Financial services companies are seeing compliance costs rising as they back moves to introduce harmonised international reporting standards, according to research from Robert Half Financial Services.

A survey of 200 UK financial services CFOs and COOs found that 93% believe a harmonised regulatory environment within the EU is important to the operational well-being of their businesses. The majority (92%) think a single environment is important across Eurozone (common currency) countries, while 88% say it is important globally.

The survey also found that increasing regulatory change is driving demand for senior finance professionals with the right skills to ensure their organisations are compliant.

This has led to a rise in compliance budgets for more than half (53%) of UK businesses over pre-2008 budgets, with a further 37% reporting that they have maintained the same expenditure.

When asked which global regulation has had the most significant impact on their business over the past six months, UK finance professionals listed Anti-Money Laundering (42%), followed by disclosure or reporting requirements (35%), as well as either privacy or anti-corruption requirements.

Neil Owen, global practice director, Robert Half Financial Services said: 'Some companies are bringing on permanent senior professionals; others are turning to seasoned project regulatory specialists with the requisite knowledge and experience to oversee key initiatives. It's not surprising that so many financial executives believe it is important to harmonise all of these areas of regulatory compliance, which has become such a huge element of their day-to-day role and that is driving up costs for the majority of businesses.'

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