THE MAJORITY of chief financial officers are struggling to manage the UK regulatory regime, according to recruitment company Robert Half.
The Global Financial Services report, based on responses from 1,100 CFOs and chief operating officers, found that 94% of respondents in the UK financial services sector found the regulatory regime in the UK to be either ‘somewhat’ or ‘very’ challenging.
Only Hong Kong found regulatory change more difficult, while the global average stands at 88%.
In addition, over half of UK respondents (54%) report that their budget for managing regulatory change will remain the same in the next 12 months, highlighting the issues that businesses face in balancing expenditure and profitability.
However, only 26% said their budget would increase, compared to 49% of leaders in Singapore and 46% in Hong Kong, signalling investment over the past two years has already addressed many of the structural changes that needed to be made in the UK
When asked which department is leading their response to regulatory change, a quarter of UK firms said finance, with 19% saying risk and a further 17% said compliance. A further 11% said their in-house legal team or technology department was taking the lead, while audit was named by 10% of organisations.
Neil Owen, global practice director, Robert Half Financial Services said: “The global financial crisis of 2007 – 2009 marked the beginning of an era of significant change for the financial services industry. The crisis forced organisations to focus on corporate restructuring, cost-cutting and managing institutional risk, all under the watchful eye of regulatory bodies and general public scrutiny.”
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