PA is quoted in the Financial Times, on the concerns over the cost of compliance.
PA explains that a number of regulations, such as the EU’s Solvency II directive along with other newly forged pieces of regulation are resulting in demands from regulators for huge amounts of data from banks and insurers.
“These are not unreasonable requests from the regulators’ point of view, but very little of it is easily accessible.” PA explains that this is because heritage banks’ systems were designed at a time when there was no call for this kind of disclosure.
“The notable exceptions to this problem are the newcomers to the sector who benefit from more agile and fit-for-purpose banking platforms designed for today’s environment, as well as the small number of heritage institutions that have taken the bold step of replacing their core banking platforms.”
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