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The online survey was designed to canvass the views of financial services professionals on the impact of the latest phase of the global financial crisis, following the G20 in April 09, on the future for financial institutions.
- 69% think the financial institutions landscape has changed forever
- 68% think better regulation could have prevented the global crisis
- 61% believe global regulation of financial institutions is not practical
- 52% say tighter regulation will impede a recovery
- 68% believe risk management should be given increased resources but only 47% thought financial services would actually make the necessary investment
- 83% agree more focus on remuneration is required as part of risk management
- 75% say state intervention in financial institutions has been effective
- 84% feel not enough is being done to rid the banking system of toxic assets
- 66% expect financial institutions to significantly reduce products and services
Patrick Bourke, Head of dispute resolution, Middle East, commented:
"Whilst it is clear from our results that there is a commonly held view that regulation could have prevented the global financial crisis (66%) there is an interesting paradox in that effective global regulation is viewed as not practical (61%) and a majority of respondents believe tighter regulation could impede a recovery (52%). One of the challenges in the Middle East is how a slew of regulations will be implemented to mitigate risk, whilst not unduly stifling commerce and innovation."
Campbell Steedman, International Managing Partner UAE and Head of corporate finance, Middle East, commented, "It has been clear that the Global economy is interlinked to such an extent that when one part fails, the rest is affected to a degree - such that markets which were once considered relatively immune will be adversely impacted. In a similar manner, it will take a turnaround in the US to turn the Global market - although I believe we shall also see the emergence of more localised solutions and a greater focus on the local region. That has certainly been the case in the Middle East, and the opportunities for the emergence of Islamic finance as a driver for change are perhaps greater than ever."
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Posted by Siba Sami Ammari
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