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July 24 2017

Financial Regulators Race to the Bottom

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Haydn Lightfoot, Senior Director at Synechron Business Consulting, said: “The US treasury secretary has recently published proposals to loosen several regulatory demands and raise thresholds, among other actions, to reduce regulatory obligations on banks in the US.”

“The financial sector is reaching a tipping point over maintaining regulatory standards. Attempts to attract banking business by creating favorable banking conditions is slowly becoming the priority for global financial watchdogs.

“If European regulators require further banking functions to be performed within the EU by banks operating in the region, this could push a soft Brexit relocation strategy into a hard Brexit scenario regardless of what happens in UK parliament.

“As such, UK based financial institutions working on their Brexit relocation scenarios may also want to consider a post March 2019 (phase 2) Brexit relocation plan to reflect future scenarios based on the relative risks of specific banking functions being required to move within EU boundaries to maintain access to EU clients. Whilst banks may want to limit Brexit re-location costs to a minimum, these risks could well influence location decisions for future growth.”

  1. Trading Minds Online: How Fintech Education Shapes the Next Generation of Market Players

    Thought Leadership

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  2. Finnovex Saudi Arabia 2025 – Post-Show Highlights

    Events

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  3. Modernising Payments: How Are Banks in EMEA Shaping Up? | Part 3 | Volante Technologies

    Thought Leadership

     Read more
  4. Building True Resilience in the UK Payments Ecosystem | Part 7 | Bottomline

    Thought Leadership

     Read more
  5. Cheaper, Faster… Riskier: Over Half Of Brits Plan To Use ChatGPT For Completing Their Tax Returns

    Fintech

     Read more
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