Recently major firms in the UK financial services industry have been increasingly vocal about the impact of regulation on the competitiveness of their firms and the UK industry in general. This has only increased further with the announcements around the Senior Managers Regime (SMR) and implications for bonus clawbacks and potential criminal prosecution if their firms fail.
However, how much does it really matter? What is the value of being in London and if London’s reputation is restored through regulation, does that mean the cost is worth it?
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