UK wealth firms fear new rules
Wealth managers in the UK believe their profits are more likely to take a hit due to regulation than their counterparts across the world, a new survey has found. Almost 50 per cent of private banks and wealth managers felt regulation would have a significant impact on profits, in a study of top firms by PricewaterhouseCoopers. Increased regulation and the associated cost were cited as the number one challenge to business growth worldwide, yet firms in other countries were found to be less concerned about the impact. Only 20 per cent of firms surveyed in the US expect their profitability to be impacted by regulation, whilst 30 per cent of firms in Asia Pacific and 37 per cent of companies in Europe and the Middle East said their profits could be hit by regulation.