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Compliance costs will rise under FCA and PRA

Compliance officers believe the cost of regulation is set to rise by up to 20 per cent under the Prudential Regulation Authority and the Financial Conduct Authority.

The Scotsman last week reported research carried out by consulting firm Protiviti, which found half of the senior compliance professionals polled expect their company’s compliance costs to increase under the new regulatory structure.

The survey found just 17 per cent believe their firm is completely prepared for the different reporting demands and processes of the twin peaks structure. A further 13 per cent say they are only beginning to prepare for the new regulatory structure now.

Around 66 per cent of those polled said the creation of the PRA and FCA was unlikely to prevent another financial crisis.

Protiviti UK managing director Bernadine Reese says: “The changes being made to UK financial regulation are substantial and radical, yet the concern is many firms remain unprepared.”


Barclays appoints new chief executive

Barclays has appointed Antony Jenkins to replace Bob Diamond as its new chief executive in the aftermath of the Libor scandal. Jenkins is currently head of the bank’s retail and business banking operations and has been a member of the group executive committee of Barclays since 2009. He becomes chief executive with immediate effect. His […]


STAR LETTER Two valuations throw up problems not solutions In the lead story in last week’s Mortgage Strategy, the head of fraud at accountancy firm BDO argued that 80 per cent of mortgage fraud could be eradicated by including a second valuation. It came on the back of a recent report by Experian which discovered […]

In My Opinion: Best kick-start is to cut size of deposits

First-time and next-time buyers have been stuck for several years because of the high LTV demanded by lenders. The Government’s latest scheme will have little effect unless this problem is tackled

MoJ to clamp down on claims firms after widespread pressure

The Ministry of Justice will support consumer action against claims management companies by forcing compensation payouts if a poor service has been provided. The new proposals will come into effect from 2013, giving the Legal Ombudsman, which has the legal power to ensure compensation or another form of redress, cause to handle claims management complaints. […]

income protection claimants

Generation Rent

By Denise Wond, Marketing Relationship Manager, Royal London We’ve heard a great deal about Generation Rent in recent years but what does it actually mean for consumers and advisers and has the face of the typical renter changed? The picture is certainly more diverse than it used to be Homeownership has fallen to 64 per […]


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