MSc course boost for compliance regulators

Compliance staff working in the City can look forward to raising their status after the launch last week of a Master of Science course in Financial Services Regulation by London Guildhall University.

The college said it aimed to elevate the standard of regulation in City firms and regulatory bodies in the wake of recent scandals. It said the Barings Morgan Grenfell debacles had illustrated the importance of compliance procedures and the need for highly skilled staff to operate in this area.

‘Compliance has been undervalued for some time,’ said Michael Taylor, a principal lecturer in financial services at the college.

‘The recent scandals all involved a breakdown in the management controls and procedures overseen by compliance departments. They have brought to the attention of City firms that a little more time spent on compliance can save on regulatory fines and loss of reputation.’

Taylor devised the course for the London Guildhall University earlier this year following five years at the Bank of England, where he worked on devising banking supervisory policy.

Taylor said the course had the backing of City regulator IMRO, which had been consulted on the content of the course along with other major City firms.