With Brexit on the horizon, the 2017 edition of the outlook report also found the majority did think Brexit would have an impact on compliance arrangements, but more than a third felt it would be an immediate short-term impact and a quarter thought the impact would be slow to hit and come in over 18 months’ time.
Korek said the figures show fund managers and bankers “clearly lack confidence in the current regulatory regime” with political turmoil and scepticism resulting in uncertainty in most financial compliance departments.
He said: “Although the UK is expected to be in a good position in terms of third country equivalence, firms are looking for further stability from regulators. Fund managers and bankers clearly lack confidence in the current regulatory regime, which may provide a level of support for those governments seeking to make significant changes.
“That said, regulators have gone some way to help rebuild trust in financial services. Firms therefore have an important role when it comes to maintaining investor confidence in the sector and ensuring transparency is evident in all their operations and governance going forwards.”
