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Faced with a barrage of different financial regulations, the vast majority of UK financial services executives (93%) believe that a harmonised regulatory environment within the European Union is important to the operational well-being of their businesses. This is according to new research from Robert Half Financial Services. The regulations include anti-money laundering and anti-corruption requirements, privacy regulation and Basel III. Most financial services executives (92%) believe a single environment is important across the eurozone countries, while 88% think it is important globally. When asked which global regulation has had the most significant impact on their business during the past six months, UK finance professionals cited anti-money laundering, disclosure or reporting requirements and privacy regulations as their top three areas. 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. Neil Owen, global practice director at 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.” Other Business Money News
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