In response to the 2008 financial crisis and the world recession that followed, central bankers, regulators and governments have drafted numerous regulatory reforms and measures designed to minimise risk and maximise consumer protection in the global financial system.
In order to investigate the potential impact of these new regulations on businesses, the Economist Intelligence Unit, on behalf of LloydsBank Wholesale Banking & Markets, surveyed over 450 senior executives from different companies and also conducted interviews with experts.
Key findings include:
• Companies are aware of and worried about regulatory changes—but are not prepared.
• There is concern that new regulation will hinder growth and innovation.
• Companies expect a significant impact on profitability.
• The cost of compliance is the greatest worry.
• Companies are contemplating a range of responses.