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93% of UK FS executives say harmonised regulatory environment in the EU is vital

93% of UK FS executives say harmonised regulatory environment in the EU is vital

Anti-Money Laundering (AML) tops list for regulation affecting UK businesses

Regulatory compliance drives demand for senior skills – raising compliance budgets for 53% of UK businesses

Faced with a barrage of different financial regulations, including Anti-Money Laundering (AML), anti-corruption requirements, privacy regulation and Basel III, the vast majority of UK financial services CFOs and COOs (93%) believe that a harmonised regulatory environment within the European Union is important to the operational well-being of their businesses. Ninety-two per cent believe a single environment is important across Eurozone (common currency) countries, while 88% think it is important globally, finds new research from Robert Half Financial Services.

When asked which global regulation has had the most significant impact on their business over the past six months, UK finance professionals cited AML, disclosure or reporting requirements and privacy requirements as their top three areas.

200 UK CFOs/CFOs were asked, ’Which three of the following global regulations have had the most significant impact on your business’. Their responses:

Anti-Money Laundering

42%

Disclosure or reporting requirements

35%

Privacy requirements

33%

Anti-corruption requirements

32%

BaselIII

22%

Sanction requirements

17%

IFRS

13%

FATCA

11%

Turner Report (FSA)

7%

SOX, JSOX or equivalent

5%

Dodd-Frank Act

3%

MIFID 2

2%

 

The need to meet demand for so many areas of regulatory change is driving demand for senior finance professionals with the right skills to ensure their organisations are compliant. This has led to a rise in compliance budgets for more than half (53%) of UK businesses over pre-2008 budgets, with a further 37% reporting that they have maintained the same expenditure.

200 UK CFOs/CFOs were asked, ’Compared to pre-2008, has your compliance budget, including capital expenditure and labour costs increased, decreased or stayed the same?’ Their responses:

Increase

53%

Decrease

10%

Stay the same

37%

 

Neil Owen, Global Practice Director, Robert Half Financial Services said: “We have noticed a significant increase in demand from organisations to bring the right talent on board to help them stay ahead of the regulation tsunami. Some companies are bringing on permanent senior professionals others are turning to seasoned project regulatory specialists with the requisite knowledge and experience to oversee key initiatives. It’s not surprising that so many financial executives believe it is important to harmonise all of these areas of regulatory compliance, which has become such a huge element of their day-to-day role and that is driving up costs for the majority of businesses.” 

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