Experts give evidence on regulatory costs in the financial sector
The Industry and Regulators Committee will speak to experts in the financial services industry about the regulatory costs they face and how these could be mitigated. The Committee is interested in the drivers of these costs, the impact they have on competition and consumers, and how they could be mitigated through the use of new technologies or changes to regulation.
Meeting details
At 10:15am: Oral evidence
Work
Regulatory costs in the financial sector (Non-inquiry session)
Managing Director at LexisNexis Risk Solutions UK & Ireland
Director of International Illicit Finance at UK Finance
At 11:00am: Oral evidence
Work
Regulatory costs in the financial sector (Non-inquiry session)
Chair at EY Global Financial Services Regulatory Network
Possible questions include:
- How significant are the costs of anti-money laundering compliance in the financial sector? What are the main drivers of these increasing compliance costs?
- To what extent are these costs disproportionately borne by smaller companies? What impact do they have on consumers?
- What role could new technologies play in reducing anti-money laundering compliance costs? Where are there specific opportunities in this regard?
- To what extent could changes to GDPR reduce these compliance costs and increase competition in the financial sector?