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The vast majority of UK financial services CFOs and COOs (93%) believe that a harmonised regulatory environment within the European Union is important to the operational well-being of their businesses, according to new research from Robert Half Financial Services.
200 UK CFOs/CFOs were asked, ’Which three of the following global regulations have had the most significant impact on your business’. Their responses were as follows:
CFOs/COOs also believe that 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 90% keeping the or increasing their compliance budgets compared to pre-2008. Neil Owen, Global Practice Director, 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.”