UBS chief exec: London is less attractive for financial services

ezgif.com-resize (4)New regulations have made the City a less desirable place to do business, UBS group chief executive Sergio Ermotti has said.

London has lost a lot of attractiveness for sure,” Ermotti told an audience in Canary Wharf tonight, pointing to the controversial Senior Managers Regime (SMR), which is set to to go into effect in March.

“If you add the regulatory regime of the UK about the single person responsibilities, and in the broader terms that is quite demanding, I can see why people would come back and say I would rather do my global job out of New York or Hong Kong or Singapore, why bother being in London?” Ermotti said.

Under the SMR, senior managers at banks will be held accountable to the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA) for any regulatory violations that occur within their areas of responsibility.

Source: CITYA.M.

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