From recent industry news we have seen there has been a major increase in the need for senior compliance resources.
More than one third of organisations spend at least an entire day per week tracking and reviewing regulatory changes.
The implications of non-compliance to regulations can be extremely significant, including heavy fines and even criminal convictions. During our recent regulatory compliance event our guest speaker Oliver Morris stated “the implications of getting it wrong, are really quite severe. It is actually a criminal sanction for marketing financial services without the appropriate regulation. The other slight stick that ESMA and the European Commission put in, is that for every instance of non-compliance that ESMA may find, they can raise up to a two million euro fine”
‘That all comes back to the cost of getting it wrong. There’s the regulatory implications, there’s the cost implications, there’s the reputational impact’
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