Three quarters of the world\u2019s senior banking and compliance officers polled as part of a wide-ranging survey by Complinet, a hedge fund compliance company, said they are expecting the next financial crisis will strike within the first half of this decade, the company said.<\/p>\n
The survey found that the majority of regulatory experts questioned predicted the next significant economic downturn before 2015. 77% said recent reforms were insufficient to avoid another crash similar to the 2008 collapse.<\/p>\n
The survey of 232 global compliance officers was made up of 34%\u00a0 from the banking sector, 9% insurance, 32% securities, 7% legal, 18% others.<\/p>\n
\u201cThe continuing lack of company transparency and accountability to the markets and the public makes the possibility of another crisis almost assured,\u201d said one of the businesses questioned.<\/p>\n
The Complinet survey also showed that only 40% thought their firm had changed its approach to compensating employees based on a better understanding of risks associated with the business. 91% recognised that the current bonus culture is resented by those outside the financial services industry.<\/p>\n
But the survey also showed that 62% of senior management believe they\u2019re putting the right controls in place.<\/p>\n
\u201cRegulatory reform and implementation of effective compliance solutions are clearly vital to avoid another crash,\u201d says Paul Johns, Vice President of Global Markets at Complinet.<\/p>\n
\u201cThe key message from this survey is financial institutions must ensure they have enough compliance resource to navigate through the regulatory maze and reduce the risk of falling foul of the rules.\u201d<\/p>\n
Alex Akesson Three quarters of the world\u2019s senior banking and compliance officers polled as part of a wide-ranging survey by Complinet, a hedge fund compliance company, said they are expecting the next financial crisis will strike within the first half of this […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,919,3],"tags":[],"class_list":["post-13630","post","type-post","status-publish","format-standard","hentry","category-closing-hedge-funds","category-hedge-fund-research","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/13630","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=13630"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/13630\/revisions"}],"predecessor-version":[{"id":13631,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/13630\/revisions\/13631"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=13630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=13630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=13630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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