KPMG ending annual Banking Financial Institutions Performance Survey after 38 years

Auditing and financial advisory firm KPMG is ending its annual Banking Financial Institutions Performance Survey (FIPS), which has run for 38 years.

Nicola Raynes-Pene, KPMG Partner and National Industry Leader for Financial Services, says the firm has decided it's time for a change.

"After careful consideration, we’ve made the decision to discontinue the annual banking FIPS publication and event. FIPS has a strong legacy and is a key independent reference for the sector, so this wasn’t an easy decision. However, given the availability of the information analysed via [bank] disclosure statements and the Reserve Bank Financial Stability Dashboard, the information is readily consumable via other channels."

"We’re looking to reposition our insights in this space to move away from the figures and instead lean into a financial stability commentary report, sharing insights on the strength of the sector and the opportunities and challenges faced," Raynes-Pene says.

Also going is KPMG's Specialist Lenders Financial Institutions Performance Survey, formerly the Non-Bank Sector FIPS.

"In a similar approach to the Banking FIPS, we will also refocus the Specialist Lenders FIPS to be an insights report. Instead of a consolidation of participant financial statements, the Specialist Lenders Insights report will focus on data points on key areas of financial metrics, the themes we’re observing on sector issues and opportunities, and continue with external contributions, for example from the Financial Services Federation [the lobby group for specialist lenders]," says Raynes-Pene.