Concerns about regulation and compliance remain a key issue for the financial sector, despite company’s reporting increased turnover, new research suggests.
The survey of 103 UK industry respondents by accountancy and investment management group Smith & Williamson, found 60% of respondents expected growth to continue over the next year.
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Even with the expected growth, 79% of people forecast their costs to rise due to compliance, and two-thirds were concerned about the complexity of requirements.
Corporation and employment tax was also seen as an obstacle; with 74% of those surveyed agreeing a simpler tax system would be most helpful to their business.
Despite the doom and gloom of regulation and compliance, 48% surveyed expected to take on more staff over the next year.
"Our survey contains a positive message despite continuing problems in the UK and European economies," said Colin Aylott of Smith & Williamson.
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By GlobalData"However, we call on the government and regulators to help the UK’s financial sector to expand, with simpler and less restrictive regulations and tax rules," he added.
