Cost to comply set for big rise

Ben Southwood
Follow Ben
COMPLIANCE costs are set to explode under the UK’s incoming regulatory regime, which is planned to come into action in early-to-mid 2013, according to a survey by consultant Protiviti.

Half of those polled – all senior compliance professionals at financial services firms – said that their employer’s costs of fulfilling regulators demands would rise by up to 20 per cent. More than one in 10 thought they would rise even more.

Sixty-two per cent said the move made the UK a less attractive place to do business.