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29th August 2012

Upcoming financial regulatory structure in UK gets cool reception

50% of senior compliance professionals at financial services firms warn that their company’s costs of compliance will increase by up to 20% under the UK’s new ‘dual’ regulatory regime, which is due to start in early-to-mid 2013. According to a survey by Protiviti, the global consulting firm, over one in ten (13%) anticipate a rise of over 20%.
Other key findings from the survey include:
-67% of respondents in the survey felt that the system (PRA and FCA) would ‘not’ or ‘probably not’ be effective in preventing a future financial crisis
-Only 17% of respondents said their firm is ‘completely’ prepared for the different reporting demands and processes of the new UK regulatory reporting structure
-Only 63% said they are ‘partially’ prepared, while 13% admit they are ‘only starting to prepare now’
-Such is the level of concern around the changes to UK regulation that 62% of respondents stated that the regime will make the UK less attractive as a place to carry out business
-Only 7% said that it will make the UK a better place to conduct business, while one-third (31%) anticipate no change.