media app Snapchat, lost $1.3 billion of its market value in one day after Kylie Jenner, of Kardashian fame, tweeted that she no longer uses the app following a general wave of criticism regarding the new layout. While the financial sector may not be quite as susceptible to the opinions of social media influencers, this story reminds us that customer complaints have the potential to cause significant and long-lasting damage to an institution’s reputation and financial position.

The Conduct Standard for Banks, released by the Financial Sector Conduct Authority earlier this year, aims to ensure banks treat customers fairly and encourage banks to proactively analyse and monitor their complaints data to continually improve customer experience.

Join us for this weeks Monocle Current Account Podcast, where we unpack how the SARB’s 100-page Financial Stability Review paints a cautionary picture of South Africa’s financial system’s ability to withstand future shocks, following the impact of the coronavirus. Whilst financial institutions, in particular systemically important financial institution (SIFI) banks, have emerged from the lockdown well capitalised and even profitable, South Africa’s medium to long term growth and debt levels are becoming increasingly concerning.

We work through the Review in this episode for the Monocle Current Account and unpack the most significant developments in South Africa’s financial stability, from our recent credit risk downgrade; Covid-19 solvency stress testing; and even how climate change may disrupt South Africa’s economy.

SARB Financial Stability Review: https://bit.ly/36ijQjw

SARB Circular Withdrawal: https://bit.ly/36ijQjw

Join us for the Monocle Current Account Podcast where we unpack the full history of the1MDB scandal, how the global financial system enabled it all, and what might possibly be done in the future to prevent such an event from happening again.

We also take a look at what has been making financial and regulatory headlines recently including anti-money laundering and counter-terrorism financing publications from South African regulators, the Ant Group IPO suspension and the newly announced Covid-19 vaccine from Pfizer.

#MonocleCurrentAccount #MoneyLaundering #1MDB

Headlines:

Prudential Authority AML/CTF Risk Assessment: https://bit.ly/2UnuLBq

Financial Intelligence Centre Consultation Paper: https://bit.ly/2UnuLBq

Ant Group IPO Suspended https://n.pr/3psZ6ge

EU Bad Banks https://on.ft.com/2InY1pF

Pfizer Vaccine https://on.ft.com/38ESN3p

Main Story:

International Consortium of Investigative Journalists Goldman Sachs Article: https://bit.ly/2IDKeL2

Open Ownership Global Company Registry: https://bit.ly/3koQWSF

Welcome to our discussion on the UK Prudential Regulation Authority’s Dear CEO letter regarding the reliability of regulatory returns. Catherine Claxton, Senior Executive at Monocle, explains what a Dear CEO letter is, how banks in the UK need to prepare for the requirements set out in this particular letter and what the digital landscape of regulatory returns may look like.

Reporting, specifically regulatory returns, has become the mechanism to reduce the asymmetric balance of information and insight into a business’s operations and financial performance. Supervisory and regulatory organisations rely on this reporting to monitor and oversee a firm’s performance and stability.

However, unreliability of reporting undermines strong regulatory governance and has become a concern for the Prudential Regulation Authority. In their letter to bank CEOs, the PRA reinforces the importance of data integrity, with a call for banks to submit reports that are complete, timely and accurate.

Listen to our latest Monocle Insights Podcast where Johan du Pisanie, Senior Manager at Monocle, unpacks the impact of the Covid-19 pandemic on banks and their impairments under IFRS 9.

In our latest discussion, Johan takes us through the steps taken by banks and regulators to protect customers and the economy during the pandemic. We explore the impact of the pandemic on banks’ IFRS 9 impairments and the approach banks will take in the future to optimise their IFRS 9 operations.

In our discussion, Celest unpacks the key lessons learned that will help insurers to design and build a fit-for-purpose IFRS 17 solution that meets the technical requirements for compliance whilst creating a stable and long-term data and process architecture.