A tidal wave of legislation is about to break over the financial services industry. The more specialised wealth managers, which are not the largest players in the banking pool, may find their resources stretched to the limit in dealing with the new rules.
Most of the new legislation comes from the European Union but bankers are also having to deal with national regulators, who may “gold plate” the European rules, and with national tax authorities. The UK Revenue and Customs is cracking on offshore tax evasion and shaking up the rules governing trusts.
