An incessant torrent of regulation, divergent approaches by different regulators and the practical difficulty of ensuring compliance by employees spread across different locations have created major challenges for senior management in the financial services industry. This has all come at a time of economic stagnation, leading to substantial retrenchment by many financial institutions. With legal cutover to the new UK regulatory regime planned for 1 April, 2013 is set to be another year of uncertainty for the financial sector. Regulatory reform is never straightforward, but the new authorities will come into existence during a period of profound change in the global regulatory framework. The top challenges for participants delivering financial services are reviewed in this white paper.
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