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Compliance in Financial Services Industry Faces Major Challenges in 2021

As the world grapples with the ongoing pandemic, remote working, and reduced client confidence, the financial services sector in the United Kingdom is set to face a tumultuous year. The end of passporting into Europe for many companies has brought about significant uncertainty, but there are signs that change may be on the horizon.

Key Factors Affecting the Financial Services Sector

According to experts, four key factors will have a major impact on the financial services sector over the coming year:

  • Future Regulatory Framework (FRF) Review: The Treasury consultation period for the FRF Review is set to end later this month, with the outcome expected to have a significant bearing on how financial services will be regulated in the years to come.
  • EU/UK Financial Services Negotiations: Talks between the EU and UK over financial services aim to address the issue of UK-based firms losing passporting rights to the European market. However, many believe that this may be too little, too late, with some firms already having lost out to EU competitors.
  • Global Opportunities: Despite the challenges posed by Brexit, there are signs that the UK Government is committed to exploring new markets and growing its influence on the global stage.
  • Green Bonds: The introduction of Green Gilts, a sovereign bond issued by the Government, could provide a reliable source of income for many investors while supporting environmental projects.

The Impact of Changes on the Financial Services Industry

As the sector navigates these changes, it is crucial that firms prioritize compliance and stay ahead of the curve. Our course collection, created in partnership with leading subject matter experts, provides more than 50 learning titles aimed at all financial service sectors. With an award-winning Learning Management System to support employee compliance training, we can help your business remain protected against both new and emerging risks.

Staying Ahead of the Curve

In our latest guide, “Mind The Compliance Gap,” we shed light on the current regulatory changes in the financial services sector and how you can leverage data-rich training solutions to ensure that your people and business remain protected. Download your copy today to learn more.

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