Brexit: changing out the engine of finance
There is a popular belief that if the UK chooses to leave, it will be free of the current rule-making environment. The reality for operations and technology professionals that support investment firms is that they will enter a decade of uncertainty. Not only will the business models become uncertain, the operating models will require a ‘mother of all change programmes’ that won’t end until 2026. Spotting, knowing and making the right changes to the new UK rulebook will likely feel like having an hour to count every grain of sand in the Sahara during a sandstorm. There are two main factors that will influence the development of the new FS operating model post Brexit: RegTech and change management. Some firms will move quickly to sort out their approach and will gain competitive advantage. However, the ‘herd’ will move slowly and consultants, lawyers and technology providers will be the ultimate winners from the next decade.
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Banks turn to software to ease stress as regulations tighten around the globe
Revelations about offshore accounts around the world, designed to shelter billions of dollars from tax, have thrust financial regulation into the spotlight.
At the heart of the Panama Papers were banks and financial services firms that had hatched thousands of shell companies in murky territories for clients, as revealed in files leaked from law firm Mossack Fonseca.
Read full FT Article here