Private Banker International: Total estimated compliance costs for private banks in the UK equated to 47% of the sector’s profits in 2010, according to new data from benchmarking and research provider ComPeer.
Meeting various regulatory requirements from the UK, the European Union (EU) and the US cost the UK wealth management industry 9% of its income in 2011, according to projected figures from ComPeer.
Full story: http://www.vrl-financial-news.com/wealth-management/private-banker-intl/issues/pbi-2012/pbi-281/compliance-costs-hit-uk-wealt.aspx