FCA warns of intense regulation

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In a speech yesterday at the mansion house Tracey McDermott, acting chief executive of the FCA, warned that the current intensity of regulation is unsustainable.
I am sure anyone in the financial services industry would not disagree, with even the most diligent of regulated firms struggling to remain compliant. Ms McDermott goes on to state that ‘…global clients will come to London if they believe they will receive high quality, innovative services and be treated fairly and honestly. And if they do not believe that they will go elsewhere.’  Well yes, absolutely. However, as regulated firms start looking ahead to MiFID 2, which is scheduled to arrive in only just over fourteen months, companies are beginning to wonder just what is the point of some of these new requirements. Transaction reporting, for example, will be taken to a new level of complexity. Just how much data can be processed, analysed and stored? The new requirements will certainly produce far more data than the old. Will this really help the FCA continue to chase down market abuse or could the resource be better utilised elsewhere?
About the Author
Blogs are generated by the staff of Pragmatic Compliance Solutions who have had regulatory experience of over thirty years each. Compliance started with the AFBD back in 1987 and both the compliance experts that run Pragmatic Compliance Solutions were well into their careers by then. They have watched compliance develop from a time when insider dealing was acceptable, to the current state of virtually total control. A whole new industry has evolved in this period of change to safeguard the clients and the financial system. Pragmatic Compliance Solutions has become aware that the regulations are now so complex, it is difficult to find one service provider with all the answers, let along cost effective answers. Hence the company was born.

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